Meet Cynthia from MAVI.io
Q: Can you introduce yourself and MAVI.io?
A: My name is Cynthia Hollen, and I am the CEO and co-founder of MAVI.io, also known as MAVI On My Way Commerce. At MAVI.io, we’re pioneering a unique approach to e-commerce. We’ve created a marketplace that integrates with the rapidly evolving connected car universe. This innovative platform is not just about e-commerce in the traditional sense; it’s about revolutionizing how people shop while they’re on the go.
Our focus is facilitating seamless transactions for consumers while driving in their vehicles while they’re out and about. Imagine being able to run your daily errands or do your shopping without ever leaving your car. That’s the convenience we’re bringing to the table.
We’re collaborating with several major automakers globally and large retailers to make this vision a reality. Our technology allows consumers to interact with their vehicles in novel ways.
For instance, you could be driving and simply say, “Hey Jeep, I’m hungry,” and our system would coordinate with stores to have your groceries ready by the time you arrive. This level of integration and convenience is what sets MAVI.io apart in the e-commerce space. We’re not just facilitating transactions; we’re enhancing the entire shopping experience by adapting it to the lifestyles of modern consumers who are always on the move.
Q: What inspired the creation of MAVI.io?
A: In essence, the creation of MAVI.io is a response to a gap in the market, where existing technologies fell short in catering to the modern, on-the-go lifestyle of consumers. The connected car presents an ideal platform for this, aligning perfectly with the needs of both retailers and consumers. The timing couldn’t be better for everyone involved in this new venture.
Choosing Plug and Play
Q: Why did you choose to join Plug and Play?
A: We chose Plug and Play because it represents one of the most valuable networks a startup can immerse itself in, especially when it comes to making critical connections. Plug and Play offers unparalleled access to a wide array of corporate partners and, more importantly, to the key decision-makers within these organizations
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Being part of Plug and Play is about more than just networking; it’s about establishing meaningful collaborations that can significantly propel a startup’s growth. This platform provides a unique opportunity to gain traction within some of the largest and most influential companies in the world.
For a startup like MAVI.io, which operates at the intersection of e-commerce and innovative automotive technology, being able to connect with the right people in the right companies is crucial. Plug and Play opens doors to these connections, facilitating partnerships that might otherwise be difficult to establish. It’s a strategic choice that aligns perfectly with our goals of expanding our reach and impact in the e-commerce and automotive sectors. This accelerator provides not just a network, but a community where startups can find support, guidance, and opportunities to collaborate on a global scale.
How to Get In
Q: Could you share details about the application process for Plug and Play?
A: Our journey to joining Plug and Play was somwhat unique. We were actually honored with an invitation to apply, which came as a result of one of their corporate partners expressing interest in working with us on a proof of concept. This partner recommended us to Plug and Play, which led to our direct invitation.
Typically, the process to get into Plug and Play is quite competitive, with only about one in a thousand companies that apply being invited to pitch. In our case, we were among the last 30 companies invited to present our ideas. This privileged position allowed us to bypass some of the initial selection stages.
As part of the application, we were asked to record a five-minute video and prepare a comprehensive pitch deck. Following this, we had the opportunity to present live, albeit via Zoom, to around 30 corporate partners, specifically in the mobility space in Detroit.
The process was swift; within about three weeks after our presentation, we were informed of our acceptance into the program. This rapid progression from invitation to acceptance was an exceptional experience for us. Being directly invited and quickly moving through the stages underscored the interest and potential that Plug and Play saw in MAVI.io. This experience was not just a validation of our business concept but also a significant opportunity to engage with key players in our industry.
A Day in the Life at Plug and Play
Q: What was a typical day like for you at Plug and Play?
A: Once we were part of Plug and Play, our experience was shaped by a dynamic and collaborative environment. The program typically spans about three months and is meticulously coordinated by an industry-specific coordinator. This person plays a crucial role in ensuring that all participating companies, usually numbering between 20 to 30 in each batch, have the opportunity to interact and form connections.
One of the key aspects of the program is the facilitation of introductions between the startups and corporate partners. These partners are keen to learn about the new companies in the batch and explore potential proof of concept projects with them. The schedule includes weekly, and sometimes even daily, sessions that focus on coaching and various aspects of business development.
However, the most valuable aspect, in my opinion, is the realization that being part of the accelerator means you are also part of the broader Plug and Play ecosystem. This recognition opens up opportunities to connect with mentors and connectors throughout the entire organization, beyond just those involved in the accelerator program.
This approach encourages a more holistic engagement with the network, allowing us to tap into a wealth of knowledge and experience. It’s not just about the structured sessions; it’s also about proactively reaching out and building relationships within the wider Plug and Play community. This expansive network is what makes the experience so enriching and beneficial for startups like ours.
Funding and Equity
Q: Did Plug and Play offer you funding upon acceptance?
A: Currently, we are in the midst of navigating the funding process with Plug and Play. We are fortunate to be among the select group of companies that are invited to consider funding opportunities beyond just participating in the batch program. While we haven’t finalized this process yet, we are hopeful and expect to complete it soon.
It’s important to note, however, that typically, companies accepted into Plug and Play do not receive funding as a part of their initial acceptance into the program. This is a key difference from some other accelerators like Y Combinator (YC). Additionally, a notable aspect of Plug and Play is that participating startups are not required to give up any equity in exchange for the support and resources provided by the program.
This approach offers a distinct advantage, allowing startups to retain full ownership while benefiting from the immense network, mentorship, and growth opportunities that Plug and Play provides. For MAVI.io, this aspect of the program aligns well with our growth strategy and future plans.
The Lasting Impact
Q: Can you share the lasting impact of the Plug and Play program and any key moments or aspects that you found particularly valuable?
A: The impact of the Plug and Play program on MAVI.io has been profound and multi-faceted. Firstly, being a part of Plug and Play is like being inducted into one of the most elite clubs in the world. This membership is not just for the duration of the program; it’s a long-term asset. We’re now forever part of the Plug and Play family, which is an invaluable network and community.
A significant tangible benefit we gained from the program is the contracts we secured. We successfully forged partnerships with some of the largest automakers globally, and we’re on the verge of signing a contract with one of the world’s biggest restaurant chains. Additionally, we have secured multiple other contracts with various car manufacturers. These achievements are direct outcomes of the opportunities and exposure provided by Plug and Play.
Another crucial aspect is the mentorship offered during the program. The mentors assigned to us continued their support well beyond the duration of our batch. This ongoing mentorship has been instrumental in our journey and growth. It’s hard to overstate the value of this continued guidance; it has played a critical role in our development and success.
In summary, Plug and Play has not only provided us with immediate opportunities and resources but has also set us up for long-term success. The contracts, the network, and the mentorship we received have been pivotal in shaping our trajectory. It’s fair to say that our current position and future prospects are significantly influenced by our experience with Plug and Play.
The Challenges and Maximizing Opportunities at Plug and Play
Q: During your time in the Plug and Play program, were there any significant challenges you faced?
A: One of the main challenges we encountered during our time in Plug and Play was ensuring we maximized the opportunities presented to us. Balancing the demands of growing and building a company while also taking full advantage of everything Plug and Play had to offer was not easy. When you’re in the thick of running a startup, finding even an extra two minutes in the day, let alone two hours in a week, can be a daunting task.
The key to overcoming this challenge was learning how to effectively manage our time and prioritize. This involved a strategic approach to triaging opportunities. We had to make choices: attending certain lectures and sessions that were only tangentially related to our business, or seeking introductions to specific mentors who could offer more direct and relevant guidance.
Q: How did you manage to find time for these opportunities?
A: To navigate this challenge, we became very selective about what we prioritized. It was about making tough choices and focusing on what would bring the most value to MAVI.io. We decided to prioritize connecting with mentors over attending every available session. This meant going through the list of mentors and asking for introductions to a select few who we believed could provide the most significant impact on our business.
This approach of triaging our time and opportunities was essential. It allowed us to not just participate in the program, but to truly benefit from it. By being selective and strategic, we were able to focus on activities and connections that were most aligned with our immediate needs and long-term goals. This careful balancing act was challenging but ultimately vital to our success in the program.
Progress and Future Post-Plug and Play
Q: Can you update us on MAVI.io’s status following the accelerator program?
A: Post-accelerator, MAVI.io is gearing up for an exciting phase. We’re currently in the pre-launch stage, with an anticipated go-live date in early 2024. At the moment, our primary focus is on working through proof of concept with many of our partners. This stage is crucial as it allows us to fine-tune our offerings and ensure that when we do launch, we’re fully prepared to meet the demands and expectations of our users and partners.
Our relationship with Plug and Play continues to be a significant part of our journey. We regularly engage with them, and they continue to provide valuable introductions to corporate partners. Just last week, I had meetings with large corporations, facilitated by Plug and Play, who expressed interest in working with us. This ongoing collaboration is a testament to the lasting impact that the Plug and Play network has on its alumni.
Q: Are there any quantifiable metrics or achievements post-program?
A: One of the most tangible metrics that demonstrate our growth post-program is the five automotive partnerships we’ve secured, thanks to Plug and Play. These agreements are a significant milestone for us, especially as a pre-launch company. While we may not have a broad range of Key Performance Indicators (KPIs) at this stage, these contracts are a clear indicator of our progress and the trust these major industry players have in our vision and capabilities. They represent not just business deals, but also confidence in our model and the future of MAVI.io.
MAVI.io’s Future Milestones and Plug and Play’s Role
Q: Looking ahead, what are the next milestones for MAVI.io, and how did the accelerator program contribute to your readiness for these goals?
A: As we move forward, our focus is on leveraging the networking and relationships we’ve built through Plug and Play. These connections have been instrumental in our growth, providing us with insights, opportunities, and invaluable support.
The coaching and presentation skills we honed during the program have also been significant. They’ve not only improved our ability to communicate our vision but also enhanced our overall business strategy and execution. Additionally, the regular content and resources made available by Plug and Play continue to be a rich source of knowledge and guidance for us.
An immediate milestone we’re excited about is the upcoming Winter Summit. This event is a fantastic opportunity for networking, as it brings together thousands of corporations and startups from the Plug and Play universe. Spending three days at the Summit, interacting with a diverse range of participants, is incredibly valuable. It’s not just about making new connections; it’s also about nurturing existing ones and learning from the collective experiences and insights of this vibrant community.
The accelerator has prepared us for these milestones by providing a strong foundation in networking, business skills, and exposure to a wide range of industry perspectives. This preparation has been crucial in setting us up for success as we continue to grow and evolve in the lead-up to our launch and beyond.
Advice for Applicants
Q: What advice would you give to someone considering applying to Plug and Play or other accelerators?
A: My advice for anyone looking to apply to Plug and Play or any accelerator is to be strategic and selective in your choices. It’s essential to recognize that being part of an accelerator is not the end goal in itself. The real win is in what you gain from the experience and how it propels your company forward.
When considering an accelerator, you need to assess whether it aligns with your specific needs and whether it will provide a return on investment for your time. Remember, everything comes with an opportunity cost. Therefore, ensure that your chosen accelerator aligns with your long-term visions and goals.
If you’re at an early stage and need foundational knowledge on running a company, many accelerators offer great coaching and resources for that. However, if you’re a more experienced team, like we were at MAVI.io, you might look for an accelerator that offers more than just basic coaching. Plug and Play, for instance, is one of the top four accelerators globally, with offices in over 30 countries. Their extensive reach and network can provide access to almost any resource or connection you might need. This kind of reach is invaluable and can be a significant asset for a startup.
In summary, choose an accelerator that matches your stage of development and can offer the specific type of support and network that will benefit your startup the most. It’s about finding the right fit and making the most of the opportunities presented to you.