What is Swaap?
Q: Can you tell us about your company’s background?
A: I’m Cyrille, and I co-founded Swaap. Our company is a web3 entity and operates as a decentralized finance protocol. Essentially, our aim is to construct a financial system on the blockchain that’s not only more efficient but also fairer and sustainable. At Swaap, our primary focus is to allow people to gain from passive yields, which are derived from a process known as market making. Market making involves providing liquidity in the market, and ensuring its efficiency. David Bouba, my co-founder, and I initiated Swaap about two years ago.
What is Entrepreneur First?
Q: What motivated you to join Entrepreneur First?
A: My background is in business, having spent several years at the Boston Consulting Group (BCG) as a strategy consultant. From early on, I had this drive to establish a company. However, I felt uncertain about the best way to initiate this journey. Starting a business, especially right after leaving a place like BCG, seemed daunting. Entrepreneur First appeared as a beacon for me. It provided a bridge from conventional job roles to the entrepreneurial realm. What stood out was its ability to introduce us to diverse topics and connect us with individuals whose skills complemented our own. A common challenge for aspiring founders is that our networks often reflect our backgrounds. For instance, business professionals usually engage with fellow business-minded individuals, while tech experts mostly connect with their tech counterparts. Finding someone who brings different strengths to the table can be challenging. Entrepreneur First addresses this by helping founders find complementary partners.
How to Get In
Q: How did you find the application process for Entrepreneur First?
A: Entrepreneur First’s application process is quite rigorous, reminiscent of applying for a highly competitive job. Their main criterion is identifying individuals who consistently outperform their peers, along with showcasing a strong inclination for entrepreneurship. The initial step is a form where you need to highlight these qualities. Following that, there’s a two-stage interview with their team members. Entrepreneur First has a unique approach where they craft cohorts, aiming for a balanced mix of individuals. The selection isn’t just about individual merits; it’s also about how you’d mesh with the cohort.
Q: Did the application, especially the initial questions, demand significant time and effort?
A: Quality and reflection are crucial. While I didn’t invest a vast amount of time penning down the application, a significant portion was spent contemplating it. It’s about understanding the key points you want to emphasize and ensuring your responses are pertinent. Reflecting on one’s experiences is not only vital for the application but also aids in determining if starting a business and joining EF align with your aspirations.
After Getting In
Q: After acceptance, what does the Entrepreneur First program entail?
A: I like to humorously describe Entrepreneur First as a blend of school, a reality TV show, and a dating app. Once accepted, you join a cohort of roughly 50 budding founders, split equally between those with tech and business orientations. At its core, EF provides foundational knowledge on entrepreneurship, helping new entrepreneurs avoid common pitfalls. This educational aspect is reminiscent of school, especially with the cohort vibe.
The reality TV comparison arises because EF, at its essence, is akin to a venture capital firm, branding themselves as “talent investors.” Throughout the program, you collaborate with people whose skills complement yours. After three months, EF determines if they’ll invest in your startup. The journey has its ups and downs, with some participants even leaving because they couldn’t find the right partner—quite like the dynamics of a reality show.
The “dating app” analogy fits because EF emphasizes the importance of finding the right co-founder within the program’s limited timeframe. The goal is to collaborate with someone only if there’s a strong synergy. If certain issues arise, or if you believe the partnership isn’t optimal, EF encourages participants to switch and find a better match. For context, David, my co-founder, was the fourth person I paired up with during the program. The journey involves a lot of iterations and adaptability.
Q: How do partnerships and idea explorations function within the program?
A: Initially, you collaborate on an idea, but you’re not strictly bound to it. Given the early stages, pivoting is common, even for seed-stage startups. The emphasis is more on exploration. The best way to gauge if someone is the right fit is by actively working with them. The program’s philosophy is to form teams quickly, allowing participants to gather data on compatibility as soon as possible.
Q: After initially pairing up, how do you navigate to the right co-founder?
A: Each week has its dynamics. In the beginning, everyone is available since no one has paired up yet. But as the weeks progress, if you decide to stop working with a partner after, say, two weeks, you then look into the pool of available participants. You’ll find others in similar situations, and the goal is to find a new partner from this group. This cycle repeats until you identify the right person to collaborate with.
Q: Did you receive any funding from Entrepreneur First?
A: Yes, we are a portfolio company of Entrepreneur First. When we were part of the program, we received 90,000.
Q: Apart from financial support, what were the most significant advantages of the program for you?
A: There were numerous benefits to joining Entrepreneur First. The foremost was that it empowered me to dive into entrepreneurship. Finding a co-founder whose skills and vision complemented mine was another pivotal gain. The program also armed me with insights to sidestep potential pitfalls I might have otherwise encountered.
Beyond these core benefits, I forged meaningful friendships and became part of a community of entrepreneurs, all at similar stages in their startup journey. The ongoing support from EF, especially during fundraising rounds, is invaluable. The experience was not only educational but also enjoyable and unique. While it posed challenges and demanded iterations, it’s a tremendous growth opportunity, irrespective of whether you end up establishing a company. Many successful businesses have emerged from EF, making the entire journey a positive and rewarding one for me.
After The Accelerator
Q: Can you update us on Swaap’s current status and objectives post-program?
A: It’s been two years since our time at Entrepreneur First. In this span, we’ve raised a seed round of 4.5 million dollars, enabling us to expand our team. We’ve successfully launched two versions of our protocol. Our primary focus now is user acquisition. We’ve developed a near-complete product that’s beginning to exhibit promising performance metrics. Our current endeavors revolve around onboarding more users and continuously refining the product. It’s an exhilarating phase for us.
Q: Which channels have you explored to attract potential users?
A: Our space in Web3 means our outreach channels differ from the conventional ones seen in Web2. We’ve ventured into various channels, concentrating on the most promising ones. An intriguing aspect of Web3 is the experimental nature of user acquisition. Unlike Web2, there isn’t a well-defined growth playbook, adding an element of excitement and innovation to our efforts.
Advice for Founders
Q: Any advice for people looking to apply?
A: Regarding advice for other founders looking at accelerators like the Brunner Prize, the interview says it all. And that’s the thing—the best advice usually isn’t a secret sauce; it’s having the guts to dive in headfirst. Jump in, find your co-founder, and avoid the mess-ups. It’s also a hell of a ride, and you won’t regret it.