Anna Stepura and AiSport’s Innovative Journey
Q: Can you briefly introduce yourself and your startup?
A: Sure, I’m Anna Stepura, founder of AiSport. We’ve created a unique AI-based personal trainer using machine learning and computer vision. This technology, accessible via a mobile phone, tracks and improves your exercise techniques, enhancing performance, ensuring correct execution, and preventing injuries.
Q: How did you come up with the idea for your startup? Was it inspired by personal experiences?
A: My journey in sports, especially professional gymnastics, started when I was just four. Personal injuries and the challenges they posed made me realize the importance of proper technique. This led me to become a trainer, but I soon noticed the limitation of not being able to provide individual feedback in large groups. This challenge inspired me to think about integrating technology into training, eventually leading to the creation of AiSport.
Q: Who is your target audience or customer base?
A: Our primary target is individuals who are keen on maintaining and improving their fitness through accurate and personalized guidance. This includes fitness enthusiasts, amateur athletes, and even professionals who seek to enhance their performance and technique through advanced, accessible technology.
Why Alchemist?
Q: What motivated you to join the Alchemist accelerator specifically?
A: The key factor was the location. We were accepted by accelerators in Poland, Spain, and one in Silicon Valley. The Silicon Valley accelerator, Alchemist, is at the heart of the startup world – a hub for innovation and founders. It also ranked the highest among our options. Naturally, as founders, we were drawn to its high ranking and the unique atmosphere it promised.
Q: Can you recall and briefly describe the application process for Alchemist?
A: The application process was straightforward but rigorous. We started by filling out a form on their website and submitting our pitch deck. The acceptance rate was quite low, around 2%. After being accepted preliminarily, we had a call with about 15 people from Alchemist. During this call, we had to pitch our idea and answer questions. It’s a continuous process of pitches; they connect with one team, and then move on to the next. All founders had to be present and well-prepared, focusing on timing and clarity. Interestingly, Alchemist was the last to respond to us, but they accepted us, which was a great moment.
How a Founder Gets In
Q: What do you believe set your company apart to get accepted into the Alchemist program?
A: Our alignment with Alchemist’s focus areas was a key differentiator. They prioritize digital health, AI, B2B, and SaaS, which perfectly match our niche. Our work in computer vision and AI, especially our advancements in processing quality with images and the potential to do the same with video, set us apart. The vision for AiSport is to not just follow current trends but to innovate steps ahead, which resonated with Alchemist. Additionally, being female founders in a tech startup brought diversity to the batch, aligning with Alchemist’s emphasis on diverse teams. Our batch was incredibly varied, with founders from different parts of the world, which made the experience enriching.
Q: After getting accepted, how is the Alchemist program structured?
A: Alchemist’s program is distinctively six months long, which is beneficial, especially for founders not from the U.S. This duration allowed us enough time to adapt, develop our product, and engage in various activities. The program covered a wide range of topics, not just fundraising, but also branding, marketing, sales, product development, and UX-UI design. It’s structured as a hybrid program, combining online education with an in-person meetup in Silicon Valley towards the end. This was the first batch post-pandemic to have this feature, which was fantastic for networking and building a community with fellow founders.
Q: Is each month of the six-month program dedicated to a specific theme?
A: Yes, the program is meticulously structured around different topics. For instance, there might be a month dedicated to marketing, with lectures and sessions from various speakers and mentors. Alchemist boasts an extensive network of over 30,000 people, including professionals from big companies, angel investors, venture funds, and successful entrepreneurs who have launched multiple startups. This diversity in mentorship and the depth of topics covered provide a comprehensive and enlightening experience for the participants.
Mentorship and Funding in the Alchemist Accelerator Program
Q: How does mentorship work in the Alchemist program? How did you connect with mentors?
A: In the Alchemist program, they provide a list of mentors, and you choose two. One is a CEO mentor, who guides you in leadership and overall company direction. They are available for any questions and can offer advice, connections, or resources. The other is a sales mentor, crucial for most startups. You have the opportunity to interview different mentors before selecting the ones you feel are the best fit for the duration of the program.
Q: Did you receive any funding from the program?
A: Yes, Alchemist provides investments to the startups in the program. The amount isn’t fixed, as it varies depending on the startup’s stage.
Q: Is funding contingent on events like a demo day, as in some other accelerators?
A: No, funding from Alchemist doesn’t depend on a demo day or similar events. For us, the main focus was gaining knowledge and guidance. Even as professionals, the startup world presents a steep learning curve with many first-time and unique challenges. It’s not just about the money; it’s more about acquiring the right knowledge and gaining access to the right people. We were pleasantly surprised that funding was part of the offer, but our primary effort was towards learning and connecting.
Key Milestones and Challenges During the Alchemist Program
Q: Can you share a significant milestone that AiSport achieved during the Alchemist program?
A: Certainly. The most significant milestones for us were building and launching our product, and raising angel investment, all before the program concluded. This was a major step forward in our journey.
Q: Was this achievement supported by the Alchemist team? Did they offer hands-on support?
A: Alchemist is primarily an educational program, offering lectures and a large network of over 30,000 contacts for support and guidance. While they provide extensive resources and mentorship, the onus of building and enhancing the product lies entirely on the startup. You’re expected to enter the program with an MVP (Minimum Viable Product) and a clear vision.
Q: Did you face any unexpected challenges during the program?
A: No, the program was excellently structured and met our expectations. Running a startup comes with its own set of challenges, but within the program, everything was smooth. Regular lectures, performance tracking, and monthly goal-setting meetings kept us focused and on track.
Current Status and Future Goals of AiSport
Q: What’s the current status of AiSport, and what are your upcoming milestones?
A: AiSport has recently launched a new application for weightlifting, which is a significant step in our machine learning development. This app tracks both the athlete’s performance and the equipment, like barbells, providing real-time feedback. Our next goal is to develop similar technology for rowing, continuing our focus on sports performance enhancement.
Q: Have you started experimenting with different strategies in terms of growth and marketing?
A: Yes, we’ve been actively experimenting. We’ve made some slight pivots in our approach after realizing certain market limitations. As a B2B business, our marketing strategies are evolving, and we’re continuously exploring new avenues, though we haven’t heavily focused on content creation or paid ads in the early stages.
Founder’s Advice
Q: What final advice would you give to founders considering applying to Alchemist?
A: My advice is simple: just apply. The application process isn’t overly demanding. However, it’s crucial to understand what a real pitch deck looks like. Most pitch decks follow a similar structure, so new founders should familiarize themselves with this format. If your pitch deck is well-structured and showcases a great product and vision, it significantly improves your chances.
Also, try to find connections who can introduce you to the Alchemist Accelerator. In the application, there’s an option to mention someone who recommended you or someone you know connected to Alchemist. We didn’t have this advantage, but I know it can be helpful. Alchemists may reach out to these contacts for honest feedback about your startup. It’s all about providing a genuine and compelling case for your business.
Lastly, keep trying and stay persistent. Alchemist is an excellent accelerator, and being a part of it means joining a supportive and dynamic family.