Who is RAML?
Q: Tell us about yourself and your startup.
A: I’m Nabeelah Begum, and I founded RAML. We’re in the business of anti-money laundering compliance. Our goal is to streamline this process by offering an all-in-one platform that eliminates the need for multiple vendors, tech providers, consultants, and lawyers. With us, compliance is a guarantee right out of the box.
Insights about Techstars’ Application Process
Q: What motivated you to join an accelerator program for your startup?
A: I decided to apply to Techstars based on my research, particularly on Reddit. I’m a big fan of Reddit, and it provided some valuable insights. According to Reddit, Techstars was considered the second-best accelerator, following YC (Y Combinator), but it was known for being somewhat easier to gain admission to. So, I had a choice to make: should I invest my time in one or two applications to other accelerators, or should I put my efforts into a Techstars application? After coming across this advice, I opted to focus on applying to Techstars.
Q: Can you describe the application process for Techstars and its level of competitiveness?
A: The Techstars application process is a combined effort. First, you have to submit an application, and it’s worth noting that you need to include a video as part of this application. Once you’ve completed the initial application, you move on to the interview stage. There are three interviews in total. It’s quite a streamlined process and doesn’t take too long. As for the level of competitiveness, it can be tough, but success is achievable.
What set RAML apart in this process was our unique approach to anti-money laundering compliance. We offered an all-in-one solution that simplifies the compliance process. This, along with our dedication and enthusiasm for what we do, helped us stand out.
Q: How much effort and time did you invest in the Techstars application process?
A: Honestly, the process was pretty straightforward for us; I spent about an hour on the application. No external consultants, no endless revisions—just fill it out and hit submit. Now, that’s not everyone’s journey, but it clicked for us.
If you’re a founder navigating the Techstars application, my top piece of advice? Start by crystal-clearly defining your goals. Get that plan of yours well-thought-out. When you’re filling out that application, be detailed and, above all, keep it real.
Inside Techstars Program
Q: What comes after successfully entering Techstars?
A: After gaining entry, the Techstars program spans 12 weeks. During this time, you delve into the fundamentals of starting and running a business. You also gain insights into the venture capital (VC) world and how to raise funds effectively. The culmination of this program is Demo Day, which occurs at the end of the 12 weeks.
Q: Did Techstars provide access to mentors or offer training sessions as part of the program?
A: Techstars provided access to mentors through what they call “Mentor Madness.” Over two weeks, you meet approximately a hundred mentors for 15-minute sessions, one after the other, allowing you to tap into a diverse pool of expertise and get valuable feedback. At the end of the day, you typically meet about 10 mentors, and they rank all the participating companies in terms of performance. This process continues for two weeks. Additionally, there’s “Investor Madness,” which follows a similar concept but involves interactions with investors.
Q: Did you receive funding as part of the Techstars program? And besides the funding, what were the most significant advantages you gained from the program?
A: Yes, we received $120,000 in funding through the program.
The most significant benefits beyond the funding were definitely the network and access to mentors. These two elements go hand in hand. Being a part of the Techstars network means you instantly connect with other founders, and there’s a sense of unity and willingness to support each other. Additionally, having the opportunity to pitch our business in front of a hundred people was incredibly valuable.
Q: Do you still have ongoing access to mentors within the Techstars network?
A: Techstars is a long-term commitment, so you maintain access for as long as you require it. Even if, for any reason, the current company were to face challenges or shut down, access to Techstars resources persists.
Q: Were there any significant moments or particularly inspiring situations during the program?
A: One of the most significant moments was interacting with the other cohort members. Hearing their stories and backgrounds was truly inspiring. Witnessing individuals with diverse backgrounds coming together to support and uplift each other was particularly motivating.
Key Milestones and Current Status
Q: What is the current status of RAML, and what projects are you currently focused on?
A: RAML is on fire, for real. Launched in May and already profitable, with growth stats you can’t ignore—100% MoM, to be exact. As for projects, our main hustle is on the fundraising end of things. So, it’s all hands on deck and yeah, we’re pretty jammed up, but loving it.
We’re a lean team of four right now, including my two co-founders. But don’t misunderstand; growth is on our radar. Once that fresh funding hits the bank, we’re ramping up the team.
In terms of growth strategies, we’re keeping it focused and taking it one step at a time. The future’s bright, but the present is where the action is at.
Final Tips
Q: What final advice do you have for founders considering applying to Techstars?
A: My main advice is to persevere. Many people don’t get in on their first attempt, so don’t be discouraged. Keep trying, and remember that success can come in various forms. Reach out to previous Techstars founders for insights and advice; they are often willing to help. Also, connect with founders in similar businesses, as their experiences can provide valuable insights. Ultimately, have confidence, stay determined, and go for it.