Introducing Martha Montoya from Agtools
Q: Could you introduce yourself and tell us about your startup?
A: I’m Martha Montoya, the CEO of Agtools. We’re revolutionizing the way data science is applied in the supply chain, specifically focusing on commodities. Our platform updates every 15 seconds, providing real-time data on a variety of commodities from 113 countries, including over 500 products like tomatoes, strawberries, pineapples, and more. While many associate commodities with staples like rice, corn, and wheat, we specialize in fruits, vegetables, nuts, herbs, and plants. This information is crucial for buyers in both fresh and processed goods sectors, helping them make informed decisions about their supply sources.
Q: What inspired the creation of Agtools?
A: My journey began in the supply chain sector, where I’ve spent over 30 years traveling the globe and developing crops for various corporations. This extensive experience gave me a firsthand look at the entire journey from the ground to the consumer. The idea for Agtools was born from this experience. I wanted to eliminate the guesswork and provide concrete data to streamline negotiations and decision-making processes. With Agtools, stakeholders now have access to vital information, making the entire supply chain more transparent and efficient.
Why Alchemist Accelerator?
Q: How did you become involved with Alchemist Accelerator?
A: It’s interesting, I hadn’t heard of Alchemist until about two to three years into my venture in data technology and science. I first saw them at a seminar and was immediately intrigued. They specialize in enterprise startups, particularly SaaS, which was a revelation for me. Before Alchemist, I had experience with various accelerators and incubators, but they were more generalized, catering to a diverse range of startups. With Alchemist, it was different. They focus specifically on industries like agtech, food tech, and FinTech, which align closely with what we do at Agtools. This specialization was a major eye-opener for me, highlighting the benefits of being part of an incubator that truly understands and caters to your specific sector.
The Application Process
Q: Can you describe the application and selection process for Alchemist?
A: The application process for Alchemist was quite rigorous. The initial application was straightforward, but the interview stage was challenging. Alchemist’s specialization in SaaS enterprise means they are very selective about who they admit. They want to ensure that each participant is a perfect fit for their program, both for the success of the participant and the reputation of the accelerator. The interview process was intense but rewarding. For the first time, I felt like the questions asked were directly relevant to what we do at Agtools. It was a refreshing change from other accelerators, where I often felt like I was trying to fit a square peg into a round hole. Fortunately, we passed the selection process.
Q: What was the funding process like with Alchemist?
A: Regarding the funding aspect of Alchemist’s program, my memory of the specific amount is a bit hazy. What I do remember clearly is that the funding agreement involved an exchange of equity. This part of the process was quite straightforward. The equity percentage was determined based on Agtools’ valuation at the time. There wasn’t a prolonged negotiation or bargaining over it. The valuation of our company was the key factor in deciding the equity exchange, making the process transparent and direct.
Experiencing a Day in the Alchemist Program
Q: What was a typical day like in the Alchemist Accelerator program?
A: The program was intense but incredibly valuable. One of the best parts was the Vault platform they provided. It’s unique in its openness and access to resources. They give you access to a vast network, including contacts with 10,000 investors and other key industry players. This is a game-changer. It’s up to us how we utilize this wealth of resources, but they make sure during the interview process that the participants understand the importance of using this database effectively and responsibly. The aim isn’t just to bombard people with requests, but to strategically position yourself in the industry and make the most out of these connections.
Q: How did Alchemist pair you with mentors and what impact did it have?
A: I’m not exactly sure about their methodology for pairing us with mentors, but I can say that every mentor assigned to us was of incredibly high caliber. For instance, one of our mentors was involved in building two trillion-dollar companies. The level of mentorship felt like going from playing tennis at a country club to playing in Wimbledon. It was a steep learning curve, but it elevated our game significantly. Working with these mentors pushed our entire team to think bigger and better – improving our enterprise thinking, marketing strategies, sales approach, and overall business acumen. It was like a fast-forward in terms of knowledge and skill acquisition. Being surrounded by such high-caliber individuals really boosted our understanding and attitude towards business.
Q: What was the most appealing aspect of the Alchemist program?
A: The curriculum of the Alchemist program was the most appealing to me. It’s specifically tailored to SaaS and enterprise, unlike other programs that have a more generic approach. The curriculum here is focused and relevant, covering strategies for investor engagement, customer growth, and team building specifically for our industry. This focused approach reminded me of my experiences with industry-driven trade missions, which are far more effective than generalized ones. Alchemist’s industry-specific curriculum provided a clear, streamlined path for growth, something I had only fully appreciated once joining the program. This realization led me to apply exclusively to industry-specific accelerators and programs thereafter, as they align more closely with our goals and needs at Agtools.
Improvements, Growth, and Networking Insights
Q: What aspects of the Alchemist program do you think could be improved?
A: While I found the program extremely beneficial, there’s one area that I think could use improvement: the utilization of their Vault database. This database is a crucial asset, but its full potential isn’t immediately apparent until you’re well into the course. I believe there should be ongoing, parallel training for using the Vault effectively, not just at the start and end of the program. By the time we fully grasped how to leverage the Vault, it was almost too late. We were rushing to utilize this resource for our fundraising efforts in the final weeks, whereas we could have been building our presence in it throughout the program. A more structured, consistent approach, similar to our Scrum meetings, would be beneficial. Regular check-ins on how we’re utilizing the Vault would help us understand and leverage this resource much earlier and more effectively.
Q: Can you share some quantifiable outcomes from your participation in the Alchemist program?
A: Absolutely. One of the most significant outcomes was our fundraising success post-accelerator. We managed to raise almost $3 million, which was a direct result of the training and network we accessed through Alchemist. The program also profoundly impacted our sales strategy. The sales training we received was instrumental in helping us better identify and communicate with our target market. Previously, our approach was more generic, but now we’re effectively engaging with clients who specifically need software solutions. This focus has led to a substantial scaling in sales over the last year and a half to two years. I attribute a significant part of our current success to the insights and skills we gained through Alchemist.
Q: Has your professional network expanded due to the Alchemist program?
A: Our network has definitely grown, but not solely because of Alchemist’s direct contacts. More importantly, it’s the methodology and training they provided that’s been invaluable. We’ve built our own database of around 4,000 investors and learned how to effectively communicate and engage with them. This skill of filtering and focusing on the right contacts and opportunities is something we honed during our time with Alchemist. It’s not about being handed a network; it’s about learning how to build and utilize your network effectively. The same principle applies to our customer base; we’ve learned to focus and filter our efforts, which has been crucial for our growth and efficiency.
Future Milestones
Q: How has Alchemist helped shape your upcoming milestones?
A: Alchemist has significantly influenced our strategy moving forward. Firstly, we’ve changed how we approach organizations. Instead of talking to just one or two people, we now engage with five to seven individuals within a company. This approach ensures we cover all bases, reaching influencers, decision-makers, and those in charge of budgets. Each of these individuals has different needs, but they’re all united by our product.
Secondly, we had to make a strategic choice about our customer base. We debated between quickly acquiring a large number of smaller customers or focusing on securing larger enterprise customers. We chose the latter. Large contracts, which often span two to four years, are more beneficial for us in the long run. This decision was crucial because it meant not trying to be everything to everyone. We’re now focused on excelling in specific areas that align with our strengths.
This focus has naturally led us towards enterprise customers. While we still receive customers on our SaaS platform, we’re not actively pursuing them; they come to us organically. Our primary focus is on the enterprise sector, which has been a clear roadmap laid out by Alchemist. This strategy has not only helped us refine our business approach but has also positively impacted our valuation and positioned us well for our next round of fundraising. The Alchemist program has been instrumental in guiding us to these strategic decisions and will continue to play a vital role in our journey ahead.
Key Advice for Prospective Accelerator Applicants
Q: Do you have any advice for those considering applying to Alchemist or other accelerators?
A: My primary piece of advice is to thoroughly research not just the industry but also the specific vertical within the industry that the accelerator focuses on. It’s crucial to ensure that the accelerator’s specialization aligns with your startup’s niche. A generic approach won’t be as beneficial. You’ll end up wasting time if the accelerator doesn’t cater to your specific sector.
For those applying to Alchemist, in particular, my advice is to make the most of their Vault from day one. I’ve mentioned this publicly before: dedicate around 30 minutes to an hour each week to the Vault. Use this time to familiarize yourself with it, understand its contents, and strategize how to use it effectively for your business. It’s important to create different databases within this main database and really work on it. This isn’t just a casual browse; it requires active engagement and strategic thinking to extract the maximum value. This approach will significantly enhance your experience and the benefits you gain from the program.