Introducing Ollie Walsh from Pipit Global
Q: Can you introduce yourself and your startup?
A: I’m Ollie Walsh, the co-founder and CEO of Pipit Global, a social impact payments company targeting emerging markets. We started with a focus on financial inclusion, initially offering a platform for cash payments for e-commerce orders. This service was designed for people who are unbanked or have concerns about online payment security. Our users could order online, receive a barcode, and pay in cash at a local store. The e-commerce site would be notified of the payment, and the goods could be shipped. Over time, we’ve expanded to cater to migrant payments, allowing African migrants in the UK to load cash into an e-wallet at home, significantly cheaper than traditional methods like Western Union. We further evolved in 2023 to offer Payment Services across Emerging markets. Now, we operate in 50 countries, offering a range of payment solutions including mobile money and bank payments.
Q: What inspired the creation of Pipit Global?
A: The idea came from my co-founder, Julian, who was concerned about the security of online payments. The concept struck him while paying a bill in cash at a post office in Ireland. He wondered why e-commerce payments couldn’t be made the same way. With my background in market research and business strategy and our third co-founder Rory’s tech expertise, we founded Pipit Global. We aimed to provide a secure, inclusive payment solution for the unbanked and those cautious about using their cards online.
Why Village Capital?
Q: How did Village Capital become part of your journey?
A: Village Capital, known for being a significant social impact investor, focuses on accelerators with a social impact. We joined their Euro 2020 Finance Forward Programme, which targeted European fintech startups with a social impact mission. Our participation occurred during the height of the COVID-19 pandemic, leading the program to shift entirely online. Despite the challenges, the experience was highly beneficial, marking many of our firsts in navigating an online course.
Q: What did you gain from the Village Capital program?
A: The program was a treasure trove of learning for someone like me, coming from a strategic background. Many founders excel in their domain but might lack the business acumen needed to grow their venture. Village Capital’s program focused on essential aspects like financial modeling, identifying and addressing the target market, and product positioning. Their approach, combining in-house experts and a strong support team, provided insights into transitioning from ideation to a market-ready product.
Q: How does Village Capital’s program compare to academic studies in business?
A: Village Capital’s approach was distinctly practical, contrasting with the more theoretical base of academia. There were no case studies; instead, we applied models directly to our businesses, engaging in peer review sessions that challenged our assumptions. Unique to Village Capital was its peer-voted model, where participants voted on the startups they believed were most promising, with the top three receiving funding. This hands-on, action-oriented learning was different from my academic studies, offering immediate, applicable insights for my business.
Understanding the Application Process and Funding of Village Capital
Q: Does the Village Capital program include funding upon admission?
A: For the program we participated in, there wasn’t direct funding upon admission. This might vary across their different accelerators, but ours didn’t offer upfront funding. There’s an opportunity for participants to win a prize based on votes from within the cohort. This internal voting system allows the participants themselves to decide which startups are the most promising, with the top three receiving financial rewards.
Q: What does the application process entail?
A: The application involved filling out an online form and going through an interview, in our case with Marta, one of the co-organizers. The focus was significantly on the social impact aspect—how our company intends to make an impact, and the measurement of this impact, alongside our fintech solution. Looking back, the process was quite streamlined compared to many other accelerators, which can be time-consuming to apply for.
Q: Any advice for startups looking to apply to accelerators?
A: It’s essential to find an accelerator that aligns with your company’s mission and goals rather than applying indiscriminately, even if there’s potential funding involved. The right fit is crucial for maximizing the benefits of the program for your startup.
Daily Life in the Village Capital Program
Q: Once you were admitted, what did a typical day in the program look like?
A: Village Capital adapted impressively to the online format, ensuring full days without any noticeable gaps in the program. A significant part of their adaptation involved pre-recorded videos from experts covering the week’s topics. Each day was dedicated to a specific aspect of that week’s theme, culminating in a presentation every Friday where we integrated what we learned into our business plans.
Q: How did they facilitate interaction and learning?
A: The program made extensive use of peer review sessions, employing tools like Google’s digital whiteboard for collaborative feedback. This approach allowed constant interaction among participants, enabling us to provide and receive feedback on an ongoing basis. The Village Capital team also contributed to this feedback loop, ensuring comprehensive support and engagement throughout the program.
Highlighting the Unique Aspects of Village Capital’s Program
Q: What stood out to you most about the Village Capital program?
A: The standout feature for me was the program’s competitive yet collaborative atmosphere. Unlike other accelerators where funding might be distributed more uniformly, often with a mix of cash and service fees, Village Capital fostered a direct competition for funding. This competitive element was balanced with a cooperative and friendly cohort environment, making it a unique experience where competing and winning felt part of a supportive community.
Q: How did the program manage the balance between competition and collaboration?
A: The voting system played a crucial role in maintaining this balance. It wasn’t a simple selection of favorites but involved a detailed, psychometrically designed questionnaire to minimize bias and ensure fairness. This process, while competitive, encouraged participants to engage constructively with one another, recognizing the value in each other’s projects while still striving to win.
Q: Are there areas where Village Capital could improve?
A: Reflecting on it, one potential area for improvement could be ensuring some level of funding for all participants. While the competitive aspect is valuable, providing a base level of funding to everyone, with additional rewards for competition winners, could address concerns about the program being perceived as a popularity contest. Despite this, the value of the program extends beyond just funding, including ongoing support, networking, and opportunities for learning and mentorship, which remain invaluable.
Pipit Global’s Growth and Continued Relationship with Village Capital
Q: How has your company evolved since participating in the Village Capital program?
A: Since participating in the program, Pipit Global has undergone significant evolution, shifting our focus from primarily serving migrants sending money home to broader emerging market payments. This transition reflects our response to the rapidly changing payments market, with a significant portion of our payments now originating in Africa and Latin America. The insights gained from the program have been instrumental in guiding us to focus not just on our current offerings but on the broader opportunities available in the market.
Q: Can you share any specific growth metrics that highlight the impact of the accelerator on your business?
A: Our network’s reach has expanded about fourfold since our time with Village Capital. Initially, our operations were limited to parts of Europe and Africa, but now we’ve significantly increased the number of countries we operate in and diversified our payment methods beyond just cash. This expansion is a tangible measure of our growth and the accelerator’s impact on our trajectory.
Q: How has your relationship with Village Capital evolved post-program?
A: Our relationship with Village Capital has remained strong and supportive beyond the accelerator program. I’ve taken on a role as a mentor within their ecosystem and frequently reach out to them for introductions or advice. They’ve facilitated connections with VCs and angel investors, proving to be an invaluable resource. Our interaction isn’t limited to formalities; it’s evolved into a genuine, lasting partnership. Meeting them in person at the Web Summit was a highlight, reinforcing the ongoing support and community we’ve become a part of. This enduring relationship underscores the program’s long-term value, extending far beyond the initial accelerator experience.
Final Advice on Navigating Accelerator Programs
Q: Do you have any advice for startups considering Village Capital or any other accelerator program?
A: The key is to recognize the value accelerators can offer but also to understand that they’ve become quite an industry on their own. It’s crucial to choose an accelerator that aligns closely with your startup’s goals and mission, rather than participating in one for the sake of it. Especially in the tech sector, there’s a trend to view accelerator participation as a necessary step in a company’s development. However, it’s more beneficial to focus on accelerators that are genuinely suited to what you’re trying to achieve with your business, rather than applying broadly. This focused approach ensures you gain the most from the experience, both in terms of learning and networking opportunities.