Meet Vitalii and Elai.io
Q: Can you briefly introduce yourself and your startup?
A: My name is Vitalii Romanchenko, the CEO and founder of Elai. At Elai, we specialize in helping companies generate educational video content using digital human avatars created from text. This innovative approach stems from a personal need I identified while leading a game studio and contemplating creating an educational course for myself as a product manager. The challenge of producing such content traditionally, with the need for a camera studio and green screen, was daunting. That’s when my co-founder, Alex, proposed the idea of a generative AI startup, which could simplify this process. Our vision for Elai was clear from the start: to revolutionize video creation through personalization and generative AI, allowing video content generation without traditional setups. We were later joined by our circle founder, Alexei, who brought deep expertise in tech and generative AI, marking the official start of our company.
Q: How does your technology work in creating these human narrators?
A: Our focus at Elai is on the video aspect, not the sound. We’ve developed technology that enables the creation of a digital avatar from a video file. This avatar can be made to look like anyone. We then synchronize an audio file, derived from the text, with the avatar’s lip movements, making it appear as if the avatar is speaking. One of our key features is the support for multiple languages, allowing your avatar to speak in over 100 languages. It’s a step beyond what’s commonly seen on platforms like TikTok and steers clear of the realm of deepfake videos. Our platform is self-serve, offering a library of custom or digital avatars for video creation. The process is automated and ethical, with the main application being in training and educational videos. We’re committed to ethical standards, differentiating ourselves from deepfake technology.
Why Startup Wise Guys?
Q: What motivated you to join Startup Wise Guys?
A: Our decision to join Startup Wise Guys was driven by our search for a reliable venture partner and a credible program. Recognized as one of Europe’s best acceleration programs, Startup Wise Guys was an obvious choice for us. The turning point was meeting Cristobal, whose experience and insights resonated with us. We realized that partnering with him would be invaluable for our journey, leading to our decision to join the program.
Getting Into Startup Wise Guys
Q: Could you describe the application process for Startup Wise Guys?
A: The application process for Startup Wise Guys involves several stages, including multiple interviews. The final stage is akin to a matchmaking event, where you meet various members of the Startup Wise Guys team. Following this, if successful, you will receive an invitation. An integral part of the process is also negotiating investment details, valuations, and other business specifics once you accept the offer. It’s a comprehensive process, aimed at ensuring a good fit between the startup and the accelerator.
Q: Was the application process competitive?
A: The process is definitely competitive. Considering there are thousands of startups worldwide, only a few make it through the selection. This competitiveness is a testament to the quality and high standards set by accelerators like Startup Wise Guys.
A Day in the Life at Startup Wise Guys
Q: What was a typical day like once you were part of the program?
A: Our experience in the program was a mix of online and offline activities. A typical day often involved several hours of mentor sessions focusing on varied aspects like sales, marketing, or general company management. The content of these sessions depended on the mentors and the specific needs of the day.
Q: How hands-on were the mentors and program leads?
A: The mentorship experience was good overall, but it largely depended on what we, as a startup, chose to take from it. While we had some great sessions and received valuable feedback, our connection with some mentors wasn’t as strong. It’s important to actively engage and ask the right questions to make the most of each session.
Funding and Equity Negotiations
Q: Could you share specifics about the funding process and the equity exchange?
A: I can’t disclose specific numbers, but the standard process for Startup Wise Guys involves an investment that’s detailed on their website, which used to be around 55,000 and now is up to 100,000 euros. However, it varies case by case. For us, the primary goal wasn’t funding; we were more focused on building resilience and seeking mentorship and networking opportunities. There’s always a negotiation process regarding valuation and funding, and in our case, it involves exchanging some equity for investment.
Reflecting on Achievements Post-Acceleration
Q: Can you share any significant milestones achieved during the program?
A: Each company’s achievements in the program are unique, depending on their pace, team, and experience. For us, we experienced rapid growth, around 30% month over month, since joining the program. However, this rate of growth might not be the same for other companies due to different circumstances. While Startup Wise Guys helped us sustain our growth and provided invaluable mentorship, I believe our success was a combination of the program’s support and our own efforts.
Overcoming Challenges in the Accelerator Journey
Q: Were there any challenges you faced during the program, and how did you overcome them?
A: Yes, there were significant challenges. We founded Elai just two weeks before the war in Ukraine, which personally affected me as I’m from Ukraine. Juggling family responsibilities, extensive travel, and being online for the program while managing and growing the company was extremely challenging. However, it’s crucial to find ways to make things work. The support from great mentors and people I met through the program was invaluable in navigating these challenges.
Elai.io’s Growth Post-Accelerator
Q: What’s the current status of Elai post-accelerator, and what have you achieved?
A: Post-accelerator, Elai has seen substantial growth. We now have over 30 employees and more than 1,000 active customers. Our product is advancing well in its niche. Recently, we were recognized at a Startup Wise Guys event with red hoodies, symbolizing our achievements. This recognition reflects our growth and our success since the accelerator.
Q: How has your startup’s trajectory changed since completing the accelerator program?
A: Since completing the program, our value proposition has evolved significantly. Initially, we offered our video creation tool across multiple verticals. Now, we’re focusing specifically on learning and development, narrowing our focus to become a more specialized company in this area.
Q: How has your professional network expanded due to the accelerator?
A: The accelerator has definitely expanded my network, introducing me to many incredible people. However, building strong relationships requires ongoing effort. Regular interaction and investment in these relationships are key to leveraging this expanded network effectively.
Q: What are the next milestones for Elai, and how has the accelerator prepared you for these?
A: Our next milestone is continued growth and establishing ourselves as a leading company in our niche. The experience and lessons from the accelerator, including insights from Christobal and other mentors, are invaluable and applied daily in our operations. While I might not join another accelerator for a future venture, the knowledge gained from this experience is foundational.
Advice for Aspiring Accelerator Applicants
Q: What’s your long-term vision for Elai, and what advice would you give to others considering an accelerator?
A: Our long-term vision is to be among the top three companies in the learning development industry. For those considering an accelerator, my advice is twofold: work hard, deliver fast, and be open to making adjustments based on feedback. It’s important to understand that an accelerator won’t solve all your problems; you must build a sustainable business model. The responsibility lies with you, not the mentors or the accelerator team. They can provide tools and guidance, but most of the work must be done by yourself.