Posts Tagged ‘500Startups’

Finding Our Feet at 500Startups

After a week of phone calls, parties, accolades and shopping, we arrived in Mountain View to start the 500Startups program. The office is right in the downtown at the top floor of a huge glass building. We walked in absorbing every little detail – the elevator, pictures on the walls, colors of the doors. After 18 months of working from home, it was like walking into freedom. We were so excited about the program that we showed up at 8:30 AM on a Friday. No wonder there was only one person in the office, probably on a call with his overseas team. We had no keys so we waited outside till he paid any attention to us.

500Startups Office

The moment we walked in, we were awed by the breathtaking view of the valley from the 12th floor of the building. Yes, this is where great companies are created! Slowly people started trickling in and we found ourselves in the company of teams from as far as Tokyo, China and Jordan. Everybody was jubilant and super excited for the program.

The weekend went quickly in apartment search, furniture and collecting general supplies. Soon it was Monday, the first day of the program. Everybody was anxious to learn how the superhuman 500Startup team will transform our ideas into successful businesses overnight! The opening day was full of conversations with partners, fellow entrepreneurs, companies from the previous batches, and the picture started to emerge. The magic wand is access to awesome information, multiple resources, and a solid support system that will help fuel our business. Over the next four days, we had sessions on fundraising tips and tricks, networking, fireside chat with Dave McClure to learn his amazing entrepreneurial story, and meetings with several mentors.

Today is Sunday and it is 80 degrees outside. My co-founder and I are working in the office on a new release. My head is still spinning from all the things we accomplished in the last five days, including seven mentor meetings, three networking sessions, and a negotiation for our investment round with a VC firm, plus acclimatizing in the new setting (we are from NJ). We were working 16 hours a day on our business before we started the program. Now we have to tap into all the awesome resources along with what we were doing earlier. It is overwhelming!

Hopefully we will find our feet this week and strike a balance between making progress on the business and taking the best advantage of 500Startups’ resources. It’s all about moving fast and we have hit the deck running!

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18 Months to Overnight Success

Just two weeks ago we had no money left in the bank and were thinking of shutting shop. One email changed everything! We got an offer from 500Startups for their accelerator program that expedited our investment round, converted naysayers into believers and made us celebrities among our friends. While we are enjoying the limelight and new boost to our young business, I am pondering over our journey to be an overnight success.

It all started 18 months ago with a simple idea. My co-founder and I worked nights to launch our first product and decided to quit our jobs when we crossed 200 (yes just 200!) subscribers of our app. In the next six months we raised angel investment, launched our service and got featured in online media. While we were getting popular in our friend circle we hit the wall on subscribers. We pivoted twice, tried new tactics and spent money on advertising but nothing worked. The suspicion crept in quickly with little money left in the bank and no brilliant sparks to recover. Suddenly the idea of going back to a regular paycheck and ending our pain seemed lucrative. That was the first real test of our resolve to be entrepreneurs.

To our surprise, a few days of frustration, depression and deep introspection reinvigorated our startup bug! We decided to give it one more shot for a simple logic – we are out of jobs anyway, have some money in the bank, and probably this is the last chance [we both are 35+] to try something this crazy. Two months and hurricane Sandy [we live in NJ] later we launched Sverve. This time, however, we had no fanfare but super results. Things change quickly in startup world – now we had traction but no money in the bank. Our investors [prudently] asked us to find new money and we had put in all our savings in the business already so there was no run way left. That was the second big test of our resolve.

Once again we decided to plough through and gave ourselves three more months on borrowed money. With more traction and early revenue, we could excite some new investors and found ourselves in the final round of the selection process of reputed accelerator programs. However, with time and money running out on us and with no firm decision from investors, we were at the brink of giving up. Then the life-changing email arrived! We got into 500Startups, got early money, and are now closing a seed round.

I am writing this on a flight to Silicon Valley as we gear up to start the program in Mountain View next week. My co-founder and I just killed last three hours discussing our hiring plan, product enhancements, and future funding rounds. It is an exciting time and we are thrilled to be back in business with 500Startups.

This was the story of our overnight success. Overnight, yeah right!

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