What is Co-Tasker?
Q: What’s the main idea of Co-Tasker?
A: Co-Tasker is all about assisting people with a range of tasks. Whether it’s home improvements, plumbing, electrical jobs, transport, translations, or even those random errands where you’re left wondering who could possibly assist, you simply post your need on Co-Tasker, and in no time, local professionals are offering their services, each with their own pricing. The standout feature? The quick response time. It’s not just about getting a job done; it’s about being part of a community that genuinely wants to support and help one another. That, in essence, is Co-Tasker.
Why Techstars?
Q: Why did you decide to apply to Techstars?
A: We submitted our application to Techstars in March. Honestly, I’ve always admired Techstars. Even before Tarek and I launched Co-tasker when I was still working professionally, I was impressed by the companies Techstars supported and had in their portfolio. I always kept an eye on it, thinking how great it would be to be a part of it. What caught our attention was one specific accelerator program they collaborated on with Audi, focusing on the mobility sector. Even though our platform isn’t directly about mobility, they had a wildcard and community category that aligned with our values and goals. The opportunity to be associated with two such prominent names felt right, so we took the plunge and applied. It seemed like a perfect fit for us.
How a Founder Gets In
Q: Can you describe the application process for Techstars?
A: Our application process was rather swift. We applied just about a week before the deadline. Shortly after, we received a response from Ryan, one of the investment principals at Techstars. The communication was efficient, leading to an introductory meeting followed by another with Martin, the managing director of Techstars Berlin. We also had a session with Techstars and Audi’s innovation sector. After these discussions, we underwent some due diligence. The entire process was quick, but it was an emotional roller coaster. It’s a rigorous process, and as you progress, your hopes rise. Fortunately for us, everything fell into place, making the application journey smooth yet filled with anticipation.
Q: How did you prepare for the Techstars interviews, and do you have any advice for others?
A: One of the best things you can do is connect with other portfolio companies that are already part of Techstars. Engage with those involved with Techstars in your region. Building these relationships can be invaluable. They can offer advice, help determine if Techstars is right for you, and potentially provide a referral. For us, Deborah Choi, an inspirational figure who once used our platform for her startup, referred us.
We maintained a friendly relationship, and when the opportunity arose, we sought her referral, which I believe significantly aided our application. A warm introduction is always more effective than a cold one in the startup world.
In terms of preparation, Techstars places a strong emphasis not just on the business idea but also on the founders. They value strong, complementary founder relationships with a shared vision. While they generally prefer teams over solo founders, there are exceptions. It’s essential to present yourself well during meetings. Be knowledgeable about your startup, exude positive energy, and speak with genuine passion. That would be my top advice.
Q: What was Co-Tasker’s stage when you applied to Techstars?
A: Techstars had two parts to their program. The pre-accelerator was more for those who had just an idea or identified a market problem but needed guidance. In contrast, Co-Tasker was already quite established by the time we applied. We had a fully functional product and were operating in three cities. Techstars recognized our traction and our commitment. They were interested in seeing if we could pivot our mindset for exponential growth, aiming for that unicorn status.
Our concept, while not entirely novel, stood out because of how we presented it and our potential to differentiate from competitors. Techstars saw potential in both our idea and the traction we had. They were keen on exploring how to elevate our platform, making it even bigger and better. So, while traction was beneficial for us, Techstars also valued the potential for growth and innovation.
A Day in the Life at Techstars
Q: What happens after you’re accepted into Techstars?
A: Once accepted, the level of organization and support from Techstars Berlin was outstanding. They provided us with a comprehensive Notion page detailing our schedule, resources, videos, and content to assist us. They inundate you with resources. The standout aspect was the sense of community and support. From the outset, we felt a strong sense of belonging and empowerment. Being backed by such a supportive team made us feel almost invincible.
Regarding funding, Techstars has a standard deal they offer to all participants. They provide funds to help you relocate and settle in the program’s location, covering expenses like rent. Additionally, there’s extra funding. Our program’s collaboration with Audi presented a unique opportunity. We had the chance to develop a proof of concept with Audi, and we’re currently launching one, which was confirmed recently. Beyond this, Techstars continues to support us in our fundraising efforts as we aim for our seed round, with the added advantage of having Audi’s involvement.
Q: Apart from funding, what were the most significant benefits of the Techstars program?
A: While the funding was a perk, it wasn’t the primary benefit. The unparalleled support was the game-changer. Up until joining Techstars, Tarek and I felt like we were navigating the startup journey alone. Suddenly, we had a team, short-term visitors, and even “entrepreneurs in residence” to guide us. These experts, some from Europe’s biggest unicorns, offered fresh perspectives and insights.
One standout experience was “Mentor Madness.” It’s a week where you engage with industry experts, founders, investors, and professionals from various sectors. You’re in back-to-back 20-minute sessions, pitching and discussing your idea. After a week of this intense interaction, you get a week to regroup, then dive back in for another round. It’s aptly named “madness.” By the end, you’re mentally exhausted, but the feedback and insights gained are invaluable. It’s like rigorous training, preparing you for the challenges ahead. This process not only refined our idea but also built our confidence and resilience in presenting it repeatedly. It felt like a combat training montage from movies, gearing up for the climactic battle. It was intense but incredibly rewarding.
Post-Accelerator Achievements
Q: What advancements has Co-Tasker made since completing the Techstars accelerator?
A: Post-Techstars, we’ve embarked on some thrilling ventures. We’re gearing up to open our Series A fundraising, likely by the end of this month or early October. Techstars has equipped us superbly for this. Additionally, we’re collaborating on a proof of concept with Audi. While I can’t divulge too much about it, it’s a significant step for us and aligns perfectly with our growth and expansion plans.
During our time at Techstars, we identified a pressing issue for busy individuals. This insight led us to develop an innovative B2B product. We’re currently in the early stages, collaborating with our first clients before a broader launch. Techstars truly catalyzed our thinking, driving us to envision our business not just as it was but with a potential for exponential growth and a more global perspective.
On top of these projects, our team is expanding. We’ve moved to a new office, and we’re bringing on more talent. All in all, joining Techstars was transformative for Co-Tasker. It’s a whirlwind but an exhilarating one. We’re on an upward trajectory, and it’s incredibly exciting.
Q: Have you explored various growth channels for Co-Tasker?
A: Yes, we’ve been quite proactive in this area. We employ a blend of paid and organic strategies, with a significant emphasis on meta ads. Additionally, we’re working on forging partnerships and are currently in the process of creating content to give our advertisements a fresh twist. However, I must say, given that Co-tasker is a B2C product, we’ve been fortunate to benefit immensely from word of mouth. Especially within close-knit communities, word of mouth has been remarkable and probably our most potent channel to date. It’s had a considerable impact on our growth.
Advice for Founders
Q: Do you have any advice for founders considering Techstars?
A: First and foremost, brace yourself for an intense journey. I remember at the outset, Techstars advised us to inform our loved ones about the rigorous path ahead. It might sound dramatic, but the experience is genuinely demanding. Amidst the hustle, it’s crucial to prioritize self-care.
Your mental and physical well-being are paramount. We often found ourselves working around the clock, even on weekends. Such a relentless pace can lead to quick burnout. So, even as you’re dedicated to your startup, remember to get that extra hour of sleep, enjoy that coffee with a friend, or stick to your gym routine. Anything that rejuvenates you is essential. If you’re not at your best, your startup won’t get your best.
Furthermore, the bond and open communication between co-founders can’t be overstated. I’m fortunate to have Tarek, my co-founder and CEO. Throughout our Techstars journey, we’ve been each other’s support pillars. It’s crucial to communicate openly about your needs, ideas, and concerns. If the relationship between co-founders isn’t robust, the journey becomes even more challenging. Maintain open, respectful, and productive communication, and the experience will be truly rewarding.