Introducing Alexandria from Mod Tech Labs
Q: Can you share a brief introduction about yourself and your role at Mod Tech Labs?
A: I’m Alex Porter, the CEO of Mod Tech Labs. At Mod, our focus is on simplifying the utilization of real-time 3D content for entertainment and media companies. We’ve developed solutions to streamline the automation and processing of content at scale.
Why MassChallenge?
Q: Can you share what motivated Mod Tech Labs to join MassChallenge?
A: We were drawn to MassChallenge over the second and third year of our journey. Having been familiar with their significant presence in Austin, we recognized the wealth of resources and an impressive mentor network they offered. The non-equity nature of the program, coupled with the potential for a prize, was a bonus. While the prospect of a cash award was enticing, our primary focus was tapping into the extensive mentor network. We saw it as a crucial step in expanding, growing, and gaining insights into use cases and operationalizing aspects of the business that were still evolving.
MassChallenge Application Process
Q: Could you briefly describe the application process you went through for MassChallenge?
A: MassChallenge has a thorough yet concise application process. It encourages founders to articulate aspects of their company clearly without the need for lengthy essays. This approach not only streamlines the application but also helps founders gain clarity about their company’s description and execution plans. It prompts them to identify areas where they need assistance or wish to enhance their business skills early in the process.
Q: What factors do you believe set Mod Tech Labs apart and contributed to your acceptance into the MassChallenge program?
A: Several factors played a role. Our consistent use of cutting-edge technology, incorporating AI into our tools since our early days (since around 2017), likely caught their attention, especially when AI was less of a buzzword. Additionally, we could clearly outline our go-to-market strategy, validated to some extent with a customer base. Demonstrating how we planned to elevate to the next level and leverage the skills within the MassChallenge network was crucial in distinguishing us.
Inside MassChallenge Program
Q: Can you provide insights into the structure of the MassChallenge program and highlight the components that you found most valuable?
A: The program offers multiple tracks, and as a founder, it’s crucial to prioritize. They have a traditional program with scheduled classes, informative sessions, and speaker engagements. Simultaneously, there are additional tracks aligned with specific programs; during our time, it included areas like safety, base, and security tracks, exploring diverse applications for our technology.
I engaged in various tracks, but in hindsight, focusing on one area might have been more beneficial, a common dilemma for founders. MassChallenge also facilitates virtual networking events, especially valuable in the post-COVID environment. They pride themselves on in-person events, which I attended in subsequent years in Austin, offering great networking opportunities.
Q: Did MassChallenge offer access to networking events with investors or potential clients?
A: Networking opportunities varied, especially considering the program’s timing in the post-COVID landscape. Virtual events were prevalent, though sometimes challenging to navigate. MassChallenge prioritizes local, in-person events, which I attended in subsequent years in Austin. They facilitate virtual connections with investors; filling out a form helps initiate introductions. The mentor network, primarily virtual, is a valuable resource, connecting founders with mentors ranging from investors to marketing leaders.
Q: Do you stay connected with the MassChallenge community after the program, and what resources do you continue to utilize?
A: While we’ve relocated and in-person events are challenging, MassChallenge provides ongoing value. They offer online education, a monthly newsletter, and alumni prizes, fostering a sense of community. Despite not pursuing some opportunities, continuous access to resources keeps us informed. I even participated as a mentor for a MassChallenge cohort, showcasing the various ways the community remains connected and supportive.
Q: What was the experience like for Mod Tech Labs in the MassChallenge accelerator, and how did it shape your startup?
A: Being part of MassChallenge was transformative. The collaborative atmosphere and access to mentors allowed us to refine our strategies and gain valuable insights. The diverse cohort provided a unique ecosystem, fostering connections and partnerships that we wouldn’t have encountered otherwise. It played a pivotal role in refining our product focus and business model.
Q: What outcomes and impact did Mod Tech Labs experience as a result of participating in MassChallenge?
A: The outcomes were significant. We not only secured funding but also established key partnerships that propelled our growth. The mentorship we received was instrumental in honing our approach, and the validation from the MassChallenge community added credibility to our venture. Overall, it was a game-changer for Mod Tech Labs, setting the stage for our continued success.
Achieving Milestones and Overcoming Challenges
Q: Can you recall a significant milestone that Mod Tech Labs achieved during the MassChallenge program?
A: One of our major achievements was solidifying our go-to-market strategy. Early-stage startups often overlook the importance of a go-to-market slide, a realization we had during the program. We refined our approach and enlisted one of our mentors as a full-fledged advisor, a decision that significantly contributed to our understanding and effective deployment of this crucial aspect of our business.
Q: Were there any challenges or aspects you wish you had approached differently during the MassChallenge program?
A: While we aimed for a prize, we didn’t make it to the finals, which was expected given the fierce competition. In hindsight, we recognized areas where better preparation could have made a difference. Challenges also included market strains, particularly in the entertainment and media industry, exacerbated by significant events during COVID-19. However, we view challenges as opportunities to learn and adapt.
Mod Tech Labs Current Status and Future Goals
Q: What is the current status of Mod Tech Labs, and what are your upcoming milestones for 2024?
A: Mod Tech Labs is celebrating its fourth anniversary this month, now based in Buffalo, New York. Winning 43 North in 2022 secured us a million dollars in funding. In 2024, we aim to explore the market opportunity in New York State, leveraging film incentive funding. Our focus is on building partnerships in the region and adjacent areas like Toronto, Canada. Additionally, we plan to diversify our applications beyond entertainment and media, recognizing the broader potential of our technology across government, security, health, and more.
Q: In terms of growth and experimentation, have you tried any channels, or are there specific strategies you’re exploring?
A: Our growth strategy involves finding the right triggers in the market. We’ve expanded our social media presence to build awareness. Mentorship in various fields is a key avenue for us to leverage deep network connections, providing significant opportunities for integration and introductions. Our focus is on meeting the needs for speed and volume, particularly in processing imagery data efficiently.
Final Advice for Founders Considering MassChallenge
Q: Any final advice for founders considering applying to MassChallenge?
A: MassChallenge is an excellent platform for founders looking to refine their skills. The diverse programming offers valuable opportunities to develop essential skills that may be underdeveloped. The absence of equity requirements is a significant advantage, fostering a robust knowledge exchange among founders, mentors, and the extended network. Being part of MassChallenge adds prestige to your resume, contributing to wider market recognition and respect. It’s truly a well-regarded and recognized program that can significantly benefit your entrepreneurial journey.