Introducing Matchplicity
Q: Can you briefly introduce yourself and your company?
A: I’m Lauren Burke Silva, and my platform is Matchplicity. We’re a tool for professional communities to connect their talent populations with employers. We also have a marketplace where anyone can come and find the right professional community for them. Through this, they can benefit from professional development, connection, networking, and all things that help progress careers.
Q: How did you come up with the idea? Did personal experiences drive it?
A: Definitely. My husband is in career business development, and I worked for 10 years for a professional association. Our idea emerged from a need. We had a talented population and aimed to connect them with corporate sponsors for job opportunities. While many job boards exist, their ROI is limited. We believed we could create a more effective platform, offering insights and data, to make better decisions about content and programming. After failing to find a suitable solution in the market, we decided to build matchplicity. We conceptualized it in October 2020 and launched it in March 2021.
Why Techstars?
Q: What motivated you to join Techstars?
A: Initially, I joined the AWS Impact Accelerator for Women Founders. That was my first exposure to accelerators. Coming from a sales background and having worked in non-profits, I wasn’t familiar with accelerators. We applied to AWS, and looking back, we were very green. We completed the accelerator in December 2022. Through it, we met Colin Wallace of Techstars Oakland, now Techstars Silicon Valley. That was my introduction to Techstars and the network benefits it could offer.
Techstars Application Process
Q: Can you briefly describe the application process?
A: It wasn’t too different from other accelerators I’ve come across. It involved answering questions about our business so they could gauge where we were at. We submitted our pitch deck, which was thankfully more polished after our stint with AWS, but still a work in progress. Then came the interviews with the Techstars team. It began with Colin Wallace and his colleague, Naji Barnes-McFarlane. We discussed our progress and vision. This was followed by additional interviews with a panel of Techstars mentors and other professionals vetting the applicants.
Q: How competitive was the application process and what do you believe set your startup apart?
A: From what I understand, getting into Techstars is super competitive. They might have had something like 3,000 to 5,000 applicants just for that specific program. So, distinguishing oneself is crucial. Our previous experience with the AWS Accelerator surely gave us an edge. Plus, we were generating revenue, which perhaps made our application pop. Many startups are pre-revenue, and while it’s possible to enter Techstars in that state, having some depth and understanding of our business challenges was beneficial.
Going into an accelerator with a clear idea of what you need from it, be it mentorship for product-market fit or financial modeling, can enhance your experience. When we joined our first accelerator, we were somewhat lost, but we learned along the way. Knowing your needs and how to leverage the resources is key.
After Getting In
Q: What is a typical day within the accelerator?
A: It varies depending on the program type. Some Techstars programs are in-person, virtual, or hybrid. Ours was a hybrid. We started in person for about the first two weeks and then reconvened in person at the end. I chose the Techstars Oakland program specifically to build a network in Silicon Valley. Being there physically was crucial. My whole family, including my co-founder husband, and our three kids, relocated to Oakland for it. We went to the office daily. Some worked virtually, but we found being there daily beneficial. It was all about hard work, weekly KPI reporting, and a lot of focus.
Q: Did you have access to mentors?
A: Yes, we had a network of mentors. We spent about two weeks in ‘mentor madness,’ like speed dating with different mentors to find the right ones. The level of involvement depended on our needs. If we approached them with challenges, they’d work closely with us. Techstars is what you make of it. If you approach mentors with clear intentions and seek solutions, it can be hugely beneficial.
Q: How much funding did you get from the program?
A: The program provides $20,000 as part of joining. There’s also an option to take a $100,000 convertible note. It’s all tied to equity. Deciding to take that additional funding requires thought since you’re giving up a part of your business. For us, it helped in development.
They take equity. It’s around 7%. The Techstars website offers clear details on the terms.
Q: Can you describe a significant milestone that you achieved during the program?
A: A significant milestone for us was getting a clear direction on revenue generation. We had been flat revenue-wise, but the program, KPI check-ins, and some adjustments kickstarted our revenue. We haven’t started fundraising yet, but it should be helpful for building relationships with venture firms in the future.
Post-Accelerator Achievements and Future Goals
Q: What’s the status of the company now, Post Accelerator? What have you achieved so far?
A: So, we launched a paid pilot with a new US Federal Job Corps operator. That’s a significant step for us. Additionally, we’ve secured some new clients. We’re particularly thrilled about our collaboration with Broccoli City, a music festival that gathers over 100,000 attendees for art and music. As for our future plans, we’re gearing up for our marketplace launch. We have a soft launch planned for November and a more prominent launch set for January.
In terms of team, we’ve got a compact development group, roughly four or five members. There are four founders actively engaged in the venture, plus two or three other team members handling operations, finance, and other aspects. In total, we’re about ten strong.
Q: What’s the long-term vision for your startup, and how did the accelerator help shape that?
A: Our grand vision is to transition from aiding a handful of professional communities to supporting thousands. We want to connect talent with employers, enabling communities to generate revenue that furthers their missions. Given the evolving job market, emphasizing reskilling and aligning skill sets is paramount. The accelerator played a pivotal role in helping us see this bigger picture.
Advice for Anyone Wanting to Get In
Q: Any final advice for founders considering Techstars?
A: The key is to enter the program with a crystal-clear idea of what you hope to achieve. Understand the type of mentors you require, be clear about your needs, and never hesitate to ask questions. It’s crucial to be proactive and vocal.