Background of Flippy
Q: Can you provide a background on Flippy?
A: I founded Flippy in 2021, focusing on improving financial literacy for Gen Z. As we dug deeper, we identified their growing interest in cryptocurrencies. However, there was a significant knowledge gap; many were unsure which cryptocurrencies to invest in or how to make informed decisions. Flippy aims to demystify this by being an assisted investment platform for cryptocurrencies.
Why Entrepreneur First?
Q: Why did you choose Entrepreneur First?
A: I was at a crossroads during the COVID pandemic after selling my F&B startup due to the challenges of the lockdown in India. My ambition was to venture into the tech space, but my background is in business, so I lacked the tech know-how. I needed a tech co-founder. That’s when I discovered Entrepreneur First. The platform was intriguing as it paired 25 business-oriented and 25 tech-focused founders.
This combination allowed for brainstorming, ideation, and pitching to an investment committee to secure funding. Essentially, Entrepreneur First streamlined the startup journey, assisting with ideation and fundraising and building mental models essential for navigating the complexities of starting up. Starting a business involves considering various scenarios and ensuring that the business has a strong foundation, and Entrepreneur First proved invaluable in that aspect.
Understanding the Application Process
Q: Can you describe the application process at Entrepreneur First?
A: The application process is straightforward. First, you choose the city or cohort you want to join since they run multiple cohorts in various countries globally. You then fill out an application form that delves into your personal journey, your growth, learnings, and past experiences. Based on this, candidates are shortlisted for a series of one-on-one interviews with team members from the specific cohort they applied to. There are two interview rounds. If successful, you receive a confirmation email from Entrepreneur First, indicating you’ve been shortlisted. The acceptance rate is about 3%, which is quite competitive. However, I know many who’ve applied multiple times before getting selected.
Q: Do you have any advice for those approaching the interview stage?
A: First and foremost, always be truthful. Exaggerating or bluffing doesn’t help. If interviewers sense dishonesty, it can be a significant red flag and can lead to rejection. Secondly, be clear in your responses. If you don’t know an answer, admit it instead of making something up. Lastly, remember that in most interviews, your response dictates the next question. So be thoughtful, pick your words wisely, and avoid saying something you don’t mean. This can lead to unexpected follow-up questions that could catch you off-guard.
Inside Entrepreneur First
Q: What does the program entail?
A: Once accepted, you receive a contract detailing the terms and conditions of the Entrepreneur First program. If you secure funding during the cohort, the deal terms for your startup are already set and are non-negotiable. By joining the program, you commit to a pre-determined equity percentage and funding amount. As a new member, you join an active group where participants introduce themselves and even engage in one-on-one Zoom calls. The program offers valuable guidance, like introducing mental models and highlighting golden rules that are vital for startups.
Q: Can you shed light on the kind of guidance and sessions the program offers?
A: The program provides a strong foundation in ideation and brainstorming. Weekly guest lectures feature industry veterans from the startup ecosystem and venture capital space. These experts guide you through essential topics relevant to modern startups. For instance, they discuss the significance of market size estimation, the importance of co-founder compatibility, and strategies to identify lucrative industries. These interactive sessions are complemented with pre-shared literature, encouraging discussions and queries.
Q: Are these sessions designed for individual attendees or the entire cohort?
A: The larger sessions are generally cohort-specific, but some are on a global scale, where multiple cohorts worldwide participate. In addition to these sessions, participants have a mentor, an entrepreneur in residence (EIR), who serves as a brainstorming partner, helping solve problems and providing fresh perspectives. Beyond the EIRs, partners from each cohort are available for short discussions. The program also includes weekly reviews where teams present ideas, fostering cross-questioning from smart cohort members, which refines the ideas further.
Q: Did you secure funding through the program?
A: Yes, we secured two rounds of funding. The initial one came from Entrepreneur First as part of the cohort agreement. We later had a seed round led by another investor, with EF participating. The vast network of EF, covering approximately 400 to 500 companies, offers a tremendous advantage, providing access to a wide variety of resources.
Final Advice
Q: Any advice for founders considering Entrepreneur First?
A: My primary advice would be to embrace and showcase your uniqueness. Entrepreneur First seeks distinctive, motivated individuals who can offer something exceptional in the startup space. Instead of trying to fit a mold, create one by genuinely presenting yourself.