Meet Arjun Sahgal from Ascent
Q: Can you introduce yourself and your startup?
A: Absolutely. My name is Arjun Sahgal, and I’m the founder of Ascent. Ascent operates as a no-code underwriting layer designed to seamlessly integrate with the existing technology stacks of credit unions and community banks. The idea came from recognizing that legacy software systems in these institutions are deeply ingrained and challenging to replace. By introducing Ascent, we aimed to connect disparate systems within these organizations, thereby streamlining the decision-making process for underwriters and loan officers. Our ultimate vision is to simplify the loan application process to such an extent that applying for a loan—or any service requiring underwriting—becomes a frictionless experience for the customer.
Q: What inspired you to create Ascent?
A: My journey to founding Ascent began with my experience working at a bank that prided itself on being forward-thinking in its use of technology. However, I quickly discovered that we were relying on software developed in the 1980s, which made even simple tasks incredibly time-consuming. The realization that this was considered the best available solution was startling. My co-founder and I were also involved in supporting small businesses during the COVID-19 pandemic, particularly around the Paycheck Protection Program (PPP). Through this work, we observed firsthand the inefficiencies in the underwriting processes at credit unions and community banks. These experiences, combined with discussions about the challenges of information transfer, sparked the concept of Ascent. My co-founder, who had invested in my first company, and I often discussed how our communication could be more efficient. These conversations, alongside our professional experiences, led us to develop a solution that could modernize and streamline the underwriting process.
Discovering Forum Ventures
Q: How did you get involved with Forum Ventures?
A: We were introduced to Forum Ventures through a mentor of mine who was an investor in the accelerator. At that time, we were exploring options to either raise funds or join an accelerator to build our solution for the problem we identified. This mentor facilitated our connection with one of Forum’s managing partners. The conversation we had with them was compelling, and it led to our acceptance into the accelerator. This opportunity was a significant motivator for us; it felt like a necessary push to actually start building our product. Essentially, the involvement with Forum Ventures was a pivotal moment, acting as a kickstart for our venture.
Q: What was your experience with the application process for Forum Ventures?
A: Our path to Forum Ventures was somewhat atypical, largely influenced by the connections we had. A mentor, who had been guiding me, played a crucial role in making our application process unique. Our application wasn’t the traditional route of filling out forms and waiting for a response. Instead, I had a direct conversation with the managing director of Forum Ventures. Our prior knowledge of each other in the professional community added to the smoothness of this process. The decision to include us in the accelerator was made swiftly after our discussion, making the entire experience quite extraordinary and efficient.
Funding and Equity at Forum Ventures
Q: Can you share more about the funding received from Forum Ventures?
A: Yes, we received $100,000 from Forum Ventures, which is standard for their accelerator program. This investment was in exchange for equity in our company. The program lasted three months, and Forum was particularly helpful in two main aspects. While we had prior knowledge of some of the basics, thanks to my co-founder’s experience, Forum’s real value came from connecting us with critical people. This network was instrumental for us, not just in building the product but also in validating our solution and conducting deeper market research. One of the most significant introduction
The Impact of Forum Ventures Beyond Funding
Q: What memorable impact did Forum Ventures have on you?
A: Beyond the tangible impacts on Ascent, such as funding and customer introductions, the most memorable aspect of Forum Ventures was the people we met. Despite the program being conducted remotely due to COVID-19, I formed lasting friendships with fellow participants. Two of the companies I met through the program remain in touch, not for business purposes, but because we genuinely connected as friends. This human element was particularly enriching during a time that felt very isolating due to the pandemic. Connecting with like-minded individuals and entrepreneurs during such a challenging period was a highlight and brought a sense of camaraderie and support.
Areas for Improvement in the Accelerator Program
Q: What could Forum Ventures improve in its accelerator program?
A: One area for enhancement I’d suggest is a more customized approach for each participating company. Given the diverse stages and needs of companies in the accelerator, a one-size-fits-all approach doesn’t always work optimally. For instance, some companies, including ours at the time, were at a very early stage and had different requirements compared to others that were further along, possibly with established product-market fit. A tailored approach, considering where each company stands and its specific needs, would significantly enhance the value derived from the program. However, it’s worth noting that our primary goals were to gain access to potential customers and to network with investors. Forum Ventures delivered on these fronts, especially through our contacts Olivia and James, who provided substantial support during and even after the program.
Q: What aspects of the accelerator program could be improved?
A: One area for improvement I’d suggest is a more tailored approach to each company. Given the diversity in stages and needs among participating startups, a one-size-fits-all approach isn’t always effective. For instance, some companies, including ours at the time, were very new and had different needs compared to others that were more established and had already achieved product-market fit. While we were primarily focused on gaining access to customers and networking with potential investors—both of which were met—I believe a more customized support system could enhance the overall experience. Our interactions with Olivia, James, Steph, and others were incredibly beneficial, with Olivia continuing to assist us in customer acquisition even after the program, which speaks volumes about the lasting impact of those relationships.
The Lasting Impact of the Accelerator Experience
Q: Do you believe your current success is attributed to the accelerator program?
A: It’s a thought-provoking question. I’d like to believe that we would have reached our current position without the accelerator, yet I acknowledge that Forum Ventures certainly accelerated our journey. It’s hard to say with absolute certainty where we’d be without their involvement. The program provided us with crucial connections and resources that expedited our growth, so while I hope we would have achieved our current level of success on our own, the accelerator played a significant role in making it happen more swiftly. It’s a classic “what-if” scenario that’s difficult to answer definitively, but I’m grateful for the boost Forum Ventures gave us.
Q: How has your relationship with Forum Ventures evolved post-accelerator?
A: Our relationship with Forum Ventures has naturally evolved. While it might not be as close as during the accelerator, due to their investments in other companies within our realm, they remain a valuable resource. The platform team, especially Olivia, has been exceptionally supportive in facilitating introductions and providing access to vital resources as needed. This ongoing support has been crucial for our continued access to potential clients and industry contacts.
Advice for Aspiring Accelerator Applicants
Q: Any advice for startups considering applying to an accelerator like Forum Ventures?
A: My advice is straightforward: just apply. Often, we overthink our readiness or the perfect timing for such opportunities. We weren’t sure we were ready to apply to Forum Ventures until someone encouraged us to take the leap. I believe that sometimes, all you need is that push to go for it. While it might seem like simple advice, taking that initial step can be the most challenging part. Don’t wait until everything feels perfect; seizing the opportunity can lead to unexpected and transformative growth.