Meet John Wallhoff from B4 Investigate
Q: Could you briefly introduce yourself and your startup?
A: I’m John Wallhoff, based in Sweden. Along with my co-founder Nigel Iyer from Norway, we launched our SaaS platform myB4.ai. Our focus is on providing a software-as-a-service platform, primarily aimed at detecting behaviour in financial transactions. This is particularly evident in areas like invoice processing and outgoing payments from organizations. That’s the core of what we do.
Q: What was the inspiration behind B4 Investigate?
A: The idea for B4 Investigate was kindled back in 2005 when we were working as consultants. My expertise lies in data analytics and IT, where I focused on using data to identify control weaknesses, opportunities, and challenges. I’ve always been passionate about making sense of data. Meanwhile, my co-founder Nigel, a seasoned fraud investigator, brought his expertise in understanding behavioral patterns. Together, in around 2014-15, we began developing tools to aid in investigations. It was in 2019 when we decided to test our concept in a real-world environment. The evolution of cloud solutions and the software-as-a-service model played a pivotal role in our journey, providing us with the tools and flexibility needed to evolve our business.
Why Founder Institute?
Q: How did the Founder Institute become involved with B4 Investigate?
A: Our unique situation stems from not being based in a single country but rather across the Nordic region, with me in Sweden. It was a contact at the Van Roo Institute in Oslo who had met Nigel and suggested we join the Founder Institute’s cohort. This recommendation came about because of our multi-national presence in the Nordic area, which made the Founder Institute an ideal fit for us. We took this advice and joined their program in 2020, which was a significant step for us in our journey.
How a Founder Gets In
Q: Can you share your experience with the application process for the Founder Institute?
A: Reflecting back, the details of the application process are a bit hazy now. What I do remember is that any application can be challenging, mainly because it requires a deep understanding of the finer details of your business. The key is to focus on what you aim to create and achieve. This approach helps in finding most of the answers. And where answers aren’t readily available, it’s crucial to seek help and ask questions.
Q: Was the application process lengthy or competitive?
A: The application itself wasn’t excessively long or complicated. It didn’t require weeks of work. As long as you have a solid basic idea, you can put together most of what’s needed relatively easily. However, the real challenge is in the commitment. Applying is one thing, but making it through the program requires dedication. My advice is to only apply if you’re genuinely committed. Otherwise, it can end up being a waste of time. The time spent contemplating your decision and commitment is valuable. Remember, it’s not just about applying but also about having the commitment to see it through.
The Role of Founder Institute in Securing Funding
Q: Could you explain how funding works with the Founder Institute? Do startups receive funding upon admission?
A: In our experience with B4 Investigate, we didn’t receive direct funding from the Founder Institute. However, our participation played a significant role indirectly. We secured funding through a venture capital company that uses the Founder Institute as one of their qualifiers for their investment programs. So, in a sense, being a part of the Founder Institute indirectly facilitated funding for us. It wasn’t a direct financial benefit upon admission, but it certainly opened doors and created opportunities for funding through other channels.
Unlocking the Full Potential of Startups
Q: What would you say is the standout feature of the Founder Institute program?
A: For us, particularly as co-founders who are both over 50 and come with a wealth of experience, the standout feature of the Founder Institute was its ability to fill in the gaps in our knowledge. Despite thinking we knew a lot, the program helped ensure we weren’t overlooking anything crucial. It offered a comprehensive understanding of running a startup. A significant part of our focus was on developing our pitch – ranging from a concise one-minute pitch to more detailed five and fifteen-minute versions. This aspect was crucial because it enabled us to effectively communicate our business idea in various settings. While our background in finance provided us with a solid foundation, the program was instrumental in addressing and filling any gaps along our journey.
Navigating Localization Challenges
Q: During your time with the Founder Institute, was there any aspect that you found underwhelming or disappointing?
A: For B4 Investigate, considering we already had many foundational pieces in place, there wasn’t a specific part of the program that was underwhelming. However, a challenging aspect was recognizing our own weaknesses and the potential for improvement in various areas. Perhaps the most significant point of realization was the importance of localization. While creating a company follows a universal process, each country has its unique regulatory and operational requirements. This diversity can be less exciting to navigate, especially for a company operating in multiple countries like ours.
Running a business in the U.S. is very different from the U.K., and similarly, Norway and Sweden have their distinct nuances. Understanding these local differences is crucial, not just for legal compliance but also for effective management and responsibility towards shareholders, investors, and employees. Localizing business practices can be a complex task, especially when dealing with multiple countries’ tax and registration authorities. This aspect, I believe, could be emphasized more in programs like the Founder Institute, particularly for international participants who face a unique set of challenges compared to those operating within a single country.
Q: Could you update us on the current status of B4 Investigate? What milestones have you achieved, especially in terms of funding after the accelerator program?
A: B4 Investigate has successfully secured funding through several rounds. Currently, we’re in the scale-up phase, focusing on transitioning our product from trial subscriptions to fully priced ones. We’re at a critical turning point, striving to establish a sustainable business model that can enter a growth stage. This phase of our journey is crucial—it’s not just experimentation anymore. We’re on the verge of crossing a significant threshold, facing real challenges and opportunities. It’s a time when our actions and achievements truly matter in shaping the future of our company.
The Global Impact of Founder Institute on B4 Investigate’s Success
Q: To what extent do you attribute B4 Investigate’s current successes and achievements to the Founder Institute?
A: The Founder Institute has definitely played a role in our journey, but it’s important to recognize that our success is a result of multiple factors. One key aspect is the global recognition we’ve gained. We now have a diverse group of shareholders from around the world, and the Founder Institute has been instrumental in helping us achieve this global footprint. Alongside this, we’ve also benefited from local incubator programs in Sweden. The combination of local support and global outreach has been crucial.
As we move to the next stage of our development, especially in scaling our fintech solution globally, the Founder Institute’s contribution becomes even more significant. They’ve helped position us attractively for investors looking to partner with a globally-oriented fintech company. The foundation is set with our product; now it’s about channeling our efforts and smoothly transitioning to this next phase of growth.
B4 Investigate’s Current Focus and Relationship with Founder Institute
Q: Post-accelerator, how has your relationship with the Founder Institute evolved? Are they still involved in supporting B4 Investigate’s growth and preparing you for upcoming milestones?
A: Since completing our work with the Founder Institute, our focus has shifted significantly. At present, our primary attention is on the market and sales. We have developed our product, and the immediate need is to concentrate on sales strategies and execution. While the support from programs like the Founder Institute is valuable, our current priority is ensuring we have the necessary funding for scaling up. This funding is crucial to acquire the right number of clients or subscriptions and to build an organization capable of sustaining and expanding our product. So, in this phase, our relationship with the Founder Institute isn’t our central focus; instead, we’re honing in on market engagement and financial support to take B4 Investigate to the next level.
B4 Investigate’s Next Steps and Founder Institute’s Role
Q: As B4 Investigate moves forward, do you feel the Founder Institute is still playing a role in your journey? Are they supporting your upcoming endeavors?
A: At this stage, our focus is intensely centered on our key market. The immediate priority is scaling up and ensuring adequate capitalization to facilitate further growth. In this context, our involvement with the Founder Institute is not at the forefront of our strategy but we are approaching a new round of fundraising. We are in a dynamic phase, where our efforts are concentrated on establishing market presence and managing the balance between our capabilities and market demand. It’s a crucial and intense period for us, marked by a strong commitment to our goals with no room for turning back. The Founder Institute’s role in this particular phase is less pronounced as we navigate these challenges and opportunities independently.
Venture Capital Connections Through Founder Institute
Q: Has the Founder Institute facilitated introductions to venture capital firms or angel investors for your subsequent funding rounds?
A: Our interactions with venture capital firms and angel investors through the Founder Institute have been a part of our journey, though it’s been some time since our last engagement. Our most recent program participation was an accelerator in 2021. While this program did not directly lead to venture capital funding, it did open doors for us. We connected with an investor who considers companies that have completed the Founder Institute program for potential investment. This involvement allowed us to enter a trial phase with them, which we successfully passed, advancing us to a second-level engagement with this venture capital firm. So, while the connection wasn’t direct, the Founder Institute’s involvement did indirectly aid in establishing these valuable investment relationships.
Essential Advice for Aspiring Accelerator Applicants
Q: Do you have any final advice for those considering applying to the Founder Institute or any other accelerator program?
A: One key piece of advice is to start the application process even if you’re uncertain. Use it as a thought process. If you realize along the way that it’s not the right fit, that’s valuable learning for the future. Each application attempt, whether successful or not, prepares you better for the next one. It’s important not to see an incomplete or unsuccessful application as a failure. Circumstances change – the world changes, your ideas evolve, and sometimes you might stumble upon something entirely different. So, don’t hesitate to try, and don’t be disheartened if things don’t go as planned the first time. Each attempt is a step forward in your entrepreneurial journey.