Introducing Chelsie Hall from ViralMoment
Q: Could you introduce yourself and your startup?
A: I’m Chelsie, founder and CEO of ViralMoment. Our startup is unique because we’ve developed the first AI capable of watching and understanding the content of millions of social videos daily. While it’s useful to comprehend a single social video, the real magic happens when we analyze millions. This capability allows us to inform our clients about emerging cultural trends, what people are passionate about, and what’s gaining popularity. In a way, ViralMoment serves as an earthquake detector for the cultural landscape, identifying and interpreting the shifts and movements as they happen.
Q: What inspired you to create ViralMoment?
A: My journey to founding ViralMoment started a few years ago when I worked with the Department of Defense and State, collaborating with agencies like the CIA and FBI. These organizations are intensely interested in online public opinion, like how people in different regions view various issues. My role involved finding technologies to understand online conversations for these groups.
However, I noticed a significant gap: no technology could comprehensively analyse and understand video content. When I spoke with people in branding and advertising agencies worldwide, they all expressed a similar dilemma. There was no clear way to understand the vast amount of video content online. It was often described as a black box, unpredictable and opaque.
I even encountered a major brand that resorted to hiring numerous interns just to watch videos, hoping to catch relevant trends. This highlighted a clear need for a more systematic approach to understand this medium. That realization was the catalyst for creating ViralMoment. Our goal was to develop an AI that could systematically analyze and provide clear insights into the world of social video content. This was not just about improving efficiency but about innovating a way to tap into a vital, yet largely unexplored, aspect of online communication and culture.
Plug and Play’s Role in ViralMoment’s Growth
Q: How did Plug and Play become involved with ViralMoment?
A: ViralMoment was already well-established by the time we encountered Plug and Play. We were in our third year, had raised a couple million dollars, and were working with major clients like Warner Brothers. Our initial interactions with Plug and Play were modest; we were invited to speak at a few of their events, and it was here that some of the brands associated with Plug and Play noticed us.
Plug and Play is unique in how it connects major brands facing challenges with startups offering innovative solutions. Due to our growing buzz in the industry, these brands expressed interest in us, leading Plug and Play to invite us to join one of their batches. This opportunity was for increased exposure and to start providing value to these brands.
Before Plug and Play, we had participated in Techstars Los Angeles in 2021, when we were a much smaller company seeking support. Our journey with Techstars was different, as we applied to them rather than being approached. As ViralMoment gained momentum, the dynamics of our interactions with accelerators like Plug and Play changed, shifting from seeking out opportunities to being sought after.
The Nature of Plug and Play’s Support for ViralMoment
Q: Did Plug and Play provide funding upon your admission to their program?
A: No, Plug and Play did not provide any funding when we joined their program, which was actually one of the main reasons I was keen to participate. Unlike some other accelerators, Plug and Play didn’t take any equity from our company. Their support was centered around offering introductions and allowing us time to connect with brands and delve deeper into the problem areas we’re addressing. This approach contrasted with our earlier experience with Techstars, where we exchanged equity for funding, a trade-off that was beneficial at the time. Now, being more protective of our equity, the no-funding, no-equity model of Plug and Play was particularly appealing.
Q: Did it feel validating to be approached by an accelerator rather than having to apply?
A: Certainly, being approached by an accelerator like Plug and Play felt validating, but I believe the real validation for a startup lies elsewhere. While accelerator ecosystems are valuable and offer significant benefits, the most crucial validation comes from customers. Are they satisfied? Do they appreciate the solution? Are they willing to pay for it? This customer-focused validation is what founders need to be obsessively concentrating on. If a founder doesn’t get accepted into an accelerator or misses out on that form of validation, it shouldn’t be a major concern. The primary focus should always be on attracting and satisfying customers – that’s where the true validation and success of a startup lie.
Daily Activities and Learning in Plug and Play’s Program
Q: What was the daily routine and schedule like in the Plug and Play program?
A: The Plug and Play program was a unique and enriching experience, although it wasn’t structured around daily meetings. My primary focus, as always, was on our customers – understanding and solving their problems and building a company capable of effectively addressing those needs. Within the accelerator, there were several opportunities that helped in this pursuit.
The interactions with brands were particularly valuable. Brands would present their challenges and areas where they sought solutions, which was insightful for us. Additionally, we had experts come in to improve our pitching skills, helping us refine our presentation decks and storytelling techniques. Another fundamental aspect was ensuring our financial models were robust and well-structured. These activities, though not daily, were spaced out throughout the program and were extremely beneficial. They provided a mix of direct problem-solving opportunities with brands and foundational business skills enhancement, all contributing to our growth and development.
Standout Features of Plug and Play’s Program
Q: What aspects of Plug and Play’s program were most impactful for you?
A: The most standout aspect of Plug and Play was definitely the demo day at the end of the program. It was a spectacular event where I had the opportunity to present on stage to hundreds of influential individuals, including decision-makers and thought leaders from major brands that I wanted to engage as customers. This direct connection with potential end users and customers was what made Plug and Play exceptionally valuable for ViralMoment.
Comparing this to our experience with Techstars back in 2021, which was a virtual event attended mostly by venture capitalists (VCs) due to COVID-19 constraints, the difference was stark. While VCs can be excited about a startup, they don’t drive the company’s success in the same way that actual customers and brands do. Plug and Play’s focus on connecting startups with brands who are eager to work with innovative solutions was a game changer. It provided a platform for real, tangible validation from the most critical stakeholders – the customers and brands themselves. This exposure and networking opportunity was what truly set Plug and Play apart and made it a worthwhile experience.
Areas for Improvement in Plug and Play’s Program
Q: What aspects of Plug and Play’s program were less effective or underwhelming?
A: One area where Plug and Play could improve is the structure of their program. The lack of a daily schedule or structured engagement made it challenging to feel connected with my cohort. I didn’t get to know most of the people in the program, and there wasn’t a clear pathway laid out for us. It was very much a situation where, as a founder, you had to figure out how to engage with the program and make the most of it on your own.
This approach can be double-edged. While some might appreciate the flexibility to choose how they engage, it can also feel like you’re doing all the work yourself. As a founder, you might end up wondering what specific resources are available to you through the program, as it wasn’t always clear or straightforward. In contrast, when I was a part of Techstars, there was much more structure, which was very helpful, especially as a first-time founder. At that stage of ViralMoment’s development, having a structured, daily agenda was incredibly valuable. However, during my time with Plug and Play, I was further along in my journey and didn’t need as much structure, which suited me fine at that point.
So, it really comes back to what you need at different stages of your growth journey as a founder. While the lack of structure in Plug and Play was not necessarily a negative for me at my stage, I think an accelerator could potentially offer varying levels of structure to suit different stages of a startup’s journey. This flexibility could be beneficial for startups at different stages of breaking the mold, as every startup has different goals and challenges.
Lasting Impacts and Growth from Plug and Play Participation
Q: What were the lasting impacts of your participation in Plug and Play? Did it contribute to your growth post-graduation?
A: The most significant impact of Plug and Play has been in terms of customer acquisition and growth. As a startup, my primary focus is on revenue, customers, and product development. From Plug and Play, I’m on the verge of closing a six-figure deal with a customer I met during the program. Additionally, I’ve built new relationships and have potential customers in my funnel and pipeline that I’m optimistic about closing.
This kind of growth and opportunity is exactly what I was hoping for, and it’s been a thrilling outcome. One aspect I particularly appreciated about Plug and Play was the context in which I met these new customers. Often, there’s a pressure to present ourselves as a fully established brand, but in Plug and Play, there was an understanding and expectation that we were still a startup, figuring things out. The brands we interacted with were willing to meet us halfway, understanding our startup nature.
These interactions weren’t just about client services; they felt more like partnerships. The brands were open to working with us as we honed our solution, offering to engage in pilots and help us grow. This approach was refreshing and invaluable. It created a dynamic where we weren’t just serving clients but were in a collaborative partnership with these brands, working together to refine and improve our product. This experience was not only beneficial for business growth but also incredibly satisfying and encouraging on a personal level.
Rating Plug and Play Against Other Accelerators
Q: How would you rate Plug and Play compared to other accelerators like Techstars and Carnegie Mellon’s VentureBridge?
A: On a scale of 1 to 10, considering the impact and lasting benefits, I would rate Plug and Play an 8 out of 10. The primary reason for this high rating is the tangible outcome of gaining a significant customer, which was a huge milestone for us. In comparison, I would give Techstars a 5 out of 10. Although it provided valuable support, the impact in terms of customer acquisition and business growth was not as pronounced as with Plug and Play.
As for Carnegie Mellon’s VentureBridge, I would also rate it an 8 out of 10. Being a part of the VentureBridge accelerator was a significant boost, especially since it was tailored for Carnegie Mellon technology companies. Both VentureBridge and Plug and Play were pivotal in helping us get off the ground and expand our customer base, which is why they score equally high on my scale. Each accelerator had its unique strengths and contributed differently to our journey, but in terms of overall impact, Plug and Play and VentureBridge stand out.
Unique Strengths of Plug and Play Compared to Techstars
Q: What did Plug and Play offer that was distinctively better than Techstars?
A: Plug and Play excelled in creating meaningful connections that really mattered for my business. This aspect is crucial for any founder evaluating an accelerator. It’s important to ask, “What do I really need from this experience?” While my time with Techstars was valuable, especially as it helped my co-founder and I transition to working full-time on our startup, the most significant benefit came from Plug and Play’s ability to connect us directly with brands.
It’s vital for founders to understand that while accelerators can be helpful, they are not essential to success. The resources provided by accelerators can often be found through diligent research and networking. Techstars offered great resources, but many of them could be googled or learned through other channels.
What set Plug and Play apart was its ability to foster direct relationships with major brands, something that cannot be easily replicated through online searches or cold outreach. These relationships opened doors and provided opportunities that were critical to our growth and wouldn’t have been as accessible otherwise. This focus on real, actionable connections with potential clients and partners is a key differentiator that made Plug and Play stand out in my accelerator experience.
Ongoing Relationship with Plug and Play Post-Accelerator
Q: What has your relationship with Plug and Play been like after completing the accelerator program?
A: Post-accelerator, my relationship with Plug and Play has remained strong and continues to be beneficial. The ecosystem of brands that Plug and Play has curated is still very much accessible to us. I’m regularly receiving requests and connections from brands through Plug and Play leaders. For instance, a major brand in Paris showed interest in our company, and a representative from Plug and Play facilitated the connection with just a simple email. This led to a conversation with what I consider a dream customer.
The continued access to their network and ecosystem is incredibly valuable. It’s not just about the initial introductions or the program itself; it’s the sustained support and the ongoing opportunities for connection that really stand out. This enduring relationship and the ability to tap into their extensive network post-program is a testament to the lasting value Plug and Play provides. I’m extremely grateful for this continued connection and the doors it keeps opening for us.
Advice for Aspiring Entrepreneurs and Accelerator Applicants
Q: What advice would you give to those considering applying to Plug and Play or other accelerators?
A: My advice to fellow founders and those thinking about applying to accelerators like Plug and Play is to stay relentlessly focused on your customers. Remember that you’re crafting a unique solution to a unique problem, and you have the distinct skills and perspective to solve it. Recognize the value in what you’re doing and understand your worth. You don’t need external validation from accelerators or venture capitalists to affirm the significance of your work. The real validation should come from the problem space you’re addressing and the customers you’re serving. If you concentrate on that and run towards solving those issues with determination, the right opportunities, including accelerators, will take notice of your efforts.
My message is to go for it, pursue your venture passionately, but always keep your customers at the core of your actions and decisions. This customer-centric approach is the key to success in business and making your venture appealing to accelerators and investors. They are drawn to passionate founders who are committed to solving real-world problems for their customers.