Meet Abdullah Elatrash from Natrify
Q: Can you introduce yourself and your startup?
A: Sure, I’m Abdullah Elatrash, the founder and CEO of Natrify. We’re an environmental biotech company making waves in the MENA region. Our main focus is on enabling manufacturers in the plastic industry to switch to producing a type of bioplastic that’s naturally biodegradable in any setting. Through our groundbreaking technology, we’ve developed a method to genetically engineer bacteria to produce this bioplastic, which is a game-changer because it can biodegrade naturally and is priced competitively with traditional plastics. This allows businesses to embrace sustainability without hurting their profits.
We license out our technology and expertise, providing manufacturers with the organisms and the know-how to produce this bioplastic in their own facilities. Our model is a win-win: they get to manufacture environmentally friendly plastic, and we receive royalties from their sales. This approach is designed to encourage the widespread adoption of biodegradable plastics, contributing significantly to reducing environmental pollution.
Q: What inspired the creation of Natrify?
A: My inspiration came from a project I led with the United Nations Environment Programme (UNEP) in Cambodia, focusing on cleaning up a significant contamination in the ocean. That experience opened my eyes to the severe impact of plastic pollution, not just environmentally but also health-wise, through microplastics. We used a special kind of bacteria that could digest microplastics, which sparked the idea for Natrify. Although the organism we used had its limitations, the project highlighted the challenges businesses face in adopting sustainable packaging solutions due to cost implications. This realization drove me to develop a solution that could be scaled up, leading to the creation of Natrify. Our goal was to produce biodegradable plastic that didn’t rely on specific conditions or additional organisms for decomposition and was cost-effective for mass adoption.
Joining Village Capital
Q: How did Village Capital become involved in your journey?
A: Village Capital entered our story at a crucial but early stage. At that point, our product existed but was far from what it is today. We hadn’t secured any clients or investments yet. Although we had participated in several accelerators, Village Capital was the first with a significant reputation that we got involved with. This engagement marked our first substantial interaction with an international community, which was both inspiring and transformative for us.
Joining Village Capital not only provided us with exposure but also acted as a catalyst for us to start thinking globally much sooner than we had planned. We had always harbored ambitions to operate on a global scale, not just in Egypt. However, the program encouraged us not to wait for success in our local market before expanding our horizons. The interest we received from the international community through Village Capital was eye-opening. It made us realize the potential impact and interest in our technology worldwide, pushing us to pursue our global ambitions more aggressively. This experience was a turning point, urging us to expand our vision and reach beyond our initial focus.
How a Founder Gets In
Q: Can you share your memories of the application process and funding through Village Capital?
A: The details of the application process for Village Capital are a bit fuzzy for me now. What stands out in my memory is the final stage, where we were all competing for a significant prize. There was a $20,000 grant on the line for two finalists, though I can’t quite recall how the grant was distributed. Beyond the funding potential, the program was instrumental in connecting us with a network of investors and mentors, some of whom were investors themselves. Meeting people like Tori Rushdie, who I got to know as a mentor through the program, was incredibly valuable. He didn’t invest in Natrify, but the relationship has lasted. The grant was particularly attractive because it was just that—a grant, not equity-based, making the competition intense. Given the economic conditions at the time, that $20,000 had even more purchasing power than it might today, making it a significant boon for us.
A Day Inside the Village Capital Program
Q: What was a typical day like in the Village Capital program?
A: The days in the Village Capital program were notably long, with mentorship taking up a significant portion. On average, we dedicated about four hours daily to this aspect alone, which was quite intensive. Each session not only included direct mentorship but also exercises that needed to be completed afterward. These tasks were designed to apply what we learned, and there was a continuous cycle of feedback and improvement. Additionally, there were opportunities for one-on-one sessions that were tailored to each participant’s specific needs and methods.
For us, being in an early stage of our journey, the investment of time was incredibly beneficial. The program significantly expanded our knowledge base and provided valuable insights that we could directly apply to our startup. However, I believe that for later-stage companies, committing to such an intensive schedule might be more challenging. The program’s structure was highly effective at that time in our development, offering substantial value. But if I were to participate in the same structure today, it would be much more difficult to engage with every session due to the demands on my time and the different focus areas of a more mature company.
Standout Features and Challenges of the Village Capital Program
Q: Can you highlight any standout features of the Village Capital program that made it worthwhile?
A: Two significant aspects of the Village Capital program really stood out to me. First, the unparalleled access to mentors within their vast network was remarkable. Unlike other programs, Village Capital offered the flexibility to connect with any mentor from their network, which was a game-changer. They even went as far as to attempt to bring in mentors outside their network if requested, provided we could introduce them through a platform like LinkedIn. This level of accessibility and personalized mentorship was something I hadn’t seen in any other program and was incredibly valuable for our growth.
The second standout feature was the program’s emphasis on founder engagement. Unlike typical programs where interaction with other founders might be incidental, Village Capital made such engagement a core part of the curriculum. This was particularly evident in the way the final prize was determined by voting among peers. Initially, I was skeptical about this approach, fearing it would favor popularity over merit. However, looking back, I appreciate how it fostered a supportive and collaborative environment among the participants. This system forced us to engage with each other more deeply, which was beneficial in building connections and understanding the value of peer support in the startup ecosystem.
This emphasis on peer engagement and networking was especially crucial during the COVID-19 pandemic when the program had to pivot to a virtual format for the first time. This transition created a unique set of challenges but also opportunities for innovation in how we interacted and supported each other in a newly virtual entrepreneurial landscape.
Q: Was the vast network of mentors in Village Capital overwhelming?
A: Indeed, the mentorship aspect of Village Capital was somewhat overwhelming, especially at the start. It wasn’t just the sheer volume of information but also the commitment of time required to engage with the mentors, complete assignments, and absorb the flow of information. The entrepreneurial learning curve is exceptionally steep, as the program compresses what could be a decade’s worth of experience into just a few months. This intensity requires not only understanding the material but also applying it effectively, which can be quite challenging.
This overwhelming nature is not unique to Village Capital but is common across many accelerator programs. Despite this, I believe it’s a necessary hurdle. The structure, though demanding, is perhaps the best approach to ensure founders receive a condensed and intense learning experience. It’s the most effective, albeit challenging, way to prepare founders for the realities of entrepreneurship. However, this model’s feasibility decreases as the company progresses to later stages due to the increasing demands on a founder’s time.
Areas for Improvement at the Accelerator
Q: Do you have any suggestions for improvements in Village Capital’s approach?
A: A critical point of contention for me was the competition format at the program’s end. Initially, I felt it favored more popular startups over those that were genuinely functional. Considering the harsh reality that a vast majority of startups fail, and only a small fraction achieve a successful exit, the evaluation criteria seemed skewed. In my view, at least one of the winning startups should be chosen based on its actual functionality and potential for success, not just popularity.
This approach would lend more credibility and validation to the startups, beyond just appealing to venture capitalists. Winning a grant, which is essentially free money without any equity exchange, carries significant weight. It signifies a belief in the startup’s potential for success, providing a form of validation that is crucial in the early stages.
The competition seemed to mirror a superficial aspect of the startup world, where popularity can attract funding, but it doesn’t necessarily predict long-term success. True, some startups may thrive on their popularity, but many do not. It’s essential to acknowledge and support startups that, while they may not dominate headlines, are building solid, viable businesses, especially in sectors like B2B, where visibility is less about public acclaim and more about tangible success metrics.
Natrify’s Growth Post-Accelerator
Q: How has your company evolved since completing the Village Capital program?
A: Village Capital played a pivotal role in our journey, arriving at a crucial time when we were laying the groundwork for Natrify. Their guidance was instrumental, and I attribute a significant part of our current success to the foundation we built with their support. Today, Natrify has expanded its operations beyond Egypt, establishing a presence in the US with a licensee, and building a client base in the UAE and Saudi Arabia. We’re in the process of relocating our entire operation to the UAE.
Financially, we’ve successfully raised two rounds of funding, with the second round currently closing. Although we’re officially in a seed round, our progress positions us closer to a pre-Series A phase. Our investors include notable entities like TerraVC and partnerships with significant players such as Mubadala, the sovereign fund of Abu Dhabi.
Our team has grown significantly from just the co-founders to a robust team of 60, projected to reach 40 by year-end. This discrepancy in numbers reflects our strategic approach to staffing; we prioritize hiring fewer but highly skilled and well-compensated individuals. This lean but efficient team structure is key to our operational philosophy, ensuring that each team member brings substantial expertise and value to their role. By maintaining this approach, we aim to keep our team size to a maximum of 60 people by the time we exit, focusing on quality and effectiveness over quantity.
Advice for Engaging with Village Capital
Q: What advice would you offer to those looking to connect with Village Capital?
A: My key piece of advice for anyone considering Village Capital, or similar accelerator programs, is to actively reach out. The team at Village Capital is among the most approachable and responsive I’ve encountered. If you’re interested in applying or just want to learn more, don’t hesitate to contact them directly. They’re very open on platforms like LinkedIn, and their website typically lists team members, making it easy to identify and connect with the right people.
They’re known to be incredibly supportive, offering guidance through the application process or even providing additional insights that could enhance your application. It’s important to be clear and direct in your communication: articulate not only where your startup currently stands but also where you aim to take it. Be transparent about your goals, the metrics that define your progress, and explicitly how Village Capital can aid in your growth.
Highlighting the specific areas where their program can make a difference to your startup is crucial. This level of openness and specificity can significantly impact how they view your application and your potential fit within their program. Remember, the goal is to establish a mutual understanding of how their resources and network can align with and accelerate your venture’s objectives.