Introduction to Firecell and Its Founder
Q: Can you briefly introduce Firecell and yourself?
A: At Firecell, we specialize in developing private 5G networks for enterprises, particularly in the industry and logistics sectors. I’m Olivier Dhotel, and this venture is my third startup, the second one with this team.
Q: How did the idea for Firecell come about?
A: The origin of Firecell wasn’t a personal experience but rather rooted in the entrepreneurial journey. As my third startup, and second with the current team, the real spark occurred when an old customer approached us with a specific request.
Why Plug and Play?
Q: What motivated your decision to accept the offer and join the Plug and Play program?
A: The decision to join Plug and Play was largely influenced by the fact that it was free of charge. What caught my interest was their unparalleled access to corporate partners. Moreover, the sheer scale of the organization suggested significant potential for both acceleration and fundraising.
Plug and Play Application Process
Q: Can you shed light on the application process for Plug and Play?
A: There were some interviews involved, but it felt relatively straightforward—possibly because we were already part of the deal flow.
Q: What set Firecell apart to get into the Plug and Play program?
A: It’s a bit elusive, but I believe our traction played a role. We might be in the realm of alchemy here; our uniqueness in a field where there aren’t many players globally, coupled with a distinct approach and a seasoned management team, could be the winning formula.
Inside Plug and Play Program
Q: What was the structure of the Plug and Play program?
A: The program extended for six months, but as a French-based company, we faced challenges in fully capitalizing on it. The primary value appeared to be concentrated for companies in the US, particularly on the West Coast. While there were some online components, the pinnacle was a physical corporate event. Unfortunately, due to our location, we missed out on valuable opportunities, especially interactions with corporate entities at the event.
Q: Did you have access to mentors during the program, and how hands-on was the support?
A: Yes, access to mentors was available, but the online structure lacked personalization. I must admit I found it less impressive compared to our experience with Alchemist, which was detailed and personalized, limited to only twenty companies per cohort. Plug and Play’s online events were unclear, making it challenging to participate, stand out, or derive value. The absence of clear guidance or physical presence resulted in a perceived loss of value.
Q: Did you receive any funding from the Plug and Play program?
A: No, Plug and Play did not invest in us. Despite considering it, no equity or fee was taken, making the program essentially free. The absence of direct funding from Plug and Play was one of the factors contributing to its no-cost nature.
Q: What aspects of the program do you feel were missing or not offered to you?
A: I felt the program lacked value due to the absence of physical meetings. The duration, which I now doubt was a full six months, did not translate into significant value. Furthermore, the program categorized us into smart cities, a potential market for us, but not our primary focus. With no physical presence in the US, I felt somewhat out of scope with the program.
Firecell’s Current Status and Future Goals
Q: What’s the current status of Firecell today?
A: Currently, we’ve achieved almost €2 million in revenue, are closing a seed round at the end of January, and boast 70 customers across Europe, the US, and Asia. Last year, we doubled our sales, signaling positive growth and satisfaction with our progress.
Q: What does 2024 look like for Firecell?
A: Our focus in 2024 is to not just maintain but continue pushing in sales. We’re doubling down on efforts to structure our go-to-market strategy and indirect sales channels. The goal is to get closer to product-market fit, a critical phase for us this year.
Final Advice for Founders Considering Accelerator Programs
Q: Do you have any final advice for founders contemplating participation in Plug and Play or a similar program?
A: Firstly, ensure that the program aligns closely with your company’s activities. Secondly, allocate enough time to fully leverage the supposed value of the program. In my case, being physically distant impacted my engagement, and I didn’t feel the need to invest more time. Consequently, I likely missed out on significant value. This was in stark contrast to experiences like Alchemist, where the program was hands-on, offering valuable sessions every week on critical topics, especially beneficial in the early stages of company development.