Introducing Irma from Benme
Q: Tell us about yourself and Benme.
A: I’m Irma, the CEO and co-founder of Benme, a one-stop platform and app that offers a freemium model for companies to easily manage and provide employee benefits and perks through a network of suppliers.
Q: How did the idea for Benme come about? Was it based on personal experience?
A: My career involved finding solutions for international companies in Lithuania and the Baltics, helping them with benefit platforms and administration. With the challenges of COVID, I saw a need not just for benefit solutions but also for managing suppliers delivering benefits remotely.
Startup Wise Guys’ Application Process
Q: What motivated you to choose Startup Wise Guys?
A: They found me. When I decided to create Benme, I spoke about my vision at TechHub pre-accelerator. The Startup Wise Guys team approached me, recognizing the potential, and asked me to apply for the SaaS batch. Getting approval from over 500 startups, with only 11 or 12 accepted, was a huge confirmation that a prestigious European accelerator recognized my idea and knowledge.
Q: Did Startup Wise Guys approach you, or was it the other way around?
A: They approached me after seeing my pitch in a pre-accelerator. I was participating in a pre-accelerator when they asked me to apply for the accelerator with investment. While they did notice me and encourage me to apply, I had to go through the same selection process as those who applied independently
Q: Was the pre-accelerator part of the application process?
A: The innovation agency project is financed by the European Regional Development Fund funds and is intended to encourage early-stage start-ups to create and grow their business ideas. Startup Wise Guys had additional conditions, requiring an MVP and a first client for application eligibility.
Q: When Startup Wise Guys approached you, did you still have to apply?
A: Yes, they approached me, recognized the potential in our SaaS product, and suggested I apply.
Q: Can you briefly describe the application process?
A: Initially, I submitted a comprehensive application. Then, there was an interview, a technology check, and a selection round where about 25 startups were chosen. In the second round, Selection Bootcamp is our signature event where we invite you among other 25 startups to spend two days demoing and pitching your product to a number of mentors, investors and experts. After the event, we will make the final investment decision on who will be joining Startup Wise Guys SaaS Vilnius acceleration program
A Day in the Program and Funding Experience
Q: What was a typical day like during the program?
A: Initially, there was a startup day for networking. Once the program began, each day was filled with group sessions, covering various topics like team-building, sales, and more. The schedule included about four hours of group meetings, private sessions with specialists, and even homework—like a condensed university experience packed into a single day.
Q: Did you receive funding, and if so, what were the conditions?
A: Yes, the program outlined the conditions upfront—equity in exchange for a 50K euro investment. The decision to accept was influenced by the financial aspect and the invaluable experience, knowledge, and network provided by Startup Wise Guys. It was a comprehensive evaluation of the benefits and drawbacks, ultimately leading to a positive decision to join and agree to the specified conditions.
Milestones, Confronting Challenges, and Mapping the Program’s Impact
Q: Was there a significant milestone you achieved during the program?
A: Absolutely. Each startup had private meetings with the main team, focusing on investor updates and setting KPIs. Our KPIs were directly tied to sales, as we were in the growth stage, aiming to prove our startup’s market viability. Weekly meetings addressed strategies for achieving sales targets, analyzing what worked and what needed adjustment—whether it be pricing, market approach, or client engagement. The key milestone revolved around consistently meeting and surpassing our sales goals.
Q: Was achieving your KPIs the significant milestone during the program?
A: It was indeed a significant milestone, albeit a challenging one. We were among the youngest startups in our batch, having created our startup at the last possible moment—meeting the condition of finding a client and having an MVP. Unlike some startups with a year or more of experience, everything was new for us. Learning and creating simultaneously made achieving KPIs, especially in sales, a tough but rewarding journey. Despite the difficulties, both Startup Wise Guys and we were pleased with the progress we made during the program.
Q: Would you consider being early in your startup journey as one of the main challenges?
A: Absolutely. Being at the early stages posed significant challenges, especially given the vast amount of information to absorb and various topics to grasp. Time was a constraint, hindering a deeper understanding of crucial aspects like the sales process and competitor analysis. The intensity of reaching goals, meeting KPIs, learning, doing homework, and simultaneously building the startup from scratch made the experience challenging. The youthfulness of our venture—lacking both experience and extensive product development—emerged as a major hurdle.
Q: What is the current status of the company post-accelerator?
A: Currently, we have six full-time employees, and our hiring approach has evolved. Initially focused on junior or mid-level hires, we’ve shifted to hiring experienced professionals for their valuable knowledge and motivation. Additionally, six part-time employees serve as advisors in various fields, such as finance and business strategy. Outsourcing technical roles, like engineers, is also part of our strategy. The core team of full-time employees is crucial, dedicating significant effort to drive the startup and business forward.
Q: How has your startup’s growth trajectory changed since completing the program?
A: We underwent significant changes post-accelerator, particularly in the core team. I decided to change my co-founder, recognizing the need for experience and responsibility. Our business model also transformed, influenced by global situations such as war and economic challenges. The accelerator played a crucial role in preparing us for these changes, providing a valuable network, guidance on seeking help, and insights into pitching and finding investments.
Q: What are the next milestones you’re targeting, and how has the accelerator prepared you for them?
A: Our focus is on the growth stage, showcasing progress with the new business model and aiming to attract further investment. The accelerator has equipped us with a robust network, emphasizing the importance of seeking help and providing valuable insights into pitching and investment strategies. This foundation positions us well for our next steps in the journey.
Tips for Applicants
Q: Any advice for those considering applying to Startup Wise Guys?
A: My advice to new startups, especially in the early stages, is to go for it and participate in an accelerator. While getting a ticket for a prestigious European accelerator like Startup Wise Guys can be challenging due to intense competition, starting with smaller accelerators can provide valuable experience and networking opportunities. The support and insights gained from being part of a larger network are invaluable. Often, it’s easy to feel overwhelmed in the startup journey and think success is elusive.
But, by engaging with others in the same boat, you realize that challenges are universal, and mutual support can make a significant difference. I was pleasantly surprised by the willingness of other startups, co-founders, and mentors to offer help and share experiences. So, my key takeaway is not to hesitate in seeking help. Don’t be afraid to ask for support, advice, or even just a conversation. Participating in an accelerator, particularly Startup Wise Guys, has been one of my best decisions, and I consider myself fortunate to have been part of this transformative experience.