What is INDIEDRINKS.DIRECT?
Q: Can you tell us about yourself and your startup, INDIEDRINKS.DIRECT?
A: I’m Alex Klaos, the founder of INDIEDRINKS.DIRECT. Our startup is focused on assisting small drink producers in entering new markets, but without relying on the traditional distribution model. We’re currently building our business in Estonia and have plans to expand into other countries, including the UK, Thailand, and beyond. Our goal is to revolutionize the way small drink producers reach new customers and markets, offering them a more direct and streamlined path to growth and success.
Q: What inspired the creation of INDIEDRINKS.DIRECT?
A: My journey into founding INDIEDRINKS.DIRECT is deeply rooted in my extensive experience in the drinks industry. With over 28 years dedicated to building drinks brands and establishing distribution channels, primarily in the UK, I’ve gained a firsthand understanding of the challenges brand owners face. As a brand owner myself, I’ve encountered difficulties in finding and opening new markets for my products.
This personal experience was the catalyst for exploring ways to improve the situation for small producers. I recognized a need for a simpler, more direct route to market. It was clear that the traditional distribution model had limitations, especially for smaller players. So, I focused on developing a solution that would ease these challenges and provide a more accessible path for small drink producers to expand their reach and grow their presence in new markets.
Why Startupbootcamp?
Q: What led you to join Startupbootcamp?
A: Joining Startupbootcamp was actually a bit of serendipity. I stumbled upon an email from a startup organization, which I almost missed as it was in my email’s rubbish bin. This email was about the launch of a new program, and as it turned out, I found it on the very last day they were accepting entries for new startups. It was purely by chance that I discovered this opportunity.
As a startup founder, my primary goals are always centered around securing funding, expanding my network, and seeking fresh ideas. Joining Startupbootcamp, I was looking to immerse myself in an environment where startups are actively being built. I wanted to understand the nuances of setting up and managing a startup – from the ground up. It was an opportunity to gain insights into the startup process, learn from others in the field, and incorporate these learnings into my own venture.
Startupbootcamp Application Process
Q: Can describe the application process for Startupbootcamp?
A: It was quite straightforward. Initially, it involved filling out a form. Shortly after submitting this form, I received a phone call from the scouting team of Startupbootcamp. This initial conversation led to a follow-up discussion with one of the team leaders. The next step in the process was presenting a full pitch of my startup idea. After this presentation, I was accepted into the program. The process was efficient and moved quickly from the application to the phone conversations and finally to the pitching stage.
Q: What factors do you think contributed to your company being accepted into Startupbootcamp?
A: It was a challenging situation. Our company didn’t completely align with the specific criteria of the program initially. However, I believe it was the conversation I had with one of the mentors from Startupbootcamp that made the difference. During our discussion, I was able to convincingly illustrate how our work at INDIEDRINKS.DIRECT intersected with the program’s focus areas, particularly in the realm of transportation and optimization.
This ability to demonstrate how our business model could fit within the broader theme of transportation optimization, a key component of the Startupbootcamp program at the time, played a crucial role in our acceptance. It was about showing the flexibility and relevance of our approach, even though it wasn’t a perfect fit at first glance.
Inside Startupbootcamp Program
Q: Can you describe what the Startupbootcamp program was like?
A: Startupbootcamp was a three-month program, packed with various activities and learning opportunities. A significant portion of the program involved numerous video conference calls. These calls were with a range of mentors and lecturers, each bringing their own expertise and insights. As part of the Amsterdam cohort, we also had three in-person visits to Amsterdam. These visits were about a week long each, providing an immersive experience. The last visit, which was longer, included an important element of the program: a big pitch day. This day was not just about presenting our ideas; it was a chance to meet with investors and network with other participants and mentors. The program concluded with a celebration, marking the end of an intense and enriching journey. It was a mix of learning, networking, and showcasing our progress to potential investors and supporters.
Mentor access was a key part of the Startupbootcamp experience. In the initial stages, we were introduced to a wide array of people through Zoom. These individuals came from various industries and had diverse areas of expertise. We engaged in conversations with them, knowing that we needed guidance to effectively navigate through the process. We had the freedom to choose mentors from this group who we felt could best support our specific needs. This flexibility allowed us to tailor our mentoring experience to align with our startup’s goals and challenges.
The interaction with mentors was largely self-directed. We had direct access to them, and it was up to us to manage how we wanted to engage. This approach meant we could arrange our meetings and discussions in a way that best suited our schedule and the specific issues we were addressing at any given time. This autonomy in managing mentor relationships was instrumental in ensuring that we got the most out of their expertise and advice.
Q: Did Startupbootcamp provide any funding or other forms of support for your startup?
A: We did receive funding through the program. It was a modest investment, but it was instrumental in supporting our early stages. We received an investment of 15,000 euros in cash. Beyond the direct funding, we also had access to benefits valued at around 300,000 euros. These benefits came in the form of bonuses from various service providers. For example, we had offers from Amazon AWS and various applications that are geared toward helping startups develop their products more cost-effectively. These resources were incredibly helpful in not just reducing our operational costs but also in providing us with the necessary tools and services to build and grow our startup more efficiently. This combination of a small investment and practical, usable offers contributed significantly to our progress during the program.
Q: In return for the funding and support, did Startupbootcamp take any equity in your company?
A: Yes, they did. Startupbootcamp took an 8% equity stake in our company. From our perspective, this was a worthwhile exchange. Our assessment went beyond just the cash value we received. We placed significant value on the expertise and resources we gained access to through the program. For us, it wasn’t solely about the monetary investment but also about the opportunity to tap into a wealth of knowledge and experience. This access to expertise was essential for our growth and development. Personally, I believe it was a very favorable arrangement, considering the broad spectrum of support and resources we were able to leverage as part of the program.
Achieving Milestones at Startupbootcamp
Q: During your time at Startupbootcamp, were there any significant milestones or realizations for your startup?
A: One of the key milestones for us was the realization that we needed to adjust our business model. This insight came through conversations not just with our mentor but also with the program manager. These discussions helped us recognize the need to slightly tweak our approach to how we were presenting our proposal to the market and, more importantly, how we were planning to generate revenue for our business.
Another significant area of growth was in refining our pitch. With the help of Startupbootcamp, we were able to enhance our pitch deck substantially. It wasn’t just about the design; the program provided serious help in improving the message we wanted to convey. This improvement was crucial not only for appealing to potential investors but also for reaching potential users of our service. So, these moments of tweaking our business model and enhancing our pitch were pivotal. They were more than just changes; they were fundamental shifts in our approach that significantly impacted our trajectory post-Startupbootcamp.
Current Status and Future Plans of INDIEDRINKS.DIRECT
Q: What is the current status of INDIEDRINKS.DIRECT?
A: Currently, INDIEDRINKS.DIRECT is in the midst of our second angel investment round. We’re a bit behind our initial expectations in terms of company development. By now, we had hoped to be operational in at least two more countries, but we’ve encountered some delays, particularly with fundraising. Being based in Estonia, which is renowned for tech startups, has presented unique challenges for us in the drinks industry, especially as we deal with alcohol. Not every investor is keen on investing in alcohol-related projects.
Despite these challenges, Estonia has been an advantageous launchpad for us due to its small size and manageable logistics. We’re using this to our advantage to test and refine our model. We’ve also made preliminary efforts to expand into the UK, Thailand, Latvia, and Finland. These plans are contingent on the success of our ongoing funding round.
In addition to geographic expansion, we’re also working on developing additional services within our startup. These enhancements are part of our strategy to offer more comprehensive solutions to our clients and to strengthen our position in the market. As we close our second angel round, we anticipate moving forward with these plans and achieving our goal of expanding into new markets.
Final Advice for Founders Considering Startupbootcamp
Q: What advice would you offer to founders considering applying to Startupbootcamp?
A: For founders thinking about applying to Startupbootcamp, I’d emphasize the importance of being open-minded and ready to listen. The feedback and perspectives you’ll receive from mentors may not always align with your current views, but they offer invaluable outside perspectives. Seeing your startup through a different lens can be incredibly beneficial. It encourages founders to reconsider their ideas and can lead to innovative solutions. I highly recommend Startupbootcamp. The people involved are not only positive but also extremely knowledgeable. They have a vast network of global contacts, and they are incredibly supportive in providing access to this network. My experience with them has been very positive, and I have no regrets about participating in their program. Even now, we maintain contact, which speaks to the lasting value and relationships built during the program.