What is OneStep Power?
Q: Can you briefly introduce yourself and your company?
A: I’m Mark Craig, the president of OneStep Power, a technology company specializing in designing technologies for the validation of complex power systems. Our focus is on ensuring safety in the transition to green energy, making sure that new technologies on vessels and in high-reliability locations meet efficiency standards without compromising safety.
Q: How did the idea for OneStep Power come about?
A: I’m an electrician and electrical engineer with experience in the onshore power industry. While working on vessels worldwide, addressing generator system issues, I met Sarah, my business partner, in Korea. Sarah, with a background in petroleum engineering, handled final contract negotiations.
During a four-year project, we faced challenges with power system issues causing blackouts. Recognizing the need for a better validation approach, I developed a comprehensive system test, addressing the shortcomings of segmented validation. Sarah saw the potential and suggested starting a company. It wasn’t my initial plan to start a company, but with Sarah’s business acumen and my technical ideas, we founded OneStep Power. She manages the business side, and I handle the technical aspects.
Why MassChallenge?
Q: What motivated you to join MassChallenge?
A: We needed a change to address our struggle with growth. Despite having early adopters, we couldn’t expand our market presence. Reading “Crossing the Chasm” made us realize where we stood—a stagnant position. To break through successfully, we joined Mass Challenge to figure out what we were doing wrong and how to penetrate the market more effectively.
MassChallenge Application Process
Q: Can you briefly describe the application process that you went through?
A: For MassChallenge, we filled out an application detailing our company and its current state. We underwent an interview process and pitched our ideas to the judges in multiple stages. After this process, we were accepted into the program.
Q: Was the process of getting into the Mass Challenge challenging?
A: We prepared for everything, and the MassChallenge application was no exception. We read the briefings, ensuring our presentation aligned with their key points. Sarah, handling much of the process, invested hours to meet the program’s criteria. While I may not know the exact toughness, her dedication ensured we presented what they needed.
I think what set us apart was our technology and our willingness to listen. Our approach to technology and openness to feedback made us stand out in the selection process.
Inside MassChallenge Program
Q: Once you’re in, what does the MassChallenge program look like?
A: The program is well-structured and has both in-person and online components. In the initial weeks, they set you up, outlining the goals for the program. Weekly meetings define tasks for the week, with an emphasis on hard work during this period. We also had a group meeting in Dallas, where the MassChallenge cohort engaged in intense sessions focused on customer-centric approaches. Bi-weekly meetings continued, assigning substantial work until the program’s conclusion.
The mentors in MassChallenge are exceptional, providing valuable support and insights. We specifically sought mentors in marketing, PR, and sales to address our challenges in breaking into markets and selling. The mentor match process allowed us to connect with mentors based on our needs and theirs.
Q: Did you receive any funding from the MassChallenge program?
A: No, the program offers non-equity cash prizes at the end. As finalists, we’re in the running for these prizes. MassChallenge doesn’t take equity, making it an attractive aspect of the program.
Achieving Milestones and Overcoming Challenges
Q: Did you achieve any significant milestones during the MassChallenge program?
A: Many milestones stand out. During our time in Dallas, we realized our messaging was wrong for the market we aimed to sell to. The program helped us understand our branding and target audience better. Mentors guided us in redesigning our logo and website, offering valuable insights into setting up engaging platforms.
Q: Did you face any challenges and how did you try to overcome them?
A: It was extremely challenging, requiring significant self-awareness and hard work. To achieve what we did from MassChallenge, we had to reassess everything during off weeks, investing a lot of hours. Despite challenges, we decided to change and put in the extra work needed to build a successful company.
Current Status and Future Goals of OneStep Power
Q: What is the status of the company now, and what are the upcoming milestones?
A: Since finishing MassChallenge, we managed to reconnect with companies we couldn’t reach before. By changing our approach and refining our strategies, we now have proposals for multi-million dollar contracts. Our upcoming milestone is to secure funding for a dedicated sales and marketing team, aiming to operate differently than before, providing them with the tools they need for success.
Final Advice for MassChallenge Potential Applicants
Q: Do you have any final advice for founders wanting to apply to MassChallenge?
A: Put the work in. It’s well worth it, especially considering it’s a non-equity accelerator. The contacts and access you gain are unparalleled. Read the pitch requirements carefully, answer questions according to what they’re asking for, and understand that it involves hard work to derive value. We observed companies that didn’t put in the effort and dismissed it as a waste of time. The key is to actively engage, understand the process, and invest the effort needed.