Background and Startup Introduction
Q: Can you briefly introduce yourself and Innomy Biotech?
A: My name is Juan Pablo De Giacomi. I am the CEO and co-founder of Innomy Biotech. We specialize in creating biotech solutions for the food and agro-industry using mycelium. Our innovative soil experimentation technology enables us to produce fungi protein or micro-protein from the by-products of the agro-industry through the up-cycling process. Essentially, we feed our mushrooms with these by-products to create unique products, operating within a collaborative model with large companies to enhance the overall value of the process.
Q: What motivated you to embark on this biotech adventure, and was it shaped by personal experiences?
A: Well, the inspiration for our venture stemmed from the unique context of Argentina, an agro-country. My background is in political science, while my team consists of biology experts. We collectively decided to explore ways to contribute to combating climate change. I entered the labs and asked my team if there was something impactful we could do. The initial focus was on leveraging the weight of algorithms to create biomaterials as alternatives to petroleum.
We conducted various trials and experiments, leading us to a pivotal moment when we realized the biomaterials we created were edible. This sparked the idea of using the mass and structure of the biomaterials to replicate animal tissues, essentially creating meat substitutes. This revelation marked a significant turning point, guiding us toward a mission to use technology and the relatively untapped Fungi kingdom to make a positive impact. Our journey began around seven years ago with these foundational ideas.
Motivations, Application Insights, and Competitive Edge for the Startup
Q: Why did you choose Rockstart for the startup accelerator journey?
A: When we relocated to Spain for its technological hub, we recognized the challenge of starting with world-class technology in places like Europe, the US, or Singapore but not in the more peripheral setting of Argentina. Communication barriers played a role, so Spain became our choice due to shared language and cultural familiarity. While residing in another country, we aimed to connect with a business environment closer to the north, seeking venture capitalists (VCs) who could guide us in understanding the landscape, companies, and management practices.
Rockstart, for us, illuminated the business scene in the North of Europe and globally. This was crucial as we needed to develop technology that could support our endeavors. Seeking venture capital, we specifically looked for individuals who possessed deep market knowledge. Rockstart, with its expertise and network, proved to be instrumental in providing the insights and connections necessary for our growth.
The Daily Dynamics, Mentorship Intensity, Funding Landscape, and Post-Accelerator Opportunities
Q: Can you describe the application process for Rockstart?
A: The application process was remarkably smooth for us. Engaging with various venture capitalists (VCs) and investors, including a family office, paved the way for investment opportunities. When we initiated discussions with Rockstart, it stood out as an excellent experience. They facilitated interactions with experts both within and outside Rockstart, who delved into crucial aspects such as technology, our economy, market ideas, and intellectual property.
What truly impressed us was the efficiency of the process. The experts posed intelligent and insightful questions rapidly, demonstrating a deep understanding of the subject matter. They diligently took notes and provided prompt responses, offering a clear and transparent plan. The entire journey was characterized by a seamless match between our vision and Rockstart’s objectives.
Q: What was the typical day like for you once they joined the Rockstart program?
A: Upon entering the Rockstart program, our schedule was structured around one week per month dedicated entirely to the accelerator. During this intensive week, we engaged with several mentors who provided a diverse array of tools tailored to our specific needs at that stage of the journey. This mentorship proved invaluable, offering insights and guidance that significantly aided our progress.
Additionally, Rockstart assigned three mentors to work closely with us throughout the entire process. These mentors became instrumental resources, available for us to consult on various questions and challenges that arose. The program was designed to maximize this dedicated week for learning, growth, and collaboration.
Over approximately four and a half months, we immersed ourselves in this structured routine, leveraging the tools and mentorship provided by Rockstart to navigate the challenges and opportunities that emerged during the startup journey.
Q: How much funding did you receive as part of the Rockstart program?
A: Upon completion of the Rockstart program, we secured funding amounting to 100,000 euros. This funding was allocated to cover the costs associated with the mentoring process integral to the program. Subsequently, after successfully concluding the program, we found ourselves in a strategic position. The funding round presented itself again, and we seized the opportunity to participate in the AC round, securing additional investment to further fuel our growth and development.
Q: Was the funding received from Rockstart in exchange for equity?
A: Yes, the funding from Rockstart was indeed in exchange for equity. In the initial stages of these programs, equity was a crucial component of the arrangement. It operated on a progressive valuation model, where the longer we took to close the funding round, the higher the valuation of the investment office equity became. This mechanism served as both an incentive and a timeline pressure for us to finalize the round.
Rockstart played a pivotal role in facilitating this process. Their reputation as a well-known and respected name in the industry added significant value. They not only provided the necessary funding but also acted as a catalyst for attracting other investors. Thanks to Rockstart, we successfully raised funds, and I believe the number was around 300,000. It marked a significant milestone in our journey, making the collaboration with Rockstart not only financially beneficial but also a key factor in our overall success.
Q: Looking back at the Rockstart program, how do you evaluate its impact? Was it monumental, influencing the current state, and was it a useful experience? Would they go through it again in hindsight?
A: Reflecting on the Rockstart program, it played a pivotal role in our journey. During the fundraising phase, we engaged with various venture capitalists, and Rockstart stood out as one of the most transparent and welcoming. Their expertise in the food industry was particularly valuable at that juncture. As we progressed through the program, Rockstart continued to be an integral part of our growth. They provided ongoing support, offering solutions, mentorship, and an open line for any questions we had.
Beyond the program itself, Rockstart remained actively involved in our journey. They facilitated opportunities for us to connect with other companies, opened doors, and provided access to events. It was not just about the financial investment; Rockstart became one of our best investors. The transparency in our discussions and the ability to seek solutions or share insights contributed significantly to our success.
Given the positive impact and the continuous support we received, I would undoubtedly choose to go through the Rockstart program again if given the chance. It’s not just about the money; it’s about the enduring partnership and the value they bring to the table, making the entire experience highly worthwhile.
Q: Apart from financial support, what other benefits did Juan Pablo De Giacomi and Innomy Biotech gain from the Rockstart program?
A: Beyond the monetary aspect, our goal in raising funds was not just to secure capital but to align ourselves with partners who shared our vision. The relationship with investors goes beyond financial transactions; it’s about building a partnership based on good communication, connection, and shared objectives.
The Rockstart team embodied these qualities exceptionally well. They proved to be excellent people, not only during moments of success but also during stressful times when uncertainties loomed. The team at Rockstart was always approachable, providing valuable advice and insights. They became an integral part of our team, contributing not just as investors but as trusted advisors who understood the challenges we faced. This collaborative and supportive dynamic added immense value to our overall experience with Rockstart.
Milestones, Challenges, and Post-Program Success
Q: What is the current status of Innomy Biotech after the accelerator program?
A: Presently, we are in the SCADA process, navigating through our agreements with large companies. Leveraging the upcycling process, we are actively collaborating with these companies to develop our first product. We find ourselves in a crucial pre-scaling phase, preparing our facilities for the market’s demands, particularly with these significant deals and collaborations with large companies.
While this moment is undoubtedly successful, it’s essential to acknowledge that the journey is never without its challenges and stresses. The next steps are unpredictable, but that unpredictability is part of the dynamic nature of our industry. We are navigating this phase with confidence, guided not just by our products and processes but by the strength of the relationships we’ve built along the way. This is the current state of Innomy these days—a dynamic and promising phase in our ongoing journey.
Q: How has the trajectory of Innomy Biotech changed since completing the accelerator, and do you see a correlation between completing the accelerator and this change?
A: The acceleration program brought a fundamental element to our journey—security. Launching and growing a company is not a straightforward task, lacking a manual, and each deal with a large company presents its unique challenges. It’s essential to have experienced perspectives to navigate these complexities.
The accelerator program, in this regard, provided us with a significant sense of assurance. Conversations with seasoned individuals who had been through similar journeys before instilled confidence in our path forward. While each company’s journey is distinct, having access to this wealth of experience allowed us to approach our unique challenges with a newfound certainty.
Post-accelerator, our team feels more confident in our capabilities and the tools at our disposal. It’s not just a change in the company’s plan; it’s a transformation in how we position ourselves on the entrepreneurial landscape. The accelerator, in essence, played a pivotal role in shaping not just our startup’s trajectory but also the mindset and confidence of the individuals steering the ship.
Q: What are the next milestones for Innomy Biotech?
A: Currently, our primary focus is on establishing the facilities required to produce the inoculum that will be supplied to these large companies. We are in the initial stages of this process, actively involved in pre-building activities. This includes detailing all the plans and numbers necessary to realize our first inoculum production plan.
Simultaneously, we are embarking on the implementation of the technology developed in our lab. This marks a crucial phase as we transition from conceptualization to practical application, ensuring that our innovative solutions become an integral part of our production processes. These milestones represent pivotal steps in our journey toward providing sustainable and impactful solutions in the biotech industry.
Q: How do you perceive the role of the accelerator in preparing you for these upcoming milestones?
A: As I mentioned earlier, the accelerator played a crucial role in instilling confidence in our journey. Beyond that, it provided us with a network of experienced individuals who have faced similar challenges. The accelerator program not only equips startups with tools but also with a valuable network of people.
This network is immensely important for us. In situations where we encounter challenges or face tasks we may not have encountered before, having the ability to reach out to experienced individuals is a significant asset. It’s about understanding that not every startup knows everything from the start; it’s a learning process, and having a network of support accelerates that learning.
With the accelerator, we not only received tools but also expanded our network. This network, comprised of individuals with diverse experiences, has proven to be relevant and valuable for us. It’s a testament to the idea that learning is a part of the startup journey, and the accelerator played a pivotal role in accelerating this learning process for us.
Advice for Applying to Accelerators
Q: What final piece of advice would you offer to those considering applying to Rockstart or any other accelerator?
A: My advice would be to recognize the transformative impact that participation in an accelerator program can have on your approach to business. It goes beyond merely having confidence in your current methods. The key is to understand that creating a network is vital for success. I consistently encourage startups at different stages to consider joining an accelerator program, at least once in their journey.
It’s not about being on the accelerator treadmill all the time, but understanding when the moment is right for you and seizing that opportunity. Participating in an accelerator program equips you with valuable tools and insights that can significantly propel your startup forward. It’s a strategic move that can reshape your trajectory, particularly in the early stages of several startups. Embrace the learning, leverage the network, and move ahead with the tools gained from the accelerator experience.