Meet Gwyneth from Remynt
Q: Can you briefly introduce yourself and your startup?
A: I’m Gwyneth Borden, founder & CEO of Remynt, a startup innovating in the debt collections space to focus on credit recovery. Remynt empowers consumers to rebuild credit while resolving delinquent debt, offering the opportunity to rebuild and earn new credit, a savings account, financial management tools, a community, and rewards for repayment.
Q: How did you come up with the idea for your startup? Did personal experiences inspire it?
A: The idea stemmed from the misaligned incentives for resolving charged-off debt, which repaying doesn’t rebuild credit scores, discouraging repayment but negatively impacting consumers. Consumers want to repay defaulted debt to rebuild credit, but you need credit to rebuild credit, and that’s hard to get, which I learned from personal experience. Remynt solves this problem with a credit card reaffirmation product.
Q: Who is your target audience or customer base?
A: Our audience is captive since we acquire their debt. Those with charged-off debt are overwhelmingly young and lower income, new to credit, and early in their career. Our solution enables a second chance at credit for those seeking to resolve their debt and rebuild their credit to achieve their life goals.
Why Founder Institute?
Q: What motivated you to join an accelerator program for your startup?
A: The decision to join an accelerator like Founder Institute was driven by my desire to learn from experienced mentors and build my business strategically. I like the structured approach to building a business and wanted to avoid pitfalls that first-time founders often make by skipping critical aspects of the business-building process.
Q: Can you describe what the application process for the accelerator was like?
A: Founder Institute’s application process involved a written application, a personality test, and a logic test with timed questions. It was thorough and challenging, reflecting the program’s commitment to selecting dedicated participants.
Q: How competitive was the application process, and what set your startup apart?
A: The application process was competitive, including personality and logic tests. A genuine interest in what I was building with Remynt made us stand out. Completing the program is even more competitive than getting in.
Typical Day in the Accelerator, Mentor Involvement, and Funding Details
Q: Can you describe a typical day in the accelerator program?
A: The accelerator program was intensive, with weekly meetings, weekly smaller group work, and weekly assignments focusing on critical aspects like product-market fit and business fundamentals. It required a significant time commitment but provided a structured approach to building the business.
Q: How hands-on are the mentors and program leads?
A: The mentors and program leads were actively involved, offering guidance through formal programming, office hours, and peer interactions. Their engagement played a crucial role in refining the business model and ensuring a focus on essential elements.
Q: How much funding did you receive through the accelerator program?
A: Founder Institute does not provide direct funding. However, their Funding Lab post-graduation program connects startups with potential investors. I also secured support from Loyal VC, a VC firm that funds Founder Institute and INSEAD founders.
Q: Did the accelerator take equity in exchange for the funding, and if so, how much? Was there a follow-on funding option or any other financial incentives for post-accelerator growth?
A: Founder Institute took a warrant for equity but didn’t provide direct funding. The focus was on building a solid foundation. Post-graduation, opportunities like their Funding Lab and the network for alumni provide investor connections.
Q: Reflecting on your experience with Founder Institute, do you consider it a valuable journey for startups?
A: Founder Institute was pivotal in shaping my startup journey, offering a structured program, mentorship, and a supportive community. It provided the necessary foundation to navigate the challenges of building a startup.
Significant Milestones, Challenges, and Growth with Founder Institute
Q: What significant milestone did you achieve during the accelerator program?
A: I won pitch competitions, and immediately after finishing the program, I won Money20/20’s America’s Got Access pitch competition, securing my first $100,000 in VC investment. I directly attribute this to the program’s emphasis on pitching skills; we pitched weekly during the 15-week program, starting with a one-minute pitch.
Q: Were there any challenges faced during the program, and how were they overcome?
A: The main challenge was the somewhat underwhelming fundraising aspect. The program focused more on building the business, with fundraising seen as a post-accelerator activity.
Q: What is the current status of your company post-accelerator, and what achievements have you made?
A: I built the successful foundation of my company at Founder Institute. We have won numerous recognitions and competitions and were named the 2023 Rising Star Startup for the U.S. and Canada by the Founder Institute. Additionally, the connection to Loyal VC was established through the accelerator.
Q: What are the next milestones you’re targeting, and how has the accelerator prepared you for these?
A: The program did have us set regular milestones for examining things like accountability, leadership, dedication, and prioritization. Throughout the entire program, we essentially had written assignments that we submitted that outlined all our plans and goals.
Q: What was the standout feature of the program?
A: The constant focus on pitching stood out, with weekly feedback sessions over 15 weeks credited for subsequent success in winning pitch competitions. Additionally, the program builds on itself over time, from mission and vision to problem validation and customer interviews and culminating with topics like hiring and leadership.
Q: Was there anything underwhelming about the program?
A: The fundraising part was somewhat underwhelming, as the expectation of meeting many VCs during the program did not align with the program’s primary focus on building the business.
Q: What is your current relationship with Founder Institute, and how are they supporting your next milestones?
A: Founder Institute continues to offer support, including promotions, networking events, and access to resources. They alert their network of investors when alumni are fundraising.
Final Advice to Future Applicants
Q: Any final advice for startups considering applying to this or similar accelerator programs?
A: Founder Institute is recommended for serious entrepreneurs, especially in the early stages. However, founders further along should carefully consider the time commitment and potential misalignment with revenue-generating activities.