Meet Narek Vardanyan from Prelaunch
Q: Can you introduce yourself and your company?
A: My name is Narek Vardanyan, and I’m the co-founder and CEO of Prelaunch.com. Prelaunch.com is a product validation platform designed to assist creators and innovators in confidently exploring their ideas. Our primary focus is enabling them to validate concepts and early innovations at the initial stages, allowing them to understand the market demand for their products and identify their customer base. We have developed a unique methodology to address these crucial aspects, helping businesses make informed decisions before committing significant resources to production.
Q: Being in the startup world, how did you come up with the idea?
A: With my previous company, the Crowdfunding Formula (TCF), which was a marketing agency, we assisted hardware companies in scaling their products in Western markets. The challenge arose in selecting the best-performing products among the samples we received, given our limited resources. Despite our efforts, predicting product success proved difficult. Traditional methods, research, and surveys didn’t yield accurate insights. The turning point was incentivizing potential buyers with a nominal amount, like one dollar, to demonstrate real purchase intent. This approach, measuring actual behavior, proved immensely successful. It not only propelled our agency to the top but also revealed a broader demand for such a service, leading us to double our prices monthly without losing clients.
Why Alchemist?
Q: What motivated you to join Alchemist next?
A: Alchemist had a solid foundation of people and an extensive network. Positive feedback from friends who had previously joined, coupled with Alchemist’s focus on enterprise, aligned with our goal of transitioning from startup to serial creators and enterprise customers. Recognizing the potential value at this stage of our journey, we decided to join, and the experience surpassed our expectations.
How a Founder Gets in
Q: Can you briefly describe how the application process was?
A: The application process involved multiple interviews, starting with an initial application, then shortlisting, an initial interview, and a final interview. It was a smooth process, taking place about a year ago. For future applicants, be honest, have a clear vision, and understand the value you anticipate from Alchemist. Transparency is crucial; be open about your weaknesses and how Alchemist programs can help.
Alchemists value a strong team and vision, so having a clear and credible vision is vital. Core competencies provide credibility, and in our case, we had credibility, a seasoned team, and a significant vision. The problem we tackled had substantial opportunities and challenges, promising to impact the world positively. Our validated concept, priced experimentally and progressively increased, served as a strong validation point, indicating growing demand and companies willing to invest in solving the identified problem.
Alchemist’s Accelerator Program and Funding Structure
Q: After acceptance, how did the program look like?
A: I liked the Alchemist program. It was structured with a high level of discipline, fostering a productive struggle. Weekly meetings and specific assignments kept everyone engaged and prepared. The disciplined approach ensured a hands-on and intensive involvement in all activities. The mentors and presenters were highly skilled individuals, including former CEOs and executives with significant exits and experience managing billion-dollar funds.
The practical nature of the program, offering specific and actionable insights, proved immensely helpful. The community aspect was also valuable, with startups supporting each other, celebrating joint successes, and collaboratively solving problems. The program lasted for six months, and the demo day, conducted remotely, provided a platform for startups to showcase their progress to investors. The Alchemist board simulated real-life board structures, preparing CEOs for future activities in larger companies.
Q: How much funding did you receive through the accelerator program?
A: While our startup didn’t secure immediate funding, we gained connections with interested investors for future rounds. The program offered a small amount of funding to sustain the six months, with demo day exposure to around 500-600 investors determining further funding.
Milestones, Current Status, and Growth of the Company with Alchemist
Q: Can you remember which milestone you achieved during the program?
A: One of the milestones we set at the beginning of the program was to secure at least five companies as customers for our service. This would validate that we were on the right track. Another significant milestone was reaching at least $150,000 in Annual Recurring Revenue (ARR) by the program’s end. Achieving these numbers required intense effort, especially considering most startups were at an early stage. The goal was to secure commitments from five enterprise customers, and we are happy to say that we met these milestones.
Q: What’s the status of the company today?
A: Currently, we are experiencing active and intensive growth. We’ve onboarded several major enterprises as clients, with approximately 1,000 companies utilizing our platform. Our engaged community comprises over 200,000 users actively reserving and subscribing to our products. Significantly, we’ve assisted more than 200 companies in not only launching their products but also saving substantial resources. Another 50 companies successfully launched into the markets, achieving millions of dollars in sales. Our growth continues as we implement new and exciting features, preparing to participate in the CES expo in Las Vegas. The potential to influence new behavior and empower creative minds to innovate confidently is substantial.
Final Thoughts and Recommendations for Future Applicants
Q: Do you have any tips for founders who are thinking of applying?
A: My advice for potential applicants is to definitely consider Alchemist, especially if your goal is to secure enterprise customers. If targeting big companies is your aim, then Alchemist is undoubtedly the best accelerator globally for this purpose. It offers substantial value, connections, and a vast network. If you’re a B2B startup seeking such customers, my recommendation is to apply, put in your best effort, and do your homework, and you’ll undoubtedly gain valuable experience from the process.