Introducing Jamee Herbert from BridgeCare
Q: Can you introduce yourself and your startup?
A: I’m Jamee Herbert, the CEO and co-founder of BridgeCare. BridgeCare is a SaaS platform designed to assist government and community organizations in establishing a well-funded and efficiently run early care and education ecosystem. This issue is prevalent globally, though our primary focus is currently in the United States.
Q: What inspired you to create BridgeCare?
A: The inspiration for BridgeCare came from my personal experience as a woman in the workplace, particularly the challenges I faced finding and affording child care, and how such challenges can disrupt the career trajectories of new parents, especially mothers. This led me to approach the issue from a perspective of gender equity, aiming to forge better pathways for women to continue their careers. Since launching in 2016, our understanding of childcare’s complexities has grown significantly. We’ve delved into the multifaceted issues within the childcare ecosystem, involving providers, public funding, families, and other stakeholders. Although our mission has expanded beyond our initial focus, it all started with a desire to address gender inequities and improve access to childcare.
Why Village Capital?
Q: How did BridgeCare become involved with Village Capital?
A: We launched BridgeCare in 2016 and applied to a Village Capital Accelerator program in 2017, aiming to address the financial accessibility of childcare as a FinTech solution. Although we weren’t accepted initially, we made significant connections and stayed in touch with people we met, possibly at a conference. Meanwhile, we participated in other accelerators, including TechStars. After pivoting post-TechStars, we reconnected with Village Capital in 2019. At that time, they were launching a new program focused on the future of education and work, which they believed might suit us better given our pivot. The timing was perfect, aligning with our progress and the traction we had gained after several years in the field. This led to our acceptance into their Future of Work and Education program in 2019.
Application and Funding Process at Village Capital
Q: What was the application and funding process like at Village Capital?
A: The application to Village Capital is done online, with standard questions similar to what you’d include in a pitch deck, such as traction, team expertise, partnerships, funding, and revenue. What I didn’t realize initially was how these questions aligned with Village Capital’s proprietary Abaca methodology, which assesses a company’s investability across eight measures: team, problem and vision, value proposition, product, market, business model, scale, and investor exit. This framework forms the basis of their program, conducting an initial assessment of a startup’s investability.
The unique aspect of Village Capital’s program is the peer rating process. Out of the companies participating, only two receive funding, determined through peer assessments based on the Abaca scale. This process is distinct and can be confused as a simple popularity contest. However, in my experience it’s much more nuanced and business focused than that because the results are derived from detailed ratings across various business categories.
Our application led to participation in a remote program with in-person sessions in Austin, Chicago, and New York, offering networking opportunities and exposure to local investors and potential corporate partnerships. Throughout the program, companies rate each other, culminating in a formal rating session where two companies are selected to receive a $100,000 investment. Some debate the fairness. Yet overall, the program offers valuable introspection and feedback for startups focused on becoming investable by venture capitalists.
The Most Impactful Aspect of Village Capital’s Program
Q: What was the most impactful aspect of Village Capital’s program for you?
A: Honestly, we joined the program primarily for funding, which was incredibly impactful for us at the time. Beyond the financial aspect, the framework provided by Village Capital was instrumental in refining our pitch and fundraising approach. However, assessing the program’s full impact is challenging because it concluded just as the pandemic began, leading us to significantly pivot our business in response to the changing environment. Despite these disruptions, the relationships we formed during the program have been lasting. We keep in touch with fellow participants, some of whom have followed a similar path to ours or have since exited their businesses. These connections and the network we built have been invaluable, demonstrating the program’s lasting influence beyond its immediate financial benefits.
Areas for Improvement in Accelerator Programs
Q: What do you think could be improved in the Village Capital program?
A: A common issue, not unique to Village Capital but prevalent across many accelerator programs, is the post-program support. Often, a managing director or key contact within the program moves on, and startups lose their anchor within that ecosystem, be it Village Capital, TechStars, or others. This leads to a gradual disconnection from the network that was built during the program. While funding is crucial, the value of network and relationships that extend beyond the program is significant. Improving the longevity and accessibility of these networks post-program would greatly benefit startups.
Impact of the Program on Current Success
Q: Can you attribute your current success to the program?
A: Yes, I believe there’s a correlation between our participation in the program and our current success. External validation is critical in the early stages of a company, as it signals to investors and customers alike that the company is vetted and reliable. Such validation, including the introductions and network expansions facilitated by the program, has been invaluable. While it’s challenging to measure the exact impact, the program’s role in providing introductions to investors and fostering relationships has been instrumental in our growth. Specifically, Village Capital’s Future of Work and Education program aligned perfectly with our pivot and need for new customer introductions and investor expertise. This directly supported our strategic objectives at a crucial time.
Evolving Relationships Post-Accelerator
Q: How has your relationship evolved with Village Capital post-accelerator, and do you still feel connected enough to ask for introductions?
A: Absolutely, I feel completely welcome to reach out to Village Capital for help and support, especially considering our shared focus on impact. However, our business model has significantly evolved since participating in their program, particularly due to the pandemic. We decided against fundraising for about four years, focusing instead on building our business. This period of intense development led us to grow a strong, profitable business, culminating in a recent announcement of a $10 million Series A fundraise, which was initiated by a single investor without the need for us to leverage multiple investor networks. Although the nature of our business and the sectors we now operate in have changed, making us more public sector-oriented, the door to Village Capital remains open. I haven’t needed to ask for introductions recently, but I’m confident that I could, reflecting the enduring value of the network and relationships formed during the accelerator program.
Advice for Aspiring Village Capital Applicants
Q: Do you have any advice for those considering applying to Village Capital or similar accelerators?
A: Yes, my primary advice is to thoroughly research their model, specifically the Abaca methodology, as it’s integral to both the program’s foundation and likely the application evaluation process. Familiarizing yourself with this framework can significantly enhance your application’s alignment with what Village Capital prioritizes. Additionally, persistence is key. If Village Capital or any accelerator program interests you, don’t be discouraged by initial rejections. We weren’t accepted into any program on our first try but continued to apply. Resilience in the face of rejection is crucial, so keep pushing forward and reapplying as needed.