Since joining the Techstars worldwide network a few weeks ago, there are four things that have made the strongest impression on me so far.
From developing deep connections with other founders, finding unity and inspiration from other companies, and the immense amount of knowledge being taught, here are my top takeaways from the first two weeks.
The Brilliant Minds
Techstars is a network of truly amazing people. The way that the program is structured allows for the development of deep connections between founders, team members and associates. We kicked the program off with a weekend retreat, involving plenty of intense conversations and trust building exercises.
As a result, when I walked into the office on Monday for the first working week, I felt that everyone I saw there was an old-time friend.
The symbiosis between different teams and the individual CEOs is also impressive. It feels that we are all in the same boat, experiencing the same highs and lows. Seeing that I am not alone in experiencing the struggle of starting a business feels strangely empowering. It gives me the reassurance I need to push through the hardship of working 14-hour days, six days a week.
The Knowledge Exchange
The first week of the program begins with intense Deep Dive sessions, during which all founders dissect their companies in one-on-one meetings with Max Kelly, the Managing Director of the Techstars London Accelerator. The entire process is extremely beneficial for one main reason: As a founder, you are convinced you know your business inside out.
In the Deep Dive sessions, Max not only put a light on aspects of my company I hadn’t seen, he put things in a different perspective.
It felt a bit like what I imagine the first person to walk on the Moon felt when they were seeing the Earth from its surface – looking so familiar, yet so different.
It was impressive to see how quickly he came up with solutions to the problems I had spent weeks agonizing over.
The second week of the program was dominated by Mentor Madness. As a CEO, I had to meet with ten mentors each day for 20-minute conversations. Part speed-dating, part TED talk, I had to pitch my company, ask advice, and answer questions, all while being inspiring enough so as to engage my mentor dates with my company.
It was very useful for me as it forced me to experiment with the ways I pitch my business. Communication is super important for every startup, but especially so for a deep-tech company like Lifebit.
Making our messages digestible for people who are not scientifically-minded was a great skill for me to learn.
The Global Community
The Techstars London 2017 class consists of 19 nationalities. The combination of people coming from so many different backgrounds and cultures is fascinating.
For me, being part of the Techstars worldwide network has already opened doors to entrepreneurs, industry analysts, alumni, investors, community leaders, and corporate partners from all over the world.
What impressed me the most was how individuals, who have had such distinct experiences, could come together and have such an aligned mindset. Everyone at Techstars shares the same mission – we all want to make a positive impact on the world, each in our individual way.
This gives me such strong hope about the future of the world – if a diverse group of people comes together to solve so many of the world’s problems – great things are bound to come out of it!
Some Concluding Thoughts
To wrap up my experience so far, if someone asks me about the program, I wouldn’t define it as an accelerator. I would say that Techstars is an experience. I believe it is one of the greatest experiences a startup can have in its early days. I couldn’t be more excited about the coming two months.
Each business in the class operates in a different industry, yet we are sharing the same experiences, all while building an amazingly strong community, synergy and symbiosis.
My background in biology makes me think of startups as living organisms. Like any other living organism, startups experience problems on a regular basis. What sets Techstars apart is the fact that we all work so closely together, that we are bound to share our biggest challenges, we are encouraged to talk about highs and lows, about what keeps us up at night.
If one of us comes forward with a problem, the group gets involved in helping them overcome it. Sharing our experiences makes us feel less alone and gives us the confidence to run our businesses at full speed.
Want to become a part of the Techstars worldwide network? Applications are now open for 10 of our global mentorship-driven accelerator programs – apply today!
Kyle DeTella is the Co-Founder and Developer at Init.ai (Boulder ’16), a developer platform to build, train and deploy intelligent conversational applications. Previously, Kyle was a Software Engineer at Braintree. @kyledetella
Early last winter, during one of our Sunday night founders syncs, the idea of applying to Techstars was brought up. We went through the requisite steps of discussing the pros and cons, the alternatives, and a fair amount of “what-ifs”. Ultimately, we decided that an accelerator was the right move for our company and that the upcoming Techstars Boulder class would be an ideal fit.
The Decision: Reality Sets In
While the application process itself was what I expected, I came to realize that getting into Techstars represented one of our first goals as a startup. Should we get in, not only would that provide a degree of validation for our product, but it would also prove to be our first win as an early team.
Once we were accepted, a new wave of reality swept over the team. Two of us (including myself) were still full-time employees at another company.
A commitment to Techstars also meant a complete commitment to Init.ai.
I admit, I had my share of concerns about the Techstars program. These concerns were mostly personal and centered around the location. The decision to pack up and leave home for three months to live and work in a city which I had never been was difficult for me. But this was something I had always wanted to be a part of. I knew that success depends on taking risks and moving outside of your comfort zone. As founders, we were already distributed between Chicago, San Francisco, and New York; at least this meant I would not be alone in taking this leap. Despite earlier fragmentation in the decision to do Techstars, it was already uniting us.
Month 1: Slow Down to Speed up
Since I arrived in Boulder after the first week of the program, I missed the introductory retreat and lost out on some prime seating in the office. Regardless, I was impressed with the early camaraderie forming amongst the working teams. We were all working to solve extremely different problems but at the same time facing many similar ones. My goal before the program was clear cut — leave my current job, head to Boulder, and go heads down to build our product. We were warned early that we should not expect to get much work done in the first few weeks of the program. Despite these warnings, I maintained that I would still be able to pull this off. I was dead wrong.
I grew to realize that when they said “slow down to speed up”, they really meant slow down. We were pushed to challenge our assumptions on our approach to our business and also to continue to force ourselves out of our comfort zone. The first few weeks consisted mainly of sessions and meetings on any number of topics from project management to mentorship strategies.
As a team, we felt quite overwhelmed and I worried about being pulled away so often from working on the product. I had such a strong desire to build the product our way and I wasn’t receptive to a lot of the feedback and advice we were receiving.
Across our team, we held different views about the benefits of this barrage of information. All in all, I think we balanced each other out though. Maybe that was the point.
Month 2: Supportive Growth
Once we had “settled in” to the program, it was time for us to resume our movement on the hiring front. We had been conducting interviews in the weeks leading up to the program, but had put that process on hold during our adjustment period. After only a a few weeks into the program, we brought on two engineers and an intern. Adding chaos to chaos seemed like the perfect recipe for success.
As it turns out, hiring at that point was a great decision. We were still early enough in the program and the lifecycle of our company where these hires could help shape our direction. But we also had enough time under our belt to sort out how we wanted to work with a growing team. The Techstars team welcomed our new hires as if they’d been there all along. One of the managing directors even offered to help with finding them a place to stay!
Team growth and culture is close to our hearts as founders. A lot of that stems from previous jobs, but we also saw an opportunity to construct our own framework for building a company that people would love working for. At the end of the day, a job is a contract between an entity and an individual. But, a job should also be symbiotic. Its not to say that I don’t believe in structure, but that it is imperative all members of the team feel they have ownership and a voice to enhance the product. I have seen managers act as though an employee does not have a vested interest in the success of the product. To me, this doesn’t compute — particularly at a startup where the performance of the product has a direct impact on your success as an individual. That is a deeper topic for another day though. Between Techstars’ advice on on boarding, culture, and help with housing the team, we had an easier time growing our company at this early stage.
Month 3: Lofty Goals
Each week during the program, all the companies would assemble for a recap of the previous week and to discuss goals for the upcoming week. We found it difficult to adjust to this weekly cadence. For one, these meetings were on Thursdays, which meant a Monday-Thursday timeframe for goals. Yes, we worked through the weekends and we worked on Fridays, but we still clung to the nuances of a M-F work week. I still don’t know if that was the wrong decision, in many ways I feel it set us up better for post-program life. We also had trouble setting KPIs and OKRs in these meetings given the state of our product. Our platform was immature and evolving at such a rapid pace that it was difficult to plan a day or two ahead, let alone a week.
We missed many of our goals on the technical front but did much better on the business and marketing goals. It was rough to keep missing goals and drink fail juice (literally). But, from these failures a new, larger goal began to emerge. That goal was to get our team into a place where we could begin to operate efficiently enough to start hitting the goals we set.
By the end of the program we were hitting a stride and achieved our final two. Aside from the individuality of the goals, these weekly gatherings served as a social catalyst for the companies in the program. Having these few hours each week gave us all insight into the personalities of our peers and fostered a shared mentality. It felt very much like classmates in school. People formed their own groups and cliques. But, at the end of the day, you all shared the same experience and that meant something.
The program itself ends with the presentation of a demo day pitch. The final weeks were spent focused on nailing this presentation. Since we had hit a stride, we were also building product at a fantastic pace. This pitch was another part of the experience where we underestimated the amount of time and effort required. Building product would have to slow down to accommodate it. However, in the end, I saw it as the final polish on the framework of our product to that point. That realization, made all the nit picking and frustrations worth it.
Before leaving Boulder, I took some time to reflect on my experiences and what they meant. I’ll make no bones about it, I did not love being away from home for that long. I think that was the hardest part for me personally. However, I would not change our decision to work away from home. We have talked about this many times. Had the program been in my hometown, we would not have been forced into team building. Bonding is naturally accelerated when four founders live in cramped quarters and have dinners and drinks with their first three employees.
For various reasons, namely: discomfort, unfamiliarity, and truthfully — ego, I didn’t take advantage of the program as much as I should have. As a team, we did much better. But Techstars, is as much of a personal experience as a company experience.
This was originally published on Medium.