Introducing FundMiner, Chelsea and Alejandro
Q: Can you give a little background about your company?
A: FundMiner is a game-changer for fundraising organizations. We’ve built a fund management platform to help these groups use their restricted and unrestricted funds more effectively. The goal is simple: to help them make a bigger, more meaningful impact on the world.
Why Techstars?
Q: What made you decide to apply to Techstars?
A: When it came down to choosing an accelerator, Techstars was on everyone’s lips. It was like the classic debate between Techstars and Y Combinator. Our network was buzzing about it—mentors, friends, advisors—they all nudged us toward Techstars. But here’s the kicker, we were both navigating the founder journey for the first time. We knew we had gaps in our knowledge. Techstars just felt like the missing puzzle piece we needed to make sense of the bigger picture. So we jumped in, and let’s just say we haven’t looked back.
Navigating Techstars’ Application Process
Q: Can you describe the application process for Techstars?
A: The Techstars application kicks off with an online portal where you enter information about your startup and personal ethos. Then comes the fun part—making a video. We channeled our inner Scorseses one night, racing against the clock to hit that final deadline. We even used Microsoft Teams as our makeshift studio. It’s not a pro move, but it did the trick.
Post-portal, you’re ushered into the interview stage. Initially, it’s business as usual—your quick elevator pitch, slide deck, and basics. But once you’ve got their attention, Techstars turns the tables. Now they’ve got your full profile and they dive deep. The subsequent interview rounds evolve into these captivating and suspenseful Q&A sessions that keep you on your toes.
What Techstars Looks for in Company Traction and Status
Q: Did Techstars have specific expectations about your company’s traction when you applied?
A: When it comes to Techstars, they dig deeper than just the surface-level stuff. Techstars isn’t just about numbers on a dashboard. They were keen on knowing about us as founders—our backgrounds, our full-time commitment to FundMiner, and our product development. What helped us a lot is that we had a product that wasn’t just a fancy slide deck or wireframes; we had a product that had been road-tested with a real, live customer.
We were part of a 12-strong cohort, each with its unique product and level of traction. From early-stage MVPs to established products, the range of products and founders was eclectic. The secret sauce isn’t necessarily having paying customers, though that’s a nice bonus. What gets you through the door is presenting a compelling vision and demonstrating the founders’ ability to execute on the same. That’s the kind of mojo Techstars is after.
Inside the Techstars Program
Q: What does the Techstars program include?
A: Techstars is not your run-of-the-mill accelerator; it’s a meticulously designed journey for founders. Picture this: You kick off with a retreat that’s more than just a scenic backdrop. It’s about human connection. You meet your cohort, and suddenly, the entrepreneurial path feels a little less isolating. And just when you think you can catch your breath, Mentor Week hits you. Picture a week where you get to meet roughly 70 mentors before being matched with your core group of 5 or so. Those mentors didn’t just last for the program; they became a part of our extended team.
Dive deeper into the program, and you’re in for a buffet of learning. You’ve got workshops led by industry experts, coaches who guide you through the labyrinth of startup challenges, and team-building sessions that aren’t just trust falls and pep talks. Once you find your mentor match, they’re with you for the long haul, far beyond the program’s 13-week stint.
You might come into Techstars with a killer pitch, but they’ll help you make it even tighter. Need to compress a sprawling 10-minute pitch into a potent two-minute elevator spiel? Techstars has you covered. It’s like a crash course in being concise, and it’s a skill that pays off in every pitch room you’ll ever step into.
The Financial Perks of Being in Techstars
Q: Did you receive any funding through Techstars?
A: You start with an initial investment, around $20k in our case, which they see more as a stipend to cover any travel or logistical expenses you might have. It’s a welcome cushion that lets you focus on growing your startup without sweating the small stuff.
Peel back another layer, and there’s an optional second tranche of funding at a specific valuation. Some companies jumped at it; we decided to pass. At that point, we were already deep into our fundraising strategy and engaged in conversations with other investors. That second pot of money might suit some startups, but timing is everything. Techstars also sometimes offers follow-on funding for future rounds. Whether or not you opt for that second helping of capital, there’s always the possibility of additional funding down the line, providing even more financial runway to soar. In our case, for example, we received funding from at least one major VC directly funneled from the Techstars Demo Day which marked the culmination of our 13-week program.
The Invaluable Advantages of Techstars
Q: What were the biggest non-financial benefits you got from the Techstars program?
A: The perks that you can’t slap a dollar sign on—those are some of the best gains we got from Techstars. It’s like a crash course in Founder 101. You’re not just building a product; you’re learning how to be the kind of founder who can steer the ship through any storm.
Networking is a treasure trove in itself. You meet other founders, and the relationships don’t stop at casual chitchat. We’re talking ongoing dialogues, late-night strategy sessions, and those “hey, have you thought about this?” convos that spark game-changing pivots. Not to mention the mentors. Those are relationships you carry with you, giving you this powerful advisory board you didn’t have to assemble yourself.
In the mix of all that, there’s a language you pick up—the language of startups. You think you’re coming in savvy, but then you discover these nuanced terms and strategies you hadn’t even considered. Pre-seed, seed, Series A, traction—what do they mean, and why should you care? By the time you graduate from Techstars, you’re not just conversational in this lingo; you’re practically a native speaker.
The Unexpected Learning Journeys
Q: Do you have any “aha” moments from the Techstars program?
A: The inaugural retreat stands out. It wasn’t just a meet-and-greet; it was like a clarion call, signaling that you’re not solo on this rollercoaster. Feeling that camaraderie with other founders—knowing they’re in your corner—flipped a switch for us.
And then there’s the pitch prep. Imagine trying to distill your startup’s essence, its very soul, into a bite-sized two-minute pitch. It’s a masterclass in focus and brevity, and you come out the other side with something potent. These are game-changers, people, and the stuff that transforms your startup journey from a maze to a well-lit path.
The Current State of FundMiner
Q: Where’s FundMiner at the moment?
A: We focus on expanding our customer base and ensuring their satisfaction. Our team has grown to eight dedicated members, and we’ve successfully landed our first round of funding. The mission ahead is straightforward—establish FundMiner as the go-to name in the fundraising systems and operations landscape. Plus, we’ve kicked off our revenue stream and secured industry-leading partners, so we’re not just in the game, we’re positioned to lead it.
Final Thoughts
Q: Do you have any final thoughts to share with founders who are considering applying?
A: If Techstars is on your radar, stop pondering and hit that apply button. Be audacious yet grounded, ’cause Techstars is scouting for founders with a thirst for wisdom and growth. Trust us, this experience is a literal game-changer, especially if it’s your first rodeo as a founder.