Introducing the 2018 Class of the SAP.iO Foundry, Powered by Techstars Accelerator in Berlin

Announcing Techstars Class 152, the 2018 class of the SAP.iO Foundry, Powered by Techstars Accelerator in Berlin! The programme is focused on B2B and enterprise SaaS companies, with a sub focus on machine learning and artificial intelligence.

We are excited to announce the ten companies that will be joining Techstars for our second SAP.iO Foundry, Powered by Techstars Accelerator in Berlin. We kicked things off this week on September 10th and are looking forward to three months of awesomeness, capped off by Demo Day on December 5th. As with last year, the programme has attracted companies from all around the world, including South Korea, India, Ukraine, South Africa, Russia, Ireland, the UK, and even Germany 🙂

Techstars is the worldwide network that helps entrepreneurs succeed, and strong partners and mentors help make this happen. SAP.iO Foundry programs provide mentorship, access to SAP APIs, SAP technologies, and opportunities for exposure to SAP customers.

We’re so grateful for your support and continued guidance over the past two years. We couldn’t do it without you. We love the amazing startup ecosystem in this city and we know 2018 is going to be a great year for SAP.iO Foundry, Techstars and Berlin.

Without further ado, here are the SAP.iO Foundry, Powered by Techstars 2018 companies:​

AxiomAI

Axiom lets you automate business processes, and share them with others, via an AI browser assistant.

BeeInstant

BeeInstant innovates the approach to monitoring process by empowering engineers to maximise system performance while minimising the cost.

Clarisights

Clarisights gives marketers end-to-end access to data across their entire marketing stack in a single place.

Datarade

For data buyers across the globe, Datarade helps to find quality data that drives results.

Konolabs

Kono is the AI-driven scheduling service for enterprises, solving the tedious and time-consuming process of scheduling meetings.

Recotap

Recotap is a one-tap, AI-driven personalization engine for content publishers.

SegmentStream

SegmentStream has created a customer data platform that integrates and unifies all customer information and data stream across the entire marketing ecosystem.

Softcube

Softcube enables retailers to automatically create effective and high-performing video ads using AI that cover entire product catalogs.

Voyc.ai

For research teams who want to turn conversations into insights, Voyc.ai visualizes and organizes your conversations, enabling more confident decisions up to 90% faster.

weview

weview is a video platform for consumer generated product reviews that is democratizing consumers’ purchase decisions through information sharing.

 








How Investor FAQ’s Help with Startup Funding

 

At SAP.iO Foundry, powered by Techstars Accelerator we recently organized a series of great investor workshops with a number of leading Berlin VC’s and our companies. The format was a private AMA style fireside chat/workshop where our founders could ask ‘the stupid’ questions and get personal tips and advice on how to raise money from industry veterans.

We covered several of the expected topics like how to get introductions, the importance of researching your investors and how important it is to prepare your materials in advance (more on this later) but when one investor (the awesome Ricardo Sequerra from Cherry Ventures) talked about the power of a ‘Dynamic Investor FAQ’ document I was sold.

Ricardo told a story of a London based founder who they felt was a master at fundraising. The founder had very effectively used a live Google Doc as their investor FAQ to help win over more investors and build more momentum in their round.

Here is how it worked.

  1. Every time the founder met with an investor, they kept track of the new and unexpected questions they had received.
  2. As this was usually a new question, the founder would often forget to include some important detail in their initial answer or else they would think of a much better answer after the meeting when chatting with their other co-founders and mentors.
  3. Rather than leaving the investor to just rely on their original answer, the founder would then spend more time on the answer post meeting and write up a better, more concise and articulate version of the answer, including any relevant data and links to support their answer.
  4. They would then include this answer in their follow up email to the investor. Saying something like: ‘Thank you for your time today… really enjoyed it… You asked a great question about X during our meeting and I don’t think I did a great job of answering it. Please see the answer I would have liked to have given you. If you or your colleagues have any other questions please let me know or you can see our Investor FAQ document here

The first thing I liked – It helps build a better impression

The founder used this to recover from an unexpected question and have an excuse to follow up and impress the investor with a better answer later. This shows investors that the founder listened to the question and was quick to follow up (a key skill in fundraising and sales). As an investor, I like seeing this level of thoughtfulness and quick follow up with founders.

The second part I liked – It helps build momentum

Every time a new question arose it got added to the FAQ document that had been shared with all other investors they met. So when the founder was sending out their next email update to prospective investors, they could include a section that was called ‘New Investor Questions’ added to our FAQ document with a list of the two or three new questions and a link to the answers in the FAQ. This is a very worthwhile reason to be sending an update… and subtly sends the signal that your round is probably building momentum as you are meeting other investors.

The third part I liked – it helps your investors sell you internally

Once you move past angel investors, you typically have to convince or interact with an investment firm. An investment firm typically consists of other investors and partners that need to be ‘sold’ by your internal champion. This document helps them sell you when you are not in the room.

Obviously, no one knows (or should know) the business as well as the founders so your FAQ’s help ensures internal debates are better informed. I’ve seen firms pull out of deals when they got confused internally on certain core details of a deal and made incorrect assumptions. Yes, this is probably a sign that your internal champion was not prepared enough, but people are busy and a handy FAQ document they can open during a debate can help sway a deal.

Finally, it helps your existing (a.k.a. inside) investors when they are pitching you to other investors. I know I sometimes get the details wrong when talking about my portfolio companies, so a handy FAQ would help me when I get questions from investors I know when I’m trying to pitch your business.

The fourth (and final) part – It helps you communicate internally with your team

I know when I was fundraising I did a great job engaging with investors and managing my pipeline. I was focused on the goal and spent weeks away from the office on road shows to either London, New York or San Francisco.

However, I failed miserably at keeping my team updated on progress and all the new questions and answers I was getting from investors. An investor FAQ document like this would have been a great internal communication tool for my team and new hires. It would have helped them get a real picture of what investors were interested in and how the CEO was answering them. Equally, the team could have helped me answer these questions which would have a) provided better answers to my FAQs and b) helped the team understand and participate more in the funding process.

Summary

Fundraising is a dynamic and hectic process with several rapid-fire meetings and deep dives with prospective investors. An FAQ document is a lightweight and easy to manage tool to support your prospective investors, existing investors and colleagues to stay informed and help you close your round and get back to growing your business.

This post was originally published here.








Applications are Open for the Second Class of SAP.iO Foundry, Powered by Techstars

We’re excited to announce that applications are open for the second SAP.iO Foundry, Powered by Techstars Accelerator!

Over the next 13 weeks, we’ll be scouting for 10 of the world’s most exciting AI and Machine Learning startups that are making waves in the SaaS world. Applications close on May 13th and the program will run from September 10th to December 4th in one of the world’s greatest cities: Berlin.

Our companies have benefited from investment, tailored mentorship, access to SAP APIs, access to SAP technologies, and opportunities for exposure to SAP’s 350,000 customers.

We are looking forward to meeting as many entrepreneurs, investors, and community leaders as possible from all over the world. We’ll be hosting a combination of office hours, events, and meetups in each of these cities. Check out our upcoming stops below and sign up:

If there are any cities you think we should visit, please let us know and make sure to check back regularly or sign up for our newsletter as we regularly add more cities and dates!

We’ll also be hosting webinars with the SAP.iO team, our mentors, and alumni companies to give you an overview of the program, tips on applying (Tip 1: Apply early) and to answer any of your burning questions.

Thank you and please help us spread the word by sharing this with your network (you can click to tweet here!)

Start your application ASAP or register for one of our events or office hours now!








The Power of Introductions: What I Learned from One of the Best Investors in the World

I only met Ron Conway once. He was an early investor in Datahug and when I met him it was at his home in San Francisco. This was not your normal investor meeting. It was all about introductions and understanding who I wanted to meet. It was sublimely simple yet hugely effective.

Just in case you haven’t heard of Ron Conway, he is probably the most famous and successful angel investor in Silicon Valley. He was an early investor in Google, Facebook, and Twitter and is an institution in Silicon Valley. Therefore, it was no surprise that we were A. delighted to have him as an investor and B. pretty nervous that we were about to meet this living legend.

We arrived at Ron’s apartment and were greeted by his associate. The meeting was probably about 45 minutes and I only really remember three things:

  • Ron was very calm, laid back and friendly. He mentioned his Irish roots and that he had recently met the mayor of my hometown, Cork.
  • I joked that since our vision involved unlocking relationships that someday “Datahug might build an automated version of Ron Conway.” I didn’t get the laugh I was expecting… Oops.
  • Ron had several sheets of paper in front of him. Each of those sheets contained about 50 names. Every one of those names was a top tier VC, Angel or Corporate Dev Lead. This is when I discovered the power of having Ron Conway as your Angel investor.

Ron asked just one very powerful question, “Who do you want to meet?”

I rattled out four or five dream introductions without blinking. He asked his associate to go ahead and make those intros on his behalf. He said that he would make up to ten initial introductions and that if I needed more to get back to him for the next ten. He leafed through his printed Rolodex and suggested four or five more people he thought we should meet with. His final words were that if for any reason we didn’t see the introductions coming through we should just contact those people directly and “tell them Ronnie sent you.”

And that was it. 5 minutes later we were back outside his apartment armed with 10 hugely valuable introductions to key Silicon Valley insiders. We leveraged these introductions to build momentum, secure early customers and gain valuable insights into our markets. They made an impact on our business and I will be forever grateful and a fan of Ron Conway. I’ve not met with Ron since, but every now and then I’ll reach out to his team with an introduction or request for help. They are always responsive and great to engage with.

As an investor, and former founder, I want to add value like Ron Conway and his team did for us. I want to #GiveFirst and help other founders succeed where I can. I’ve been lucky enough to witness how one or two well-placed introductions have helped founders raise capital, win customers, and build their teams.

When mentoring teams here is why I always try to ask “Who do you want to meet?”

You discover how you can add value.

The answer to this question often triggers connections in my head that I would never have considered. You often don’t really know how you can help until somebody asks. The answer gives me a better sense of ‘directionality’ for how I might help.

For example, I recently spent time with a great founder in Bulgaria. We had a great chat and at the end, I asked my usual question. He immediately replied that his dream introduction was to the founders of Hired. I had randomly bumped into that founder twelve hours earlier and was able to take out my phone and connect them straight away. I would never have thought about connecting them until he implicitly asked for it as I had failed to see the connection (which became blindingly obvious when he explained why). They ended up hitting it off and spent several hours together which has led to more follow on introductions and meetings for that founder.

You learn more about the founders.

I have learned so much about founders by how they answer this question. It’s fascinating to hear about the types of people they want to meet. It’s also a really great way to gauge how focused and up to speed a founder is on their sector. Founders who can’t immediately answer this question with conviction immediately raise a red flag for me. You also learn a lot about the founder when they explain why they want to meet X or Y.

You remember the founder and their company.

You will remember really specific asks like ‘I want to meet owners of NFL or NBA Teams.’  It could be four months after you’ve met the founder when you might randomly bump into the person (or type of person) that the founder wanted an introduction to. These specific introduction requests always stand out in my mind and it’s a great way to reconnect with a founder by helping them with an introduction several months later. This proves to founders that you listen to them and genuinely want to help and support them.

You add more value to your network.

The best introductions are where both sides of the introduction benefit. By making highly targeted introductions you help create genuine win-wins. For example, other investors are often very grateful for targeted introductions to Founders who you are working with. The same is true for potential recruits, customers, and partners.

You get to #GiveFirst.

I’ve always been impressed by how Techstars has built their whole culture and reputation around this #GiveFirst mentality. Call it karma but being helpful today is probably the best long-term strategy to being successful as an investor in the future. Helping founders with introductions is not just good business but equally rewarding on a personal level when you can help entrepreneurs succeed.

Ron Conway and networks like Techstars are testaments to this simple, but often neglected, way of giving. It’s so simple to ask, can be hugely impactful, and costs very little in terms of time to execute. I’d encourage you to include it in your next mentoring conversation. 🙂

P.S. If you want to learn more about the #GiveFirst philosophy and it’s proven impact in business then read ‘Give and Take’ by Brian Lewis. I first heard about this from David Cohen and it’s a good read with good examples of how givers outperform takers.








Announcing the 2017 Class of the SAP.iO Foundry, Powered by Techstars Accelerator in Berlin!

We are excited to announce the ten companies that will be joining Techstars for our first SAP.iO Foundry, Powered by Techstars Accelerator in Berlin. Our class is living proof of the Techstars “Worldwide Network” as we’ll be having companies join us from many countries, from Finland to India.

We kick things off this week on September 12th and are looking forward to three months of awesomeness, capped off by Demo Day on December 6th, so save the date! This is the fourth program in Berlin, and we’re fortunate to have many Techstars alumni on the ground as well as incredible mentors, both new and old, joining us. Thank you, mentors! We’re grateful for your support so far and your continued time and guidance over the next few months.

We’re excited for the amazing months ahead for the SAP.iO Foundry, Powered by Techstars Accelerator and Berlin startup ecosystem.

Without further ado, here are the SAP.iO Foundry, Powered by Techstars companies:

Bewgle

Bewgle helps online businesses understand their users reviews better.

Greendeck

Greendeck is an API based dynamic pricing and personalization engine.

Gtmhub

Gtmhub is an OKR management software for high-performing businesses.

Praktice.ai

Praktice.AI uses Artificial Intelligence, machine learning and speech technology, to help hospitals automate patient interactions and optimize hospital workflows via voice and text.

RefineAI

RefineAI provides AI driven market research for video creators.

Sensifai

Sensifai develops sensible artificial intelligence to build computers understanding videos.

Sustanalyze

SustAnalyze is a data driven software to increase R&D efficiency and accelerator development of sustainable chemical products and processes.

Teamscope.io

Teamscope relies on data science to help companies build better teams.

Ultimate.ai

Ultimate.ai handles the most common questions in chat based customer service, lowering the costs and providing instantaneous service 24/7.

Wise Athena

Wise Athena helps Consumer Packaged Goods companies choose the right price and trade promotions for their products, out of trillions of possible combinations and competitor scenarios with our intelligent agent.








From Hello to Halo: The Magic of Techstars

In 2009, when we first founded Datahug we did not know many other founders, investors or mentors who could help with advice or introductions to customers or investors. Equally, when we did manage to get that rare early introduction or connection, we had very little validation or credibility in the market to convince people they should trust us and work with us.

We had a huge access and credibility problem.

The Access Problem

First time founders usually don’t have strong networks in the startup ecosystem. They simply don’t know any experienced founders or mentors who can help with valuable mentorship and introductions to potential customers, partners or investors. They often have to build new networks from scratch, which requires an awful lot of energy, time and luck.

B2B founders especially know that relationships are everything, and that the right introduction at the right time can be a game changer to help them build momentum.

The Credibility Problem

“Hi, I’m Connor from Datahug” – “Sorry who are you? And what is a Datahug?”

In the beginning, customers have absolutely ZERO reason to trust you. Let alone even take a meeting from you. Enterprise customers are also very conservative and risk averse when it comes to working with startups they have never heard of and who have mediocre customer references.

The Magic of Techstars

Since joining Techstars as managing director of the SAP.iO Foundry, Powered by Techstars Accelerator earlier this year, I’ve had some time to think about how we overcame this at Datahug and how I believe the Techstars Worldwide Network helps entrepreneurs succeed.

Techstars helps by:

  1. Engineering Serendipity by surrounding early stage founders with 100+ mentors when it matters most to their early growth and success.
  2. Lending Credibility by allowing founders to leverage their Techstars brand association to help our companies build early trust.

I call these two advantages, Hello and Halo.

Hello World – Tapping into Mentor Network Effects

Relationships are everything. A common fallacy in enterprise SaaS in particular is that businesses buy from other businesses. They don’t. Instead, what really happens is that a person (Mary) at Company A buys something from another person (Ingrid) at Company B.

Therefore, it should be no surprise that building relationships with early customers, partners, investors and potential hires is one of the most impactful activities B2B founders can do. This is why at the core of every great accelerator program is a strong and experienced Mentor Network.

At Techstars, we believe in the power of mentors so much that we have built our whole accelerator model around Mentor Networks. Within the first month of any Techstars program, our founders experience what we call Mentor Madness. An intensive 3 weeks where our teams have up to 100 1:1 meetings with mentors from our network who can often help with advice, introductions, sales or investment.

Typically, it could take a founder years to meet so many highly supportive mentors who have a #GiveFirst mentality (people who ask ‘how can I help’) and genuine experience in either a specific domain that is related to the founder’s company (whether it be potential customers, angel investors, or experienced founders who’ve experienced and overcome the same challenges facing your startup).

Access to these mentors is a game changer for our companies. Founders typically build networks and insights that would have taken them two years to achieve outside Techstars. By helping engineer serendipity and hundreds of warm ‘hellos’ we help our companies #DoMoreFaster.

The Halo Effect – Standing on the Shoulders of Giants

“Hi, I’m Connor from Datahug. We are an SAP.iO and Techstars backed company” – “Hi Connor. Interesting as we are a SAP customer… or we have invested in Techstars companies before…”

This is nothing short of a game changer. If you have ever done sales, then you know the importance of reference customers or brands to help establish trust and early rapport. At Datahug, when Salesforce invested in us they brought us no real clients or direct deal flow.

Instead, they gave us huge credibility in the marketplace and really helped us ‘earn the right’ to pitch and ultimately convert more contacts to leads and eventually more customers.

As we built momentum and secured more global brands, we then expanded our pitch to include things like “We also work with Deloitte, Qlik, Optimizely, Silicon Valley Bank etc…” It’s why you always see client logos plastered over every SaaS companies website or investment deck.

Ultimately, founders and investors know that logos and brand association matters. Credibility matters. Techstars and SAP are probably two of the biggest global brands in venture capital and enterprise Saas respectively (in fact, SAP is also well known in the VC industry through its Sapphire and SAP.iO funds). Not a bad resource to have on your side!

So, Do You Want to Say Hello/Halo?

If access and credibility are important to your B2B SaaS company, then we’d love to see how Techstars and SAP can help you succeed. You’ll still need to have a great team and proven ability to execute and deliver.

We are very protective of our mentors’ time and brand equity, but once you are in Techstars, you are in for life. We call this #TechstarsForLife. That is why we love working with strong teams who we know can leverage our network effectively and will be great brand ambassadors for Techstars globally as a proud alumni.

If you want to learn more, then I’d encourage you to apply – the SAP.iO Foundry, Powered by Techstars Accelerator is now open for applications.

Our deadline is June 18th and we encourage you to start your application early so that we can get to know you well ahead of our selection process (we review applications every few days and often reach out with questions – this is a great way for us to get to know each other more ahead of selection).

We are also hosting an AMA and Webinar on May 22nd where you can learn more and ask us any questions you might have. (If you are reading this after the webinar, check out the same link for the recording).

Finally you can always just email us any questions at connor.murphy@techstars.com or sanah.ahmed@techstars.com

Good Luck,
Connor & Sanah








Techstars Opens Fourth Berlin Accelerator – Announcing SAP.iO Foundry, Powered by Techstars Accelerator

Our European expansion continues with the launch of our fourth program in Berlin – SAP.iO Foundry, Powered by Techstars Accelerator. I’m excited to officially come on board as the managing director and I’m joined by Sanah Ahmed as program manager.

The program will run in partnership with SAP.iO and is focused on B2B and enterprise SaaS companies, specifically on machine learning and artificial intelligence. This will be one of the first dedicated enterprise and machine learning accelerators in Europe and offers a huge opportunity for startups to come to Berlin and be part of the fastest growing startup ecosystem in the world. It’s an exciting time for this industry, as IDC estimates that machine learning will generate $47 billion (€44 billion) in revenue by 2020.

Applications open today and the program begins in September 2017.

What we are looking for

You should apply for this program if you think Techstars can help your learning enabled enterprise SaaS company be more successful. Founders often ask what it takes to join Techstars and I tell them it’s simple. We have 6 selection criteria when looking for companies, and in order of importance these are; team, team, team, market opportunity, traction, and idea. To us, the team is important and we’re looking to back those behind the idea.

Therefore, I think it’s equally helpful for founders to use these same 6 criteria when thinking of applying to Techstars (or any accelerator). Founders should ask: Who are the people behind the accelerator? How will they help my company succeed? What evidence supports this? And what is the core idea behind the program?

Team – The Techstars Team

Techstars was founded in Boulder, Colorado in 2006 by David Cohen, Brad Feld, David Brown, and Jared Polis. It has since grown to over 160 team members across the globe that are all focussed on helping entrepreneurs succeed via our 29 accelerator programs, startup programs (including hundreds of Startup Weekends) and venture funds.

Team – The SAP.iO Team

SAP.iO helps innovators inside and outside of SAP build products, find customers, and change industries. SAP.iO is part of SAP (NYSE: SAP), the market leader in enterprise application software. SAP helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 345,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably.

SAP’s Chief Innovation Officer (Juergen Mueller), Chief Strategy Officer & Executive Vice President (Deepak Krishnamurthy), and SVP and Managing Director, SAP.iO Fund (Ram Jambunathan) are all involved as mentors and sponsors of the program. In addition, teams will engage with up to 50 mentors from within the wider SAP ecosystem.

Team – The Berlin Ecosystem & Mentors

As a mentorship-driven accelerator, Berlin is where the majority of the program’s mentors will come from and where you will get to build most of your network during the program. Berlin is attracting founders from all over Europe who are coming to build their companies amidst a sea of top talent, a supportive community and a great place to live. Investors from all over Europe and the rest of the world are traveling to Berlin to invest here. If that does not convince you, then read Jen’s original announcement for the first Techstars program in Berlin or watch this very funny pitch about Berlin’s Startup Home as a Service  🙂

Market Opportunity

Startups fail 95% of the time. Techstars provides capital, mentorship, and a 13 week program to help companies achieve a 90% success rate and build connections that last a lifetime. This unique partnership between SAP.iO and Techstars brings two networks together into one accelerator program that offers entrepreneurs unprecedented access not only to a leading global software company, but also to Techstars mentor and investor relationships.

Traction

Techstars has 10 years experience helping entrepreneurs build great businesses. Our network consists of 11,000 founders, alumni and mentors globally. We have invested in 1,000 companies, of which;

  • 90% are Active or Acquired
  • $3.0 B Total Funding
  • $7.8 B Market Cap

We believe in full transparency. Here is a complete list of all of the companies that we’ve ever funded, and their current status, funding raised, and more.

SAP.iO is an exciting new early stage fund from global software giant SAP.

  • SAP innovations help 345,000 customers across 190 countries work together more efficiently and use business insight more effectively
  • SAP has annual revenues of €22B
  • SAP has over 84,000 employees globally
  • SAP.iO is an experienced corporate partner with Techstars IoT in NY

Idea

Techstars helps entrepreneurs succeed. We do this by opening doors to capital, mentorship, marketing, business development, customer acquisition, and talent recruitment.

Like any good idea, we’re constantly iterating and improving with every program and company we invest in. Techstars is today much more than a 3 month program. Techstars is for life — our global ecosystem of founders, mentors, investors, and corporate partners work together to create a network of support that lasts throughout your entrepreneurial journey.

How can I apply or learn more?

If you are a startup founder and want to apply for the program, you can find the application form here.

If you want to reach out to discuss SAP.iO Foundry, Powered by Techstars Accelerator, you can also apply for office hours or register for our upcoming webinars.