What is Blueberry?
Q: Can you introduce yourself and your company, Blueberry?
A: I’m Ron, the co-founder of Blueberry. Our company specializes in a payment processing mobile app targeted at small business owners. We offer a range of sales tools, including invoicing, point-of-sale systems, and appointment booking features, all designed to streamline the financial transactions and operations of small businesses.
Q: How did you come up with the idea for Blueberry?
A: The idea for Blueberry stemmed from my personal experiences in the IT sector. Over the last decade, I’ve run a digital agency where I developed websites and apps for various businesses. During this time, I noticed significant gaps in how small businesses handle financial transactions, particularly in receiving and requesting money. This observation led me to think about a simpler solution, and I realized that what I was developing could benefit other businesses too.
Why Startupbootcamp?
Q: What motivated you to join Startupbootcamp?
A: My journey to Startupbootcamp began with my experience in creating functional apps, something many can do. However, I lacked expertise in areas like pitch deck creation and storytelling – essential skills for explaining how my solution helps and how it can grow. This gap in my skill set led me to apply to Startupbootcamp. Out of 3000 applicants, my application stood out, and I was selected to join the program.
Startupbootcamp Application Process
Q: Can you describe the application process for Startupbootcamp?
A: Applying to Startupbootcamp is an online process where you delve deeply into your solution, explaining how it will help, and its potential reach across different regions like the US, Europe, Africa, and more. A critical aspect they focus on is the team. They look for a group that has a blend of marketing and sales expertise and can work well together, even through challenging decisions. In my case, I highlighted that my team comprises individuals I’ve worked with for many years, emphasizing the strength and cohesiveness of our group. To get accepted into a program like this, having a solid, experienced team is crucial.
Q: Do they consider the traction of your product during the selection process?
A: Traction is considered, but it’s not the primary focus. Startupbootcamp places more emphasis on the uniqueness of your solution and its ability to fill a market gap. They assess whether your solution addresses a real need rather than focusing on whether a big company could replicate it. It’s more about the potential impact and the innovative aspect of your idea than the current traction it has achieved.
Inside Startupbootcamp’s Program
Q: What does the Startupbootcamp program look like?
A: The program in Amsterdam was a three-month, hybrid experience. Startupbootcamp focuses on helping participants refine their business model and strategy. They guide you through identifying your target audience, the problems your product solves, and crucially, how investors will benefit financially from supporting your venture.
Once accepted into Startupbootcamp, there’s a requirement to be physically present in Amsterdam, or the designated city, for one week at a time, from Monday to Friday, on three separate occasions. During these weeks, you’re in the company of other startups, providing ample opportunity for networking and learning from peers. The days are packed, running from 9 am to 6 pm, filled with sessions by various mentors and experts who cover a broad range of topics from navigating the startup ecosystem to securing funding. The program includes extensive coaching, with a strong focus on practicing and refining your pitch.
When it shifts to the hybrid or online mode, the format changes slightly. Sessions might last two to three hours and are conducted over Zoom, but the content remains diverse, covering sales, coaching, and pitching. The program is meticulously organized, with each week dedicated to a specific theme, such as branding.
An exceptional part of the program is the support services provided, like design teams who collaborate with you to create your pitch deck. This is invaluable because while you can hire designers from platforms like Fiverr or Etsy, the specialized knowledge and structure required for a startup pitch deck is something these teams excel at. They guide you on what to include, like your team details, financial requirements, and product information, and ensure the deck isn’t overloaded with text. This hands-on assistance is a significant advantage of the program, helping you craft a pitch that resonates with potential investors and partners.
Q: Did you get hands-on support from Startupbootcamp and its mentors?
A: Absolutely, the level of hands-on support at Startupbootcamp is substantial. They bring in a network of potential investors and influential individuals from their community who might be interested in investing in the future. Part of the program includes practice sessions where you pitch to these individuals, some of whom can be quite challenging, to prepare you for real-world scenarios.
A unique aspect of their program is the Demo Day, which differs from other accelerators. It’s more of a graduation event rather than a direct funding opportunity. You present your pitch in front of an audience, which could be around 200 people, showcasing your project and vision. This isn’t a guarantee of receiving a large sum like 1 million euros but rather an opportunity to connect with potential investors and companies.
Following the Demo Day, there’s a chance to interact with attendees, exchange contact details, and follow up with those who showed interest in your startup. This post-event networking is crucial as it opens doors to future conversations and potential partnerships or investments. The three-month program is a blend of pitching practice, mentorship, the Demo Day experience, and continuous support, all aimed at equipping you with the tools and connections necessary for the growth and success of your startup.
Funding Support in Startupbootcamp
Q: Did you receive any funding from Startupbootcamp?
A: Unfortunately, no, I didn’t receive any funding from Startupbootcamp. This is one aspect where I feel the program differs significantly from others, like Y Combinator, which focuses on providing funding. While Startupbootcamp offers great networking and preparation opportunities, it doesn’t offer direct funding. In contrast, programs like Y Combinator, where funding is provided, demand complete immersion in the startup, leaving no room for anything else.
In 2023, we also faced additional challenges. The investment landscape has become more cautious, with investors asking more probing questions and possibly expecting larger equity stakes due to increased perceived risks.
Since there’s no direct funding involved, Startupbootcamp doesn’t take any equity. However, this poses its own challenges, especially in a field like fintech where there are many competitive products. To grow and stand out, substantial investment in marketing is needed. Although our products are ready and we have some funding, it’s not sufficient for the kind of marketing required to gain significant traction.
Achieving Milestones and Overcoming Challenges
Q: Can you recall a significant milestone during the Startupbootcamp program?
A: A key milestone in the program was the development of a go-to-market strategy. The mentors helped me identify target business sectors I hadn’t considered before. For instance, I have an appointment booking feature in my app, which they suggested could be beneficial for smaller, local businesses like barbershops or hair salons. This was an eye-opener for me; I hadn’t thought of pitching my product to these kinds of establishments before. This advice helped me redefine my target audience and approach.
Another significant area of support was in improving my pitching skills. Initially, I was uncomfortable with pitching, especially on camera. The program pushed me out of my comfort zone, gradually building my confidence. By the end, I was able to pitch perfectly, a skill that’s crucial when seeking investment. This experience has left me feeling prepared for more accelerators and investor interactions.
Q: Were there any challenges you faced during the program?
A: One major challenge was financial modeling. They frequently asked us to create financial models for investors, which involve a complex mathematical approach and a specific format. I’m not fond of dealing with numbers, so this task was particularly daunting for me. However, the persistent encouragement from the mentors pushed me to engage with this aspect of the business. Although I didn’t enjoy it, it was beneficial. I now have a solid financial model ready for potential investors, which is invaluable for a CEO, even if numbers aren’t my strong suit.
Q: How did you manage to overcome the challenge of financial modeling?
A: Overcoming the hurdle of financial modeling involved seeking help from a fellow startup participant in the program. This person was exceptionally skilled in mathematics and adept at handling complex financial sheets. I asked him to sit with me for a couple of hours to explain the intricacies of financial modeling. His expertise was incredibly helpful, especially as he could simplify and illustrate concepts on a whiteboard in a way that made sense to me.
One of the key reasons I sought help was to avoid the cost of hiring an external expert. Additionally, understanding financial terms is crucial, particularly when dealing with investors, as they often include complex clauses in their agreements. It’s essential to be fully aware of what you’re agreeing to, to avoid potential pitfalls.
With the help of my colleague from the program, I was able to develop a clear understanding of financial modeling. This allowed me to build comprehensive sheets detailing my product costs, projected revenue with a certain number of users, and future financial projections. This experience was invaluable, not only for the immediate requirement of the program but also for my long-term skills as a startup founder.
Current Status of Blueberry and Future Goals
Q: What are the current steps for Blueberry?
A: Currently, the focus is on finding an investor since Startupbootcamp takes some equity in our company. Initially, I thought that post-program, we’d quickly secure funding, which led me to tailor my app for a local audience in New York, targeting local businesses. The app was initially set up so that only U.S.-based users could sign up by entering comprehensive business information. However, this approach didn’t work as planned because people were hesitant to input sensitive information into an app from an unknown startup.
Realizing this issue, I re-engineered the app to simplify the sign-up process, allowing users to register with just an email address and password. The detailed process for payment processing is now a separate, optional step within the app. Additionally, I expanded the app’s availability from the U.S. to worldwide, although payment processing is still limited to the U.S. due to our current processor’s constraints.
Last year, we managed to get a thousand downloads without significant marketing efforts. This traction allowed us to gather user feedback, leading to improvements and feature enhancements in the app. So far, our focus has been on refining the product.
Q: What are your upcoming goals, particularly regarding market strategy?
A: Moving forward, the goal is to refine and expand our go-to-market strategy. This involves eliminating unnecessary elements from the app and focusing on core functionalities. Once we have streamlined the product, we may reintroduce additional features as needed. The primary objective now is to secure the necessary funding to implement this strategy effectively and facilitate further expansion of our services.
Final Advice for Interested Startupbootcamp Applicants
Q: Do you have any final advice for founders considering applying to Startupbootcamp?
A: My advice to anyone thinking of applying to Startupbootcamp is to definitely go for it. Even if you already have a strong background in product management, design, or app development, Startupbootcamp can still offer immense value. The program aids in growth, not just in terms of your product but also in areas like financial modeling and overall business strategy. It’s a comprehensive accelerator that provides tools and insights beneficial for any founder. So, regardless of your level of expertise or stage in your startup journey, I believe Startupbootcamp is an experience that can contribute significantly to your professional and personal development.