Introducing Radar
Q: Can you introduce yourself and tell us about your startup?
A: I’m Herbert Schulz from Santiago, Chile. My background is in business administration with a master’s degree from Adolfo Ibañez University. I started my career in fintech as one of the first team members at Capitaria, a leading fintech company in Chile. That experience sparked my interest in entrepreneurship, leading me to found three fintech startups: Becual, Dank, and Radar.
Radar is a treasury management platform tailored for Latin America. It automates reconciliation, payouts, and collection processes. This not only helps companies have better control over their cash flows but also empowers them to make more informed financial decisions and improve customer experiences.
Q: What inspired you to start Radar?
A: Radar was born out of firsthand challenges I faced while running Becual, a crowdlending platform I founded in 2014. As the platform grew and transaction volumes increased, the need to automate bank transfers became critical. However, finding a suitable solution was difficult due to the scarcity of options available. This need for automation highlighted a larger issue in financial operations. Processes like payment executions and bank reconciliation were, and still are, largely manual tasks, even in the treasury departments of big corporations. Radar aims to address these inefficiencies by automating these processes, making financial operations smoother and more efficient for companies in Latin America.
Why Start-Up Chile?
Q: Why did you decide to join Start-Up Chile?
A: Joining Start-Up Chile was motivated by the understanding of how crucial it is for entrepreneurs to be part of a vibrant community. It’s not just about the space; it’s about the validation and credibility we gain among our initial clients by being associated with such a respected ecosystem.
Additionally, Start-Up Chile provides exposure to a variety of funding opportunities, which is invaluable for a growing startup like ours. It’s a platform that not only supports growth but also enhances our chances for success through the network and resources it offers.
Start-Up Chile Application Process
Q: What was the application process for Start-Up Chile like?
A: Applying to Start-Up Chile was a major focus for us. We invested a lot of time and effort into creating a compelling application. Given the increasing competitiveness in Chile’s entrepreneurship ecosystem, we knew we had to stand out. This understanding motivated us to work harder to differentiate our startup and make a significant impact among the many applicants. It was a demanding process, but one we approached with the aim of showcasing the unique value and potential of Radar.
Q: How competitive was the Start-Up Chile application process, and what differentiated your startup?
A: The application process for Start-Up Chile was extremely competitive. What set us apart was our team’s deep experience in the tech and innovation sectors. My background as a serial entrepreneur, for instance, provides a wealth of knowledge and expertise that benefits our startup immensely.
Moreover, our Chief Growth Officer, Rafael Martínez, has significantly contributed to our success. His experience in driving innovation and implementing agile methodologies at leading companies like Consorcio and SGS has been pivotal. This combination of experience and innovation within our team was a key differentiator in the highly competitive application process.
Inside the Start-Up Chile Accelerator Program
Q: What does a typical day look like in the Start-Up Chile accelerator program?
A: A typical day in the Start-Up Chile accelerator program is quite dynamic, with a blend of hybrid activities. However, networking and group dynamics focused on knowledge sharing stand out as essential aspects. For many of us, the opportunity to interact with other founders in the co-working space is one of the most valuable parts of the program. This interaction fosters a sense of community and provides a rich environment for exchanging ideas, learning from each other’s experiences, and building valuable connections that extend beyond the program’s duration.
Q: How much funding did Radar receive from the Start-Up Chile accelerator?
A: Through Start-Up Chile, we were fortunate to participate in two distinct programs: Build and Growth. From the Build program, we received funding of 15 million Chilean pesos, which is approximately USD 15,000. The Growth program was even more beneficial, providing us with 75 million Chilean pesos, around USD 77,000. This funding was instrumental in advancing our startup’s development and scaling our operations within the competitive landscape of Latin America’s fintech sector.
Achieving Milestones and Overcoming Challenges
Q: What significant milestone did Radar achieve while participating in Start-Up Chile?
A: A pivotal milestone for us during the Start-Up Chile program was the expansion into new markets. This strategic move led us to connect with Amanda Jacobson, who became our fourth founder. Following this, we successfully established a team in Mexico. This expansion not only marked a significant step in our growth strategy but also underscored the value of the accelerator in facilitating our reach into new geographical areas. It was a crucial phase in our journey, laying the foundation for Radar’s presence and operations in Mexico.
Q: Did Radar face any challenges during your time in Start-Up Chile?
A: Interestingly, we didn’t encounter significant challenges during the program. This was largely due to the supportive community within Start-Up Chile, which played a crucial role in facilitating the resolution of any setbacks we might have faced. The collaborative environment and the resources available to us ensured that any potential obstacles were effectively managed and overcome, allowing us to focus on our growth and development objectives.
Radar’s Current Status and Future Goals
Q: What is the current status of Radar after completing the Start-Up Chile program?
A: Since completing the Start-Up Chile accelerator, Radar has shown remarkable progress. We’ve achieved an impressive weekly growth rate of 8%, doubled our team size, and successfully signed our first clients in Mexico. This momentum highlights our continued expansion and the positive trajectory of our business in the competitive fintech landscape of Latin America.
Q: How has Radar’s growth trajectory changed since completing the Start-Up Chile program?
A: The accelerator program was instrumental in reinforcing our growth mindset and teaching us how to effectively distribute responsibilities among the founders. This focus on strategic management and role specialization has significantly influenced our growth trajectory, allowing us to scale more efficiently and tackle new challenges with a clear direction. It has been a pivotal factor in our development, ensuring that we continue to progress and expand our operations with a strong foundation.
Q: What future milestones is Radar targeting, and how has the accelerator program prepared you for achieving these?
A: Our next milestones include establishing a strong client base in Mexico and continuing our growth in Chile. We’re also preparing to launch our next product in both markets and announce our upcoming round of funding. The accelerator has been instrumental in preparing us for these goals by enhancing our strategic planning, market analysis, and fundraising skills. It has equipped us with the tools and mindset needed to navigate the complexities of expanding into new markets and scaling our product offerings effectively.
Advice for Aspiring Accelerator Participants
Q: What advice would you offer to startups thinking about applying to accelerators like Start-Up Chile?
A: Firstly, it’s crucial to conduct thorough research on various accelerator programs to find one that best matches your startup’s objectives, values, and industry focus. Understand what each program offers and how it aligns with where you want to take your business.
Secondly, have clear goals for what you aim to achieve through the accelerator, such as mentorship, funding, or expanding your network. This clarity will help you determine the suitability of the program for your startup’s needs.
Lastly, invest time in preparing a compelling application. Highlight your startup’s unique value proposition, the strengths of your team, and your potential for growth. Since Start-Up Chile is a program backed by the Chilean Government, it’s beneficial to familiarize yourself with the program’s rules and understand how your application will be evaluated. This preparation can significantly enhance your chances of success.