Introducing Ivan and SpectreXR
Q: Can you briefly introduce yourself and tell us about your startup, SpectreXR?
A: I’m Ivan Rajković, the founder and CEO of SpectreXR. At SpectreXR, we specialize in developing tools within the extended reality (XR) technology space. Our primary focus is on creating a tool that uses our hands as the default method for interacting with digital objects. This SDK simplifies the development process, making it quick and easy with high quality.. However, a complex technology layer is behind it, involving physics, mathematics, and an understanding of hand anatomy. This complexity is necessary to translate natural hand movements into the digital space accurately.
Our hands are incredibly intricate tools, and often we don’t give much thought to their complexity because we use them so effortlessly in daily life. The challenge for us was to bring this ease of use into virtual, augmented, and mixed-reality environments. We aimed to make the interaction in these spaces as intuitive and natural as they are in real life. This required overcoming significant technical hurdles to ensure that our hands could be effectively and accurately represented and used within these XR environments.
Why Startup Wise Guys?
Q: Why did you choose Startup Wise Guys as the accelerator for SpectreXR?
A: We found Startup Wise Guys to be a natural choice for us, particularly because they had a specific XR batch. This specialization was crucial for us at our company’s stage. We were eager to grow and evolve, but it was important for us to do so with people who understood the technology we were working with. While we could have explored other avenues in the venture capital world, Startup Wise Guys emerged as an excellent fit.
We were fortunate to be part of a fantastic batch and have amazing mentors.. Being chosen withy them felt like a privilege, and we were thrilled to be in the same space as these other innovative firms. Completing their program was a significant milestone for us, and the experience was immensely beneficial. The targeted focus on XR technology within the program allowed us to collaborate and learn in an environment that was uniquely suited to our needs and ambitions. This alignment was instrumental in helping us advance and grow in a way that was most conducive to our goals and the nature of our technology.
The Application Process
Q: Could you share your experience with the application process for joining Startup Wise Guys?
A: Our application process to Startup Wise Guys was somewhat different compared to others. We were recommended by one of the companies from a previous XR batch at Startup Wise Guys. This connection led to a rapid sequence of events. We got in touch with them on a Tuesday, and by the next Monday, the program was starting. Although they had a pre-selection process that lasted about a month, we were somewhat fast-tracked into the program. We still followed all the necessary approval checks/talks at a faster pace.
Over five days, I had about six or seven calls with various team members at Startup Wise Guys. Each call was an opportunity to pitch our project and vision. I first spoke with Karina, the Head of Startup Scouting, who was absolutely fantastic, and then with Giovanni, the Program Managing Director, a few times. We also went through the technical verifications, and I also had calls with Gunce, General Partner Challenger II, and Alexandra, General Partner Challenger II & Head of Portfolio. . I had the final call with Cristobal, the CEO, on Friday, and he informed us that we needed to be in Malaga by Monday. That was also a personal challenge for me during this time, as I had injured my left knee and had to find a way to manage that situation. All worked out in the end, and my COO Dario and myself were in Malaga in a few days.
This rapid turnaround was quite a surprise, but we were ready to take on the challenge.. We went through the necessary interviews and screenings in a compressed timeframe, and I’m really pleased that we managed to get into the program. It was a whirlwind week, but ultimately a rewarding and exciting experience that set us on a great path with Startup Wise Guys.
Daily Life at the Accelerator
Q: Can you describe a typical day during your time with Startup Wise Guys?
A: Our days at Startup Wise Guys were exceptionally well-organized and structured, which I really appreciated. The program meticulously planned what they wanted us to experience and learn. A typical day was filled with workshops covering various aspects of business development and even some development process elements. These workshops gave us the knowledge and skills needed to grow our business.
Each startup found different values in various workshops. Some were more relevant to our needs than others, but this variety gave us a comprehensive perspective on what areas we needed to improve in. Whether it was about refining our strategies or altering certain approaches, the program was a significant eye-opener for us.
The days were focused on imparting practical knowledge and skills, ensuring that we were not just learning theoretically but also understanding how to apply these insights in a real-world context. The well-rounded approach of the program helped us identify our strengths and areas for improvement, which was crucial for our development and growth at that stage.
Funding and Equity Exchange at Startup Wise Guys
Q: Regarding funding, can you share the standard investment amount from Startup Wise Guys and the details of the equity exchange?
A: The funding process with Startup Wise Guys follows a standard format. Initially, all participants get a Term Sheet. When all is aligned, it follows a signing of the Convertible Loan Agreement (CLA), which outlines the terms for converting the loan into equity at a later stage.
The investment amount from Startup Wise Guys is typically around 100,000 euros for the accelerator programs. This is a standard figure for participants in the program. The term sheet we negotiate includes the valuation of our company and other relevant terms. We found this process to be quite smooth and straightforward. It only took maybe two iterations to finalize what we wanted and what Startup Wise Guys required from us.
Startup Wise Guys’ approach was very transparent and honest. They were upfront about the terms and conditions, making the funding process a positive experience for us. Their clear and direct communication helped facilitate a quick agreement on terms, which benefitted both parties involved. This funding and equity agreement played a crucial role in our growth and development as a company.
Q: Can you share the specifics of the funding round and equity distribution involving Startup Wise Guys?
A: Our funding round totalled approximately 350,000 euros, with a post-money valuation of 3.5 million euros. Startup Wise Guys contributed 100,000 euros to this round. The equity percentage given in exchange is distributed among all the investors participating in the round, which includes Startup Wise Guys, ZAKAVC, and three angel investors, John Stefanac, Goran Simonovski, and Srđan Lončar. The investment and subsequent equity distribution were part of a broader strategy to secure the necessary funding while bringing on board a mix of investors. This blend of venture capital and angel investment provided us with financial resources and a diverse range of expertise and networks, which is invaluable for a startup like ours in the XR space.
Key Milestones and Support
Q: Reflecting on your time with Startup Wise Guys, what would you say was a pivotal moment or a significant milestone achieved through the program?
A: One of the most impactful experiences we had at Startup Wise Guys came from a workshop, the title of which escapes me now. It revolved around evaluating and optimizing our communication channels. During this workshop, we graphically mapped out our customer communication process and realized it was far from ideal. It was a moment of clarity for us – understanding that our approach was overly complicated and needed streamlining. This realization led us to significantly improve how we interact with customers, which is crucial for any startup trying to sell its product.
Beyond this specific workshop, the program offered a range of other beneficial sessions on marketing, motivation, and pursuing our company’s vision and mission. The mentors at Startup Wise Guys were incredibly active and accessible, not just during workshops but throughout the entire duration of the program and even afterwards. This ongoing mentorship and support network was invaluable and is still ongoing.
Andrey Lune, who is a Venture Partner XR, has been a tremendous resource and a true friend for us. His willingness to provide advice, connections, and support whenever needed has been a significant benefit. This kind of mentorship is essential for startups, especially in the early stages. It’s not just about the immediate problems and challenges but having someone experienced to discuss broader strategic issues with. The continued access to this network of mentors and the support they offer has been a critical factor in our growth and development post-accelerator.
Current Status and Post-Accelerator Achievements of SpectreXR
Q: Can you update us on the current status of SpectreXR and the achievements you’ve made since completing the accelerator program?
A: Currently, we are a team of five at SpectreXR, and we’re in the process of scaling up. Post-accelerator, we’ve made significant strides in connecting with important and large companies that are crucial for our growth. We’ve also successfully attracted notable individuals to our advisory board, which is our continuous goal. Amy Peck, Founder and CEO of EndeavourXR, with her extensive experience and deep knowledge in the XR field, is on our advisory board, along with John Stefanac, a former VP for Qualcomm and Nokia in the Pacific and Asia regions. Goran Simonovski and Srđan Kovacevic from Orqa , a leading drone technology company in Croatia and the EU, are also assisting us. We are always looking to expand the advisory board with high-quality individuals.
We’re also discussing partnerships with several companies within the training and simulation space, which I won’t disclose now. These companies’ interest in our SDK is encouraging; they recognize the potential benefits of integrating our technology into their training and simulation programs.
One of the most significant outcomes of our recent funding round is the opportunity it has provided for us to attend shows and expos. These events are a crucial part of our go-to-market strategy. I’m currently in the United States for an extended period, networking and presenting our product. Most of the XR training and simulation market is based here, so we need to establish connections and showcase what we offer and how our product can help upgrade hand interactions in any XR training and simulation scenario. The response has been very positive so far, and we’re excited to see where these new opportunities will lead us.
Q: What are the upcoming milestones and the long-term vision for SpectreXR?
A: Our immediate focus is on implementing our Go-To-Market strategy followed with scaling the team and enhancing our product. The team is dedicated to working on development, and there’s always room for improvement, especially as we aim to keep pace with evolving XR hardware technology. The XR industry is still growing, and hardware standards are continually evolving, so we must stay adaptable both in hardware and software development. In terms of our long-term vision, a significant goal is to expand into the U.S. market and establish a strong presence here. As I mentioned earlier, most of the training and simulation sector, particularly in healthcare, military/defence and aerospace, is based in the U.S.
These sectors have already been utilizing XR technology for years. We aim to delve into the mentioned verticals and address their unique challenges. With our dedication and the quality of our OctoXR SDK, we can potentially become one of the best, if not the best, hand-interaction tools for training and simulation in these sectors over the next few years. We’re excited about the possibilities and are committed to reaching these milestones to achieve our long-term vision.
Advice for Aspiring Participants in Accelerator Programs
Q: As a closing note, what advice would you give to those considering applying for Startup Wise Guys or other accelerator programs?
A: For those considering applying to Startup Wise Guys, my advice is straightforward: go for it. The program was incredibly beneficial for us. It’s efficient and well-structured, and you’ll definitely find it worth your time. One of the key advantages of Startup Wise Guys is the ongoing support they provide.. This ongoing support is invaluable.
They were instrumental in expanding our network, especially during our funding round. They connected us to several venture capitalists, one of whom invested in us. This was a significant boost for us. So, a big thank you to everyone at Startup Wise Guys, especially to Andrey Lunev, Venture Partner XR, Giovanni Khoury, Managing Director, and Viktoria Kalman as Program Manager for the XR2 batch for their help and support.
Regarding other accelerators, my advice is not to hesitate. Do your research and choose an accelerator that aligns well with your business as well when choosing a VC to pitch to. It’s essential to consider whether they have specific verticals that match your industry like Startup Wise Guys had with their XR batch. This alignment can significantly affect how well they understand your business and your specific challenges.
Don’t be afraid to leap into an accelerator program. Just ensure that you pick one that’s a good fit for you and your business. This can greatly influence the value you derive from the program and how effectively it propels your business forward.