Who are ShareID
Q: Can you give us a brief introduction about yourself and your startup, ShareID?
A: I’m Sara, the CEO and co-founder of ShareID. My background is in financial engineering, and I’ve spent about nine years deeply involved in understanding and navigating regulatory requirements for financial institutions. This experience was instrumental when, in 2020, I teamed up with Sawsen Rezig, Ph.D. to build ShareID.
Our company offers what we like to call “authentication with official identity”. This service is unique because it’s directly linked to government-issued IDs. In essence, we’ve developed a way to mimic the security checks you’d find at border controls, but with a streamlined approach. Users can authenticate their identities with a simple smile, in real time.
The most crucial aspect of our service is privacy preservation. We don’t store any personal data or biometric information, which is central to our vision and commitment to user security.
Q: What inspired the idea behind ShareID?
A: The concept of ShareID was born out of personal frustration. I was participating in Entrepreneur First, a program designed to guide budding entrepreneurs, and we were encouraged to build solutions for our real-life frustrations.
During this period, I faced a significant inconvenience: I lost access to my bank account simply because I lost my phone number. It struck me as absurd that even in 2020, proving your identity online, especially with banks, was such a complicated ordeal. This personal hurdle sparked my interest in the identification market.
As we delved deeper, we realized that the market was underserved, particularly in the re-verification of identities. The systems in place weren’t just inconvenient; they were also inefficient and insecure for repeated use. That’s when we decided to work on ShareID. We wanted to create a solution that wasn’t just for proving one’s identity but also being able to do so remotely and with ease, reshaping how people engage with digital platforms securely.
Why Entrepreneur First
Q: What drove your decision to join Entrepreneur First?
A: My journey before joining Entrepreneur First involved launching two startups. One of these was an internal startup within a larger group program. After leaving this internal venture, I found myself drawn to starting something on my own and from scratch. However, I quickly realized that being a solo founder presented its own set of challenges.
The turning point for me was my visit to Station F, where I stumbled upon a newsletter. It detailed a unique entrepreneurship program that facilitated connections between aspiring CEOs and potential CTOs. This was exactly what I was looking for – a platform that could allow a connection with someone who could complement my skill set; specifically someone who had technical expertise. The prospect of finding a co-founder who could share the workload and bring technical insight to the table was incredibly appealing.
Entrepreneur First wasn’t just about forming random connections; it was about creating partnerships based on mutual aspirations and complementary skills. That promise was the primary factor that motivated me to register and fully immerse myself in what the program had to offer. It seemed like the perfect opportunity to turn my vision into a tangible reality with a like-minded partner.
Entrepreneur First Application Process
Q: Can you describe what the application process for Entrepreneur First entails?
A: The application journey for Entrepreneur First, which is originally a British program but has since gained global traction, begins quite conventionally. Applicants start by filling out a form, similar to most standard application processes. However, what follows next is a series of interactions that are anything but ordinary.
Post-application, you enter a phase of various calls and meetings. These aren’t your typical interviews; they involve mentors and sometimes entrepreneurs-in-residence. The discussions you have during these sessions are intensive and thought-provoking.
The idea is to challenge and assess your commitment to entrepreneurship. They push you to articulate not just what you want to do, but why you want to do it. It’s less about the business plan you walk in with and more about your drive, adaptability, and, most importantly, your motivation. They want to see your passion for venturing into the unknown and your resilience in the face of the challenges that the entrepreneurial journey inevitably presents.
This rigorous process ensures that those who eventually make it into the program are not only passionate about entrepreneurship but are also adaptable, driven, and genuinely committed to the path, regardless of the obstacles they might encounter.
Q: How competitive was the application process for Entrepreneur First, and what do you think set you apart?
A: The competition was intense. Entrepreneur First receives thousands of applications, but only a few dozen hopefuls make the cut. The selectivity is through the roof, especially for CEO roles compared to CTO positions. This disparity exists because the program specifically looks for CTOs with high qualifications, like PhDs, who are naturally harder to come by.
Now, when it comes to why I was selected, it’s a bit of a mystery to me. My hunch is that my background played a significant role. I wasn’t new to the world of startups; I had a history with entrepreneurial initiatives, which meant I brought a certain level of experience to the table. I’d been through the wringer, knew the ins and outs, and had come back, ready for more.
More than that, I think they recognized my determination. Building my company wasn’t just a whim; it was a calling I was, and still am, deeply committed to. I believe they saw that entrepreneurial spark, that unwavering resolve, and perhaps that’s what set me apart. It wasn’t just about what I’d done or what I was proposing to do; it was about my attitude, my drive, and my unrelenting commitment to the entrepreneurial journey. They look for founders who aren’t just chasing a startup idea but are ready to throw themselves wholeheartedly into the venture, and that’s what I did.
A Day in the Life at the Entrepreneur First Accelerator
Q: What does a typical day look like in the Entrepreneur First accelerator?
A: Truth be told, there’s no “typical” day at Entrepreneur First—it’s a whirlwind from the start. The program kicks off with a large gathering of all selected entrepreneurs. It’s an exciting phase where we have access to a platform, akin to Facebook, showcasing everyone’s profiles, backgrounds, and skill sets. This directory helps you identify and connect with individuals whose expertise aligns with your startup idea.
In my case, I needed someone skilled in computer vision because my initial concept involved biometrics. So, I perused profiles, particularly those with PhDs in fields related to AI and computer vision, and pitched my idea to them.
Following the kickoff, the program structure includes various classes or sessions. These range from initial market studies to devising go-to-market strategies and crafting your investor pitch deck. Essentially, they cover everything you need when starting your company. There are two class types: one is a general session with the entire cohort, and the other is a more specific, one-on-one meeting with experts. These individualized sessions are invaluable if you need specialized guidance or an expert opinion on your product or project.
A unique aspect of Entrepreneur First is the teaming aspect, humorously referred to as “marriage” and “divorce.” You’re encouraged to form teams (or partnerships) and, if necessary, disband them (“divorce”) if things aren’t working out. However, these decisions need to be made before the eighth week. Post that milestone, only formed teams continue, while individuals without teams exit the program.
From weeks 8 to 12, the pressure mounts as you prepare for the investment committee, a critical juncture where you pitch your startup to Entrepreneur First’s investment committee. Success means securing a seed investment of approximately 100k GBP for your company. Following this, selected startups enter “investor month,” a rigorous phase dedicated to further honing your business and attracting additional investors.
Q: Can you delve into what “investor month” involves in the Entrepreneur First program?
A: Absolutely, “investor month” is this pivotal segment that occurs after you’ve successfully navigated the initial phases of the program. It’s not just an extra month; it’s a gateway to significant opportunities. During this period, Entrepreneur First arranges an extensive meetup, drawing in investors predominantly from Europe, but you’ll also meet some from the US.
It’s a buzzing event, a platform where you’re exposed to a broad network of potential investors. And here’s where it gets interesting: if your pitch hits the mark during the committee stage, your journey doesn’t end there. You transition into what I’d describe as the “launch phase,” which spans another three to four months, though I admit my memory of the exact duration is a bit fuzzy.
This phase is the crux of your startup journey. It’s tailored to support you as you officially launch your company. More than that, it’s a period where you’re thrust into the fundraising arena, aiming to secure your seed funding.
Now, circling back to the investor month, this is when you get to leverage Entrepreneur First’s clout. Imagine being in a space where access to prominent European, French, and US investors is no longer a dream but your reality. You’re engaging with them, pitching, learning — it’s a whirlwind of invaluable interactions.
This window is crucial, not just for the immediate opportunity of attracting funding, but also for what it represents: a chance to establish relationships with key players in the investment sphere, individuals, and entities capable of propelling your startup into its next chapter. The exposure you get, and the doors that open during this time, they’re monumental for any emerging startup.
Securing Initial Funding from Entrepreneur First
Q: How much funding were you able to secure through the program?
A: Our journey through the various phases of Entrepreneur First finally led us to the investment committee stage, which was quite a milestone for us. After a successful pitch, we were thrilled to receive an investment of 100K GBP from the program.
This initial funding was fundamental, acting as a springboard for what was to come next. It not only provided us with the essential capital to advance our business but also played a significant role during our subsequent funding rounds. The investment was eventually converted in our follow-up rounds, which was a testament to the progress and potential our startup demonstrated.
Receiving this seed funding from Entrepreneur First was more than just a financial boost; it was a vote of confidence in our vision, our team, and what we were striving to achieve. It set the stage for further growth and opened avenues for more extensive funding opportunities in the future.
Q: Does Entrepreneur First engage in follow-on investments?
A: Entrepreneur First can participate in follow-on investments, but it’s not a one-size-fits-all scenario. It really hinges on the specifics of each startup and, importantly, the fund’s status at that time. You see, we’re talking about a fund here, and its lifecycle critically influences the decision.
For instance, if you’re approaching the tail end of a fund, the likelihood of securing additional investment might not be in your favor. The dynamics are ever-changing, and the availability of funds plays a significant role.
But there’s a historical context to consider — Entrepreneur First has indeed reinvested in certain companies. This track record, however, doesn’t translate to a guaranteed follow-on investment for everyone. Each case is evaluated on its merits, the project’s potential, and of course, the fund’s situation at that moment.
So, while follow-on investments are a possibility, they’re not a given. It’s this blend of the project’s compelling nature and the fund’s capacity that will ultimately tip the scales.
Q: In terms of equity, what does Entrepreneur First get in return for their funding?
A: Entrepreneur First’s approach to equity is quite interesting. They don’t take equity outright from the get-go. Instead, they secure an option to purchase equity at a specified amount in the future, but it’s not an immediate transaction. This arrangement is often referred to as a BSA Air (Bon de Souscription d’Actions), which functions similarly to SAFEs (Simple Agreements for Future Equity) known in non-European regions.
The concept is that this financial instrument, the BSA, is convertible. It can transform into equity, but this conversion doesn’t happen at the initial stage. It’s set up to occur later down the line.
This method offers a balanced ground for startups. It means you’re not giving away a piece of your company right at the outset. However, it’s understood that the investment support provided will likely transition into equity for Entrepreneur First at a subsequent stage, depending on the trajectory of the startup’s growth and other agreed-upon terms. It’s a system designed to align with long-term success and mutual benefits, ensuring both the investor and the startup are on the same page regarding the company’s valuation and future prospects.
Achieving Milestones and Handling Challenges
Q: Could you highlight a key milestone you reached during the program?
A: There were numerous impactful moments, honestly. It’s an excellent program, especially for those navigating the initial uncertainty of where to start or where to go next. You’re surrounded by a vast ecosystem of individuals who share your ambitions, and the wealth of advice and guidance from incredibly intelligent and insightful people is unparalleled.
One milestone that really stands out for us was forging a partnership with the French military police. This was during our super early stages. As an AI startup, we were in dire need of datasets, and securing this collaboration was a pivotal turning point. It’s not just about the data; it’s about forming strategic alliances when you’re just starting. That alliance not only provided us with valuable resources for our technological needs but also significantly boosted our credibility and trustworthiness as a fledgling company.
This accomplishment exemplifies the kind of doors that open when you’re in a nurturing environment like Entrepreneur First. It’s about the connections, the support, and the constant push toward achievement, which makes all the difference in the early days of a startup.
Q: Were there challenges you encountered during the program?
A: Absolutely, there were many. But that’s part of the game, right? The program is designed to challenge you constantly, and it’s not just about your execution methods. It digs deeper, testing your personality, how you respond to feedback, and generally how you handle pressure. Initially, that can be tough to swallow because you’re not just facing business challenges; you’re confronting personal hurdles too.
But looking back, although it didn’t feel great at the moment, these challenges significantly contributed to my growth. They taught me to be more receptive to others’ perspectives, especially experts who could provide insights into my approach and how I could refine it. It’s an intense process, and sure, at times it felt overwhelming rather than enlightening. However, the value it brought in terms of personal development was immense. It shaped me more than anything else into the entrepreneur I am today. It’s funny now, in retrospect, but it was an essential part of my journey.
Q: Can you recount a specific challenge or story from your time in the program?
A: While I don’t have one particular story to pinpoint, the essence of the experience was being under relentless scrutiny. Every aspect of your strategy, every statement you make, and every idea you propose is dissected. The Entrepreneur First (EF) entrepreneurs in residence are there to ensure that your decisions are well-founded—not just based on intuition but on verifiable hypotheses or solid reasoning.
We were questioned on everything: our market size evaluations, the profiles of our ideal clients, the specific personas we were aiming for, the industries we were targeting, and even the nuances of how we presented our solution. Is one term more effective than another? Every detail was up for debate.
For instance, in our case, we dealt with the term “digital identity,” which initially seemed to intimidate the market. There was a reluctance or apprehension associated with the concept. Thanks to the insights gained during the program, we shifted our positioning. Instead of presenting our product within the potentially daunting framework of “digital identity,” we branded it more as an “authentication solution.” It was essentially the same product but introduced in a way that was more palatable to our target audience.
This rebranding was a direct result of the challenges put forth by EF, compelling us to reevaluate and refine our approach. It’s just one example of the kind of pivotal changes that stem from being constantly challenged.
Progress Post-Acceleration
Q: What’s the current status of your company?
A: Our most significant milestone, humorously enough, is survival—which, as any startup will acknowledge, is a notable achievement in itself.
We’re making tangible progress. We’ve confirmed our product-market fit, a critical phase where we’ve ensured our product meets a strong market demand. Currently, we’re fine-tuning our sales mechanism, optimizing it to be as effective as possible, laying the groundwork for substantial growth.
Financially, we’ve secured a seed investment round of 2 million euros, contributed by New Fund and 212 founders by CDG Invest. On top of that, we were awarded a million grant from BPI France. This financial cushion is crucial, providing us with the stability needed to pursue our strategic goals without excessive budgetary constraints.
In terms of clientele, we’ve had success on multiple fronts. We’ve onboarded our inaugural clients, ranging from large corporations to smaller enterprises, demonstrating the versatility and applicability of our technology across different scales and industries. Our approach to customer acquisition is multifaceted, involving direct sales and strategic alliances with resellers and channel partners.
While growth and progress are never as rapid as one might hope, we’re advancing steadily in the right direction. The journey is filled with learning opportunities, and each step forward, regardless of pace, confirms we’re on the proper path.
Q:. In light of these achievements, would you say that Entrepreneur First played a crucial role?
A: Entrepreneur First’s role, I would hesitate to use the term “vital.” They have certainly been significant players in our journey, particularly in the early stages. Their team has always been available for advice, introductions, or other forms of assistance whenever we’ve reached out.
As we’ve progressed, naturally, our reliance on them has diminished. It’s not a reflection of their unwillingness to assist but rather our evolution as a company. As we’ve grown, our needs have shifted away from foundational aspects like building pitch decks or initial market analysis—areas where their input was initially invaluable.
However, we maintain strong, positive relationships with the team at Entrepreneur First. Even though our queries have become less frequent, their willingness to support us hasn’t wavered. They remain approachable and responsive, ready to assist whenever we reach out. It’s just that our journey’s nature has evolved, and the areas where we require guidance have changed, making us more self-reliant.
Q: As you look ahead, what are the next significant milestones you aim to achieve?
A: Our immediate focus is on growth, specifically ensuring that our sales operations are not only effective but also scalable. This scalability is crucial for rapid growth, which is our primary goal at this stage.
Reflecting on the role of accelerators, including Entrepreneur First and others we’ve participated in, I liken the experience to schooling. In retrospect, you may feel you haven’t learned much until you’re faced with real-world applications and realize that the foundational knowledge and skills were ingrained during those formative periods.
We’ve gained immensely from various incubators, each contributing uniquely based on our company’s stage at the time. These programs have consistently challenged us, broadened our networks with potential leads, and provided invaluable learning opportunities. They’ve held specialized sessions tackling diverse subjects, such as navigating relationships with large corporations or managing specific company growth phases.
So, while there may be moments where we feel we’ve outgrown the lessons, it’s evident that our current knowledge and capabilities have been significantly shaped by our experiences with these incubators. They have been true partners in our journey, equipping us with the insights and expertise necessary to embark on this next phase of our business confidently.
Final Advice
Q: For founders contemplating applying to Entrepreneur First, do you have any parting words of advice or encouragement based on your journey?
A: Absolutely, my foremost advice is to dive in headfirst. Don’t waver or second-guess — just commit to the experience. The only thing at stake is time, and even then, it’s time well spent. At the very least, you come out of it with clarity, even if that clarity is realizing this path isn’t for you. That’s the worst-case scenario, and it’s far from a loss.
Moreover, it’s not just about what you could conceive as ‘success’ or ‘failure’ — there’s a whole spectrum of invaluable takeaways. You become part of an extensive and diverse network. Entrepreneur First, particularly, opens the doors to an ecosystem that spans across various countries and cohorts, dating back to their inception around 2012.
They’ve nurtured startups in different stages, and all members are integrated under the same communication network, like a shared Slack channel. This instant community is not just a support system but a resource pool, a sounding board, and a collaborative space.
So, it’s a package deal. You’re signing up for knowledge, experience, connections, and a deep dive into the startup world that you won’t get anywhere else. It’s a net gain, whichever way you look at it. So, my final word on this is a resounding endorsement: Go for it! It’s a decision you won’t regret.