What is Buildoor Labs?
Q: Can you give us a brief overview of your company’s mission and purpose?
A: At Buildoor Labs our main goal is to simplify the user experience within Web3 applications. Often, when users first encounter these applications, they can feel lost and uncertain about how to navigate them effectively. So, what we’re doing is bridging that gap by providing guidance to users, helping them understand what to do when they land on any given application. In essence, we’re assisting developers in creating more user-friendly experiences.
Techstars Application
Q: Could you provide a brief overview of the Techstars application process?
A: The application process for Techstars is relatively straightforward, especially if you’re new to the Techstars ecosystem. You begin by filling out the application form and selecting your desired accelerator program. After that, you’ll await their response. In our case, even after gaining acceptance into the Techstars Accelerator, we hadn’t completed the entire form initially.
We were admitted first, and then they requested that we complete the formal application. We took about 2-3 days to fill it out completely. Interestingly, during the process, we received an email from another Techstars program, even though we were already in London. This program was specifically interested in Web3 startups, which we had mentioned in our application, even though it was incomplete at that point. It highlights that Techstars is keen to engage with founders, regardless of the stage of your application; the initial conversation is crucial to them, and they’re eager to connect with all applicants.
Q: Can you share insights into the company’s maturity during the application process and Techstars’ selection criteria?
A: When it comes to the maturity of our company during the application, we had a bit of a misconception about Techstars. Initially, we believed that Techstars primarily selected companies with monthly revenues ranging from $1,000 to $10,000 or similar milestones. However, our perception shifted drastically when we were accepted into the program.
At the time of application, our company didn’t have active revenue streams, and we didn’t possess a fully developed product. What we did have were a compelling idea and a minimum viable product (MVP). Surprisingly, it was based on these two elements that we gained admission into Techstars, which challenged our preconceived notions about their selection criteria.
The intriguing aspect here is that Techstars’ fundamental thesis revolves around investing in people, in their potential, rather than merely investing in ideas. This shift in focus played a pivotal role in our acceptance into the program, emphasizing the value placed on the founders themselves.
What Happens After Getting In
Q: What happens after you’re accepted into Techstars? Can you explain the program’s curriculum and what it includes?
A: The process after acceptance is quite interesting. You don’t receive an acceptance email, per se. Instead, they surprise you. They send you an invite link for a Zoom call, and during that call, they’re all excited to onboard you. It’s genuinely one of the most awesome experiences. Of course, you do get an official email afterward, but the initial surprise call sets the tone for what’s to come.
Q: What does the Techstars program curriculum cover?
A: The Techstars program curriculum is essentially “Startup 101.” It begins with fundamental principles and ethics, emphasizing values such as humility and integrity from day one. The program places great importance on cultivating a strong ethical foundation in founders before delving into the intricacies of the startup ecosystem.
The curriculum progresses logically, starting with the basics and gradually delving into more advanced topics. It covers ideation, refining ideas, identifying unique niches within concepts, financial aspects, and fundraising. Techstars provides a comprehensive playbook that serves as a guide throughout the three-month program.
This playbook encompasses every aspect of building a startup, from hiring the right talent to implementing growth strategies. It addresses financing, fundraising strategies, product development, defining roadmaps, and understanding growth loops. Techstars ensures that its founders are equipped with the knowledge and tools they need to navigate the complex landscape of entrepreneurship successfully.
Q: What was the role of mentors or coaches in the program?
A: In the London program, there were three mentors and one Managing Director (MD) overseeing all the teams. Each coach was responsible for three teams, and they were allocated based on the specific needs of each team. For example, our team had a technology-heavy product, so we were matched with a product mentor named Claire. The mentors played a crucial role in guiding us throughout the program, and Claire, in particular, provided us with a comprehensive roadmap for the next few years. It’s worth noting that the mentors weren’t strangers but an integral part of the team, making the experience even more valuable.
Q: Did you receive any funds from the program?
A: Yes, indeed. The funding process is quite straightforward. Techstars offers $120,000 in exchange for 6% equity in your startup. What’s interesting is that you can access $100,000 of that funding at any point while your startup is operational. For example, if we decided during our first Zoom call with Techstars that we needed $100,000 immediately, they would accommodate that request. It’s a flexible arrangement that can be incredibly helpful for startups.
Memorable Moments
Q: Beyond the funding, what were the most significant benefits you gained from the program?
A: Techstars isn’t kidding when they claim to have the best network in the ecosystem. Prior to joining, we were a bit skeptical because every accelerator we interviewed made similar claims about their connections and networks. However, once you become part of Techstars, you truly grasp the vastness of their network.
You can directly reach out to individuals like David Cohen, a co-founder of Techstars. We had the opportunity to interact with him during a combined fundraising session, which was highly interactive and informative. He actively engages with founders on platforms like Discord, where you can tag him in discussions, and he’ll respond. This level of accessibility and the quality of the network are invaluable.
Q: What surprising or inspiring moments did you experience during the Techstars program?
A: During the Techstars program, there was a significant challenge related to our physical presence. The program requires participants to be in London, but we were in India, and our visa applications faced obstacles. My partner’s visa was rejected initially, and the application process was costly and time-consuming. To add to the complexity, there was a waiting period between reapplying for visas.
However, Techstars was incredibly supportive and adaptable. They recognized the situation and allowed us to continue remotely until our visa issues were resolved. They went above and beyond to make us feel fully integrated into the program, despite the physical distance. Everything was arranged online, and when we joined Zoom meetings, everyone greeted us warmly, making us feel like a part of the London cohort. This personalized approach began from day zero, emphasizing their commitment to our success.
This flexibility and personalization were truly inspiring and demonstrated Techstars’ dedication to helping us succeed, regardless of the challenges we faced in attending the program in person.
Life After the Accelerator
Q: What’s the current status of the company?
A: The company is gearing up for the beta launch of our product, which is scheduled for early 2024 in Singapore. We’ve made significant progress, thanks to the mentorship and guidance provided by Techstars. During our time in the program, we had over 150 mentor calls in a week and around 70 investor calls in a week. They’ve given us valuable insights and tasks to accomplish post-Techstars. We’re fortunate to have two dedicated mentors who will continue to support us going forward. As for our customers, we’re excited to announce that we have a significant partnership with one of the largest decentralized exchanges on Polygon, and we’ll be launching our first integration with them. We’re ready to take the next steps and bring our product to the market.
Q: Have you explored any growth channels for your company?
A: We’ve been actively exploring various growth channels. One significant avenue is through our connections in the blockchain space. We’ve received grants from prominent blockchain networks to develop courses and establish connections. Leveraging these connections, we’ve been directly reaching out to these networks, showcasing our MVP, and presenting our plans.
The response has been overwhelmingly positive, with many expressing interest in partnerships once our product is launched. Partnering with these blockchain networks opens doors to applications built on their platforms, which can significantly boost our growth. Additionally, being part of the Techstars network has been a game-changer. The Techstars name carries weight and credibility in the startup ecosystem. It has made people take us more seriously and has opened doors that were previously closed to us. While we had a solid idea and capability before, having Techstars’ backing has elevated our profile and made a significant difference in how we are perceived by potential partners and stakeholders. It’s been an exciting journey of growth and expansion.
Q: How many team members do you currently have and are there plans to expand your team after the product launch?
A: Our core team consists of seven dedicated individuals. Among them, we have four developers who play a crucial role in building and enhancing our product. We also have a designer who focuses on the user experience and visual aspects. Additionally, we have team members dedicated to fundraising and business development, ensuring that we secure the necessary resources and foster growth.
We do have plans to expand our team, particularly in the support area. We anticipate the need to bring in one or two additional team members to bolster our support functions. However, our primary focus right now is to achieve revenue positivity. Once we attain that milestone, we will consider further expansion and scaling.
What Founders Should Know
Q: Do you have any final tips for founders thinking of applying for Techstars or tech grants?
A: My tip for aspiring founders is simple: Just apply! Techstars can be a transformative experience for your startup journey. Even if you don’t get selected, don’t be disheartened. Reach out to individuals with Techstars connections on platforms like LinkedIn. Share your passion, your journey, your vision, and your personality.
Networking with the right people can be the secret sauce to getting into Techstars. It’s not about standing in a queue; it’s about making meaningful connections and getting a referral. Once you have someone from the Techstars network vouching for you, it can greatly increase your chances of being accepted into the program. So, while applying is the first step, networking and building those connections can be equally important for your journey.