Highlights of student-led ventures participating in LaunchPad Lift, part of the Blackstone LaunchPad® powered by Techstars® entrepreneurship program.
Sure, students love snacks. But when a group of food scientist students at Cornell couldn’t stop eating their school project, they knew they were onto something special. Grabanzos, a crunchy, chickpea-based chocolate snack—with the added benefits of more protein and fiber and fewer calories than anything else on the market—won Jason Goodman, Ashton Yoon, and Philip Kim their class competition. After their initial success, they decided they had to bring it to the public. The team named their company Antithesis Foods, because they want to take a different, science-based approach to food development.
“To me, entrepreneurship is about ‘going from failure to failure without losing enthusiasm’,” said Jason, quoting an old saying. “It means you find great joy on working through big problems, regardless of the pain, anxiety, and sleepless nights.”
As a PhD student at Cornell, Jason first got involved in the LaunchPad program on campus in spring 2018. He and his two teammates have found Antithesis to be instrumental in setting them up for success, in particular due to the connections with other student teams and networking with consumer packaged goods experts from outside their school’s existing program. These kinds of industry-specific experienced mentors are helping Antithesis narrow the endless list of to-do’s so that they can maintain focus on the most critical metrics early stage investors are looking for and mitigate risks in the right parts of the business.
Jason also appreciates the sense of community that Lift provides. “Just hearing the issues that other teams are having as they grow their companies lets us know that we’re not alone! Everyone is struggling with the same problems, whether they’re fundraising, effective marketing, scaling, or ensuring product-market fit,” he said. “Running a startup can often be isolating, so the community is especially helpful, particularly at this early stage of our venture.”
Jason and his team members are aiming to achieve two major goals by the end of the eight-week virtual program: development of a fundraising pitch deck and identification of several measurable KPIs.
To assist with the development of company pitch decks, Techstars Managing Partner Mark Solon coached the founding teams during week three of the program about the relationship components of fundraising. He also encouraged teams like Antithesis to focus on investors with existing experience in an industry ecosystem. These investors, Mark explained, will require less education and be able to understand the problem and solution much faster.
As for Antithesis’ objective to structure a framework of metrics and KPIs for Seed/Series A pitches, Jason and his team members recognize the importance of collecting and presenting data investors care about. They are constructing experiments to answer questions about the cost of customer acquisition, marketing ROI, and more, in order to collect meaningful data.
“Having the mentors and experts who know what questions to ask is invaluable, and we’re thrilled to have the opportunity to work with them,” Jason said.