Meet Zeynep from
Q: Could you introduce yourself and tell us about your startup?
A: I’m Balca, co-founder and CEO of WEROVER. We embarked on this journey six years ago. As control and automation engineers, my co-founder and I wanted to create something innovative after graduation. Our mutual interest in scuba diving led us to produce underwater robots initially, addressing challenges faced by industrial divers. Our journey in robotics began with a grant in Turkey, focusing initially on R&D. We quickly commercialized our first underwater robot, leveraging our industry connections in shipping, construction, and mining. Initially, we provided operational services rather than selling the robots. Our big break came when an energy company, impressed by an interview of ours on YouTube, approached us to develop robots for inspecting energy tunnels in hydropower plants. This project expanded our scope, leading us to develop a robot that collected sonar data for tunnel inspections, reducing the downtime of power plants significantly.
Our team grew, and we shifted our focus towards the energy sector, particularly in preventive maintenance technologies. We identified a similar inspection challenge in the wind energy industry, specifically with turbine blades. To address this, we developed an IoT device with a microphone that constantly monitors the health of the blades, detecting anomalies like lightning damage or icing. This data is sent to our cloud system for analysis using our machine learning algorithm, enabling immediate detection of issues.
Our current model has tremendous scalability potential. We’ve outsourced the hardware production, focusing on the AI and software aspects of our technology. Clients subscribe to our service on a per-turbine, yearly basis. This approach allows us to scale globally, offering a robust solution for preventive maintenance in the wind energy sector.
Why Alchemist?
Q: What motivated you to apply to the Alchemist accelerator, particularly with your wind energy project?
A: Initially, I applied to Alchemist with our underwater robotics project but was not accepted, likely due to limited scalability potential in that sector. The hydropower plant market isn’t growing significantly, and it heavily relies on human operation. However, I saw a greater potential with our new venture in wind energy. Our experience and a new business plan in this field showed promise.
The turning point came when a venture capitalist (VC), who was also a partner with Alchemist, showed interest in our wind project. They suggested that if Alchemist accepted us, they would be willing to invest in our venture. Fortunately, we were accepted by Alchemist with our wind energy proposal.
My primary motivation for joining Alchemist was to gain a deeper understanding of the global and specifically the U.S. startup mindset, which is quite distinct and pioneering. I wanted to learn from the perspectives of mentors, investors, and fellow founders in that ecosystem. My goal was not just to secure funding or investment but to enrich my own understanding and approach to business, adapting to a global viewpoint and strategies that would benefit our venture in the long run.
How a Founder Gets In
Q: Could you walk us through the application process for Alchemist?
A: The application process for Alchemist was a challenging and rigorous journey. It started with filling out an initial application. Once that was reviewed and deemed satisfactory, I was invited for interviews. These interviews were quite tough and intense. They delved deep into my business plan and vision, and although I felt more junior at the time, I did my best to answer their probing questions. I believe what made a difference was not just the business idea itself but also my ambition and perspective. Despite feeling nervous and excited, the process went well, and I managed to convey my passion and the potential of my business effectively.
After these stages, I was thrilled to learn that they had accepted us into the program. The Alchemist team was very friendly and supportive throughout the process. It was a demanding experience, but it was also an opportunity to showcase our vision and the potential impact of our venture in the wind energy sector.
Q: What do you think distinguished your application for the Alchemist program?
A: I believe the efficiency and speed of our application process played a significant role in setting us apart. The Alchemist program is highly systematic and well-organized, ensuring that everything progresses quickly and smoothly. This efficiency, combined with our preparedness and the robustness of our business plan, likely contributed to our successful acceptance into the program.
In my view, it wasn’t just about ambition alone; it was also about how we presented our business idea and how it aligned with the Alchemist program’s objectives. Their structured approach and our readiness to engage in this fast-paced environment were key factors in our acceptance. Overall, the process was not only swift but also very effective, reflecting the program’s emphasis on quality and potential for scalable impact.
Inside the Alchemist Accelerator
Q: Can you describe your experience with the Alchemist accelerator program after being accepted?
A: Initially, I was quite apprehensive about the program, primarily due to my unfamiliarity with the U.S. startup ecosystem. However, as I started to actively participate and immerse myself in the program, my fears subsided. I realized the immense value and learning opportunities it offered. The program was incredibly supportive and enriching. I had the chance to interact with numerous mentors and meet investors, which proved to be highly beneficial. A notable aspect of my experience was working with my CEO coach. At our first meeting, he was brutally honest about the changes needed in my pitch deck and overall approach.
This constructive criticism was invaluable. By our second meeting, after implementing his feedback, we were ready to move forward. This process significantly refined my mindset and business strategy.
Additionally, my sales coach played a crucial role in my development. The insights and guidance I received from him were instrumental in reshaping many aspects of my approach. These coaching sessions weren’t just one-off experiences; I continue to meet and learn from these mentors, which speaks volumes about the lasting impact of the program.
Overall, Alchemist was not just a program but a transformative journey for me. It helped me grow not only professionally but also personally, changing my perspectives and enhancing my business acumen in ways I hadn’t anticipated.
Duration and Outcomes of the Alchemist Accelerator Program
Q: Could you share how long the Alchemist program lasted and what key outcomes emerged from it?
A: The Alchemist program culminated in a Demo Day, which was a pivotal moment for me. On this day, I had the opportunity to present our startup to over a hundred investors. This exposure led to further opportunities, such as being selected for other programs like Astia. The Demo Day was not just a conclusion but a gateway to ongoing relationships with investors. Some of these investors continue to show interest in my startup, offering guidance and considering investment opportunities.
However, a significant challenge I face is the preference of U.S. investors for startups to be headquartered in the U.S. Currently, my focus is on expanding in the Northern Europe market, where I have established connections and potential customers. This strategic decision means I’m not planning to move my headquarters to the U.S. in the next three to four years, unless there’s a compelling reason, such as significant investment or funding. This stance is sometimes a red flag for U.S. investors, but understanding and navigating these challenges is part of the journey.
The program’s duration isn’t specified in your question, but it seems the ongoing engagement with investors and the ripple effects of the program extend beyond its formal conclusion. My experience with Alchemist has been transformative, providing a platform for growth, networking, and learning, with lasting impacts on my professional journey and the trajectory of my startup.
Key Milestones Achieved During Alchemist Program
Q: What significant milestones did you accomplish during your time in the Alchemist program?
A: Throughout the Alchemist program, I achieved several crucial milestones that have significantly propelled my business forward. One of the primary achievements was developing and implementing a comprehensive partnership and channel partner strategy. This strategic planning has resulted in successful partnerships, notably with an insurance company, which has been a great boon for my business.
Another significant accomplishment was the establishment of pilot agreements. I’ve managed to secure 10 pilot agreements and have successfully installed our systems in at least 50 locations. This wasn’t a random process; it was a deliberate and strategic effort that is now paying off. In addition to these partnerships and agreements, another key milestone was the finalization of my pitch deck and business system. I’ve reached a point where I no longer need to make substantial changes to these elements. This stability has been incredibly beneficial when communicating with investors, providing a clear and consistent message about our vision and capabilities.
Overall, the program helped me to solidify my business strategy, establish valuable partnerships, and create a sustainable approach to engaging with potential investors and clients. These achievements have been instrumental in the growth and development of my startup.
Current Status and Recent Developments of the Company
Q: Could you share more about the current status of your company, including any recent developments or plans?
A: Recently, after my investment round, I secured a SAFE (Simple Agreement for Future Equity) investment of $100,000. This funding is an important milestone for the company, especially considering it’s not from the U.S., which has been a challenging market for us in terms of investment due to our current operational base.
In terms of company development, the plan to transfer our headquarters has been a long-standing one and was already in motion during my time at Alchemist. This isn’t a new development, but it’s an ongoing strategic move that we’re steadily working towards. Apart from these financial and strategic updates, the company continues to progress with the programs and operational offerings we’ve launched, and our team is growing in line with our expanding operations. These steps are all part of our continuous effort to advance the company’s reach and impact in the industry.
Goals and Outlook for 2024
Q: What are your goals and plans for the year 2024?
A: For 2024, my primary goal is to solidify our company’s structure, with a specific focus on expanding our installations and customer base. We aim to complete 500 installations for our private customers by April. Following this, the objective is to transition these installations into sales, targeting at least 600 product subscriptions. This approach is not just about increasing our product deployment but also about establishing a recurring revenue model through these subscriptions. I am confident that we can achieve this target within the year, marking a significant step in our growth and market presence.
Advice for Founders Considering Alchemist
Q: What advice would you give to founders thinking about applying to the Alchemist accelerator?
A: My key piece of advice for founders considering Alchemist is to fully dedicate themselves to the program. Alchemist is an immensely helpful and influential accelerator. Being part of it can fundamentally change you and your startup. For me, coming from a European area where the startup ecosystem is still developing, the experience was particularly transformative.
The program provides an invaluable opportunity to understand different aspects of the business world, including customer insights, investor relations, and the overall capital landscape. It’s crucial to actively follow the guidance of mentors and investors provided by the program. Asking questions and seeking help are important aspects of the learning process.
In my experience, the Alchemist program was conducted online, which worked well for me. The format, whether online or in-person, doesn’t diminish the program’s value. What matters most is your engagement and willingness to learn and adapt based on the insights and opportunities the program offers.