Meet Izumi Inoue from Bereev
Q: Could you introduce yourself and your startup?
A: I’m Izumi, the founder of a DeathTech startup based in Malaysia, but with aspirations to impact the global scene. Our startup’s mission revolves around assisting families during one of life’s most challenging phases – dealing with the loss of a loved one. We aim to simplify the process of managing the practical aspects that follow a loved one’s passing. This involves helping families navigate through these difficult times, focusing on the logistical and emotional complexities they face. That’s the core purpose of our establishment.
Q: What inspired you to create your startup?
A: The idea for my startup stemmed from my personal experiences with the deaths of both my grandparents in the same year, leading to two vastly different experiences. When my grandmother passed, our family struggled; it was chaotic and disorganized because we had no prior experience in handling death. It was a negative experience, and I couldn’t help but think there must be a better way to deal with this inevitable part of life.
A few months later, my grandfather was diagnosed with stage 4 cancer. Despite the grim prognosis, he was pragmatic about it. He chose to spend his last days on his terms, organizing his affairs meticulously. He sorted his possessions, wrote down instructions, and held family meetings to ensure we all understood his wishes. This approach was strikingly different and enlightening.
His death showed us the value of planning ahead. The stark contrast between these two experiences highlighted how much easier it is for families when things are prepared and organized in advance. This realization was the catalyst for my startup. I wanted to replicate what my grandfather did but on a larger scale, making it accessible to more people. That’s how the concept of my startup emerged.
Why Startupbootcamp?
Q: Why did you choose to join Startupbootcamp?
A: We decided to join Startupbootcamp for three main reasons. Before this, we had participated in two other accelerators, one in Malaysia and another in Hong Kong. However, we were looking for something that could give us a global perspective, aligning with our ambition to transcend regional limitations. Firstly, we believed that an accelerator could offer a more structured understanding of various markets, which was crucial for our global ambitions. We weren’t just looking to expand our knowledge; we wanted guided insight into different consumer behaviors and market dynamics.
Secondly, our interest in Australia played a significant role. Geographically close yet similar to some European nations in terms of early adoption and user behavior, Australia was a market we had our eyes on. Although we felt it was premature for us to enter the Australian market, we wanted to establish a strong network and start conversations there.
Lastly, our interaction with Startupbootcamp was pivotal. A conversation with Brian Collins, the former managing director of their FinTech program, left a lasting impression. It was clear from that discussion that their team had the expertise and the understanding to help us reach our goals. This conversation solidified our decision to join Startupbootcamp and convinced us they were the right team to support our journey.
Bereev’s Unique Application Experience with Startupbootcamp
Q: Could you share your experience with the Startupbootcamp application process?
A: Our journey with the Startupbootcamp application was quite unconventional, so my insights might be different from the norm. We didn’t go through the typical application process; instead, we were scouted directly by Startupbootcamp. Brian Collins, who I mentioned earlier, reached out to me through our network. He introduced the program he was running, and this initiated our application journey. Since we were scouted, our process was more accelerated and primarily involved conversations with Brian and the rest of the team. It wasn’t the standard procedure that most applicants might experience. This approach was more direct and personalized, focusing on in-depth discussions rather than formal application steps. As a result, I’m not entirely familiar with the usual application process that other startups might go through when applying to Startupbootcamp.
Startupbootcamp’s Virtual Program
Q: How was your experience with Startupbootcamp’s program structure?
A: The program was entirely virtual, as it took place during COVID times, which meant we couldn’t travel to Melbourne. This was a unique situation, as most of my batchmates were also not from Australia; we had startups from the UK, Russia, the US, and other parts of the world, so everything was conducted online. The virtual nature had its pros and cons. Typical days included fireside chats where Startupbootcamp (SBC) brought in mentors and alumni to speak on topics specifically related to FinTech, as our program was FinTech-focused. Additionally, SBC organized masterclasses aimed at refining our business fundamentals. This involved scrutinizing our business models, cleaning up our presentations, and fine-tuning our financial projections. It’s important to note that the program was designed for startups that were slightly more advanced, around the seed or post-seed stage. So, the masterclasses were a bit more sophisticated compared to what you might find in programs targeting earlier-stage startups. This approach was particularly beneficial for us, as it aligned well with our developmental stage and helped us hone more advanced aspects of our business.
Phases and Final Demo Day of Startupbootcamp
Q: Can you describe the duration and structure of the Startupbootcamp program?
A: The program lasted for three months and was quite structured. In the first month, we focused on internal matters, such as the tempering of classes. The second month was about experimentation; Startupbootcamp had an in-house growth hacker with whom we scheduled sessions. Our task was to design short-term, tactical experiments with measurable outcomes to aid us in the upcoming demo day. The third month was primarily dedicated to preparing for the demo day, which was a significant event. It involved polishing our pitches and strategies to maximize the opportunity of demo day, where investors and potential partners would be present. This final month was especially crucial for those of us looking to fundraise or seek partnerships, as it prepared us to attract the right kind of attention.
Q: Did the program conclude with a demo day for all the companies?
A: Yes, the program culminated in a demo day where all companies pitched. However, due to the virtual nature of the program, we weren’t in Melbourne, so we had to pre-record our pitches. It was a unique experience to watch my pitch via someone else’s video call, offering a different perspective on our presentation and approach.
Mentorship and Lasting Connections from Startupbootcamp
Q: During Startupbootcamp, did you receive mentorship through their platform?
A: Yes, the mentorship we received through Startupbootcamp was one of the most valuable aspects of the program. Some of our mentors have even become long-term advisors for us. The range of expertise available was impressive. For instance, we had the fantastic opportunity to work with a mentor who was a UX expert with a PhD in psychology. This mentor was instrumental in enhancing our product’s user experience by combining psychological insights with product design. Our relationship with this mentor evolved from weekly conversations to a more sporadic yet deeply involved engagement. She remains a significant part of our journey, offering valuable insights and guidance.
Q: Do you still have access to the Startupbootcamp mentorship platform?
A: As of now, I don’t believe we have access to the platform anymore. However, I should double-check to confirm this. The connections made during the program have persisted, but the direct access to the platform provided by Startupbootcamp might not be available to us post-program.
Funding and Investment Opportunities from Startupbootcamp
Q: Did Startupbootcamp provide any funding for your startup?
A: Yes, we did receive funding from Startupbootcamp, amounting to around MYR153,000 (~US$37,000). However, our case was a bit unique. Typically, I believe Startupbootcamp offers around MYR77,000 (~US$17,000), but we received additional funding because two of their Limited Partners (LPs) were impressed by our pitch. These LPs decided to contribute more as angel investors. It was a small funding round, but it was significant for us at that stage.
Q: Is this funding provided as part of the program, and does it lead to further investment opportunities after demo day?
A: The funding we received was part of the program. However, our approach to the demo day wasn’t focused on fundraising. At that time, our primary goal was different, so we didn’t actively seek additional funding during the demo day. Nonetheless, the event did lead to some valuable contacts. Currently, as we are in the process of fundraising, we are revisiting those contacts who showed interest back then. Now that we are ready and in a position to pursue further investment, we are engaging in discussions with those potential investors we met during the program.
Equity Exchange in Startupbootcamp
Q: Are you able to disclose the amount of equity Startupbootcamp takes?
A: Yes, in the case of Startupbootcamp, because it’s an accelerator program, the equity taken is up to 8%. This is standard practice for such programs where they provide funding, mentorship, and other resources in exchange for a stake in the participating startups.
A Key Milestone Achieved at Startupbootcamp
Q: Could you share a significant milestone your startup achieved during the Startupbootcamp program?
A: A major milestone for us during the program was conducting a beta test in Australia. Our goal was to gauge the potential of the Australian market, considering it as a secondary or tertiary market for our expansion. Collaborating with the Growth Hacker and the Startupbootcamp team, we developed a cost-effective strategy to validate our concept in Australia. Just a week before Demo Day, we launched a closed beta test, which surprisingly cost us less than 1,500 USD. The campaign we designed for this beta test gained considerable attention, even getting picked up by CNET. This was beyond our initial expectations as we had intended for a close beta but ended up with a campaign that garnered media attention. This successful beta test was more like a pop-up validation, providing us with valuable insights and traction that we can now leverage when we’re ready to fully enter the Australian market. It’s an achievement that not only validated our concept but also positioned us better for future discussions with partners and investors interested in our Australian expansion.
Challenges Faced During Startupbootcamp Due to Remote Participation
Q: Did you encounter any particular challenges while participating in the Startupbootcamp program?
A: Our primary challenge during the program was the fact that we weren’t physically present in Melbourne. This issue might be specific to Australia or perhaps unique to our situation, but it significantly impacted our ability to maximize the benefits of the program. The absence of a physical presence meant we couldn’t fully leverage the access we had to Startupbootcamp’s partners and mentors. Each year, the program collaborates with different partners, and during our time, one of the key partners was Australian Super, a major fund. My experience suggested that Australians prefer conducting business face-to-face, and without being there in person, it was difficult to progress beyond a certain point in business relationships. This limitation was probably our biggest challenge during the program.
Bereev’s Current Status and Ongoing Support from Startupbootcamp
Q: What is the current status of your company post-Startupbootcamp?
A: Since participating in Startupbootcamp, we’ve decided to pivot our business model. Initially, our focus was on encouraging people to plan for their deaths by using our death preparation app. The app was designed for users to input instructions, important documents, and messages for their families to access posthumously. While this approach seemed logical, we realized that people tend to be more reactive than proactive about death planning. Despite agreeing that it’s wise to plan ahead, getting them to actively engage in the process proved challenging.
This realization led us to tweak our model to achieve a better market fit. We’re growing, albeit differently and organically, but we felt something was missing in our initial approach. Currently, we’re refining our strategy with continued support from Startupbootcamp.
Q: Do you still receive support from Startupbootcamp?
A: Absolutely, we continue to receive substantial support from Startupbootcamp. For instance, we’re currently in the process of fundraising, and I recently had to deal with a term sheet for a SAFE note, something I hadn’t encountered before. Trevor and his team at Startupbootcamp have been instrumental in helping us navigate these new challenges. They assist us in reviewing legal documents, advising on fair valuations, and guiding us through negotiations. Their involvement remains significant and highly beneficial for our ongoing development and fundraising efforts.
Bereev’s Experimental Marketing Campaign
Q: Have you experimented with different marketing channels?
A: Yes, we conducted a significant experiment with a unique marketing campaign. Given the sensitive nature of our app, which revolves around death, we had to think creatively about our marketing approach. We developed a month-long online game, which was a new concept for us.
The game was hosted on a website we built in just two to three weeks. Each day, we posed a different question related to death. Some questions were lighthearted, like who would be invited to your funeral, while others were more serious, such as whether you’re an organ donor. The idea was to prompt people to think about and discuss topics they usually avoid. Players could invite friends and family to participate, answer the same questions, and see each other’s responses. They could also interact with strangers’ answers, creating a live feed of perspectives from people across Australia. This campaign was cost-effective, with the total expenditure being less than 1500 USD, primarily for development. We didn’t invest much in paid traffic. Instead, we focused on writing a press release and reaching out to Australian journalists. This strategy was surprisingly effective, attracting nearly 30,000 participants to the game. It was a cool and innovative way to engage our target audience and create awareness about our app.
Key Advice for Prospective Startupbootcamp Applicants
Q: What advice would you give to founders considering applying to Startupbootcamp?
A: For founders thinking about joining Startupbootcamp, the most crucial step is to research and understand the program’s mentors and partners beforehand. Each year, the mentors and partners change, and these relationships are often the most valuable takeaway from the program. It’s essential to know who these people are and how they align with your startup, especially since the programs vary depending on your sector, be it health tech, fintech, etc.
Once you determine that the program is a good fit, devise a strategy to maximize the opportunity. If you’re seeking a partnership, for example, plan how you might develop a proof of concept and accelerate this process. Remember, the program lasts only three months, and in the fast-paced startup world, interactions with potential partners are limited. It’s vital to make it easy for these partners to engage with you. This approach isn’t just applicable to Startupbootcamp but can be beneficial for all accelerator programs. Planning ahead and being strategic about the relationships you want to build and the objectives you want to achieve can make a significant difference in the value you derive from the program.