Introducing Vlad from Akurateco
Q: Can you tell us about yourself and Akurateco?
A: Hi, I’m Vlad, hailing from the tech-driven B2B sector. At Akurateco, we craft core software solutions for banks and payment providers. These solutions are pivotal, serving as the backbone that connects merchants with payment methods. We embarked on this venture in 2019, kicking off our business operations the following year. Our clientele is diverse, spanning across Europe, the Middle East, and parts of North America.
As for our company’s scale, we’re a 56-person team spread across Europe. We’re proud alumni of the Startup Wise Guys fintech accelerator program, which has been a milestone in our journey. Currently, we’re on the investment trail, actively seeking to raise funds to fuel our growth and propel us further into the financial technology landscape.
Why Startup Wise Guys?
Q: What led you to choose Startup Wise Guys?
A: We were keen on joining an accelerator with a strong emphasis on FinTech, and Startup Wise Guys seemed to be the prime choice with this specialization. They presented as well-established and robust. After interviewing with their team, we were convinced of their experience and expertise—exactly what we were searching for. They, too, saw us as a fitting addition to their FinTech batch. We hashed out the contract details, resolved some commercial aspects of our participation, and then signed on the dotted line. The program turned out to be incredibly efficient and beneficial for our team.
How a Founder Gets In
Q: How did you find the application process with Startup Wise Guys?
A: The application to Startup Wise Guys feels like a distant memory now, two years back. Our admission was somewhat atypical and swift. We joined when the batch had already begun, effectively making us the last startup to board the program. Despite this, the approval process was surprisingly smooth for us. The team at Startup Wise Guys observed that we were the most established and developed startup among our peers. At the time, we were a team of around 50, whereas other participating companies were much smaller, with a maximum of 12 members. This distinction likely played a role in the expedited nature of our acceptance.
Q: Could you outline the steps you went through during the application process?
A: The application started with a form on the Startup Wise Guys website. The first interview was quite straightforward—its primary aim was to gather basic information about Akurateco and establish initial contact. The second interview involved a panel from Startup Wise Guys, each specializing in different domains such as finance, technology, and sales. This session was more intense and lasted around one and a half hours. They really put us to the test, challenging our business model and strategy. It was a rigorous and engaging discussion, but ultimately, we persuaded them that we were ready and equipped to join their program.
Life Inside the Program
Q: What did a typical day look like for you within the accelerator?
A: The program was structured to maximize learning and application. Each week, we were infused with a wealth of information across various startup-relevant topics. These informational sessions felt like lectures, where we absorbed insights on finance, sales and marketing, fundraising, and more. Following these sessions, we received ‘home tasks’—assignments that required us to apply what we’d learned. By the week’s end, we had to present these tasks, essentially showcasing our understanding and progress.
This wasn’t just an internal review; we presented it to all cohort participants and the accelerator team. Post-presentation, we were evaluated by the Startup Wise Guys team. The feedback was candid and constructive, targeting areas where our knowledge or expertise was lacking. This process was highly effective in pinpointing our weaknesses and transforming them into strengths.
Q: Did you receive funding from the accelerator, and did it require equity in return?
A: While I’m uncertain about disclosing the exact funding amount due to the contractual terms, I can share that we did receive funding through a convertible loan agreement. This sum was deposited into our bank account, and a portion was allocated to cover the costs of the accelerator program immediately.
Additionally, the acceleration experience was a blend of online and offline interactions. We had several face-to-face meetings in various European cities, such as Tallinn, Bucharest, and Milan, which provided valuable networking opportunities and a chance to share knowledge and experiences with fellow batch members. Regarding equity, the specific details of the exchange remain confidential. However, equity will be involved once the terms of the convertible loan are met and the conversion is executed.
Mastering the Art of Pitching
Q: Could you share a highlight from your time in the program, particularly an achievement or memorable moment?
A: One of the standout aspects of the program was the pitching sessions led by Gleb Malsev. His expertise in pitching was unmatched, and he provided us with top-notch coaching. The climax of this rigorous pitch training was presenting on the grand stage at the How to Web Conference in Bucharest. It was a significant event, with a large audience and a charged atmosphere. Of course, public speaking comes with its own set of nerves, but it was a pivotal experience.
The preparation for this moment was intense; we had several days of training and rehearsals on a smaller stage, receiving instant feedback on fine-tuning our pitch and presentation. This meticulous preparation meant that when it came to the big event, the pitch was delivered smoothly and with less stress. It was a testament to the program’s effectiveness in preparing us for high-pressure situations and a memorable milestone in our journey.
Navigating Market Analysis Challenges
Q: What challenges did you face in the program and how did you manage them?
A: One particular challenge that comes to mind is a session focused on market analysis. We delved into complex concepts like Total Addressable Market (TAM), Total Obtainable Market (TOM), and Serviceable Obtainable Market (SOM). It was daunting to compile information from various public sources, analyze it, and then craft a strategic approach for competition in the market. This task was especially strenuous because it wasn’t just an academic exercise; we had to balance it with the day-to-day operations of our startup. I found myself stretched between needing to provide leadership at Akurateco and fully engaging with the accelerator’s activities.
The dual demands of participating in the program while managing my team’s needs were quite stressful. Nevertheless, we managed to navigate this by effectively presenting our market strategy to the cohort and the Startup Wise Guys team. This session underscored the importance of juggling multiple responsibilities simultaneously—a skill essential for any startup founder.
Akurateco’s Growth Trajectory Post-Accelerator
Q: How has Akurateco progressed since the accelerator, particularly in terms of growth?
A: Since participating in the accelerator program, our growth trajectory has been impressive. We’ve consistently doubled our revenue year over year—a trend we predict will continue. As we’re currently in the midst of budgeting, our forecasts remain high-level, but we’re optimistic. We anticipate maintaining this growth rate, aiming for another 100% increase. This steady growth is a strong indicator of the health and potential of our business model and market strategy.
Q: What new products or services have you launched since the accelerator, and did the program contribute to these developments?
A: Regarding product development, the accelerator program didn’t provide us with significant insights since we already had a fully operational product. Our product was at a more advanced stage compared to the other, earlier-stage startups in the program. Where the accelerator truly shone was in enhancing our business, legal, and pitching skills.
Networking was a crucial part of the experience. The Startup Wise Guys team facilitated several introductions that, while not leading to contracts due to various conditions, were nonetheless valuable. Moreover, the sense of community built through attending conferences and events is immense. For instance, the event in Bilbao brought together individuals from different verticals within the Startup Wise Guys portfolio, fostering an environment for exchanging experiences and knowledge. It’s like being part of a large family where support and camaraderie are readily available. This community aspect of the Startup Wise Guys accelerator is highly valuable and contributes significantly to our ongoing journey.
Accelerator Support
Q: What are Akurateco’s upcoming milestones, and has the accelerator equipped you for these goals?
A: Our primary focus at the moment is to secure the next round of funding. The accelerator has been instrumental in this respect, providing ongoing support and generating interest from investors regularly. We receive new leads every couple of months through Startup Wise Guys, and we’re actively in discussions with some potential investors.
Q: Has the accelerator connected you with any specific investors?
A: Yes, through the network provided by the accelerator, we’ve been introduced to various venture capital firms and angel investors. While these connections have not yet resulted in a finalized deal, they are valuable and contribute to our ongoing efforts to raise the next round of funding. The communication channels remain open, and we’re optimistic about these prospects.
Final Tips
Q: As we conclude, could you offer any advice to founders considering applying to Startup Wise Guys?
A: The most essential piece of advice I can offer is clarity—clarity of your idea, understanding of your target audience, and a solid grasp of your business model. Even if you don’t have a fully established product, which is fine since Startup Wise Guys caters to early-stage startups, a well-defined vision of how you’ll generate revenue from your idea is critical. These are the elements that Startup Wise Guys look for in potential participants. So, when you’re preparing to pitch for their program, make sure these aspects are well thought out and articulated.