What is Onqlave?
Q: Can you share a little background about your company?
A: I’m Matt, the founder of Onqlave. We offer an API-first service that makes it easier for developers to integrate security and privacy into their apps with just a few lines of code. Imagine you’re creating an app and you handle sensitive data like personal data, health records, bank info, or even development secrets.
The challenge is ensuring this information remains protected and private. We equip developers with services and SDKs to secure this data. So, we handle encryption and all the related aspects. That’s our initial step, and we plan to expand from there.
Why Antler?
Q: Why did you decide to apply to Antler?
A: I’ve always been passionate about starting my own projects. I did give it a shot a few times, but they were side gigs, not full-time ventures. In November 2021, I engaged in their meet-ups, group calls, and other events. It seemed like a great opportunity for me.
At those meetups, I met some folks from Antler Australia. They knew about my interest and mentioned they were starting a new cohort. They asked if I’d be interested in joining, and after about three or four interviews with different Antler team members, I got accepted. So, in January 2022, I became part of Cohort 6 in Australia along with around 100 other founders from various backgrounds. The process with Antler is quite interesting. They essentially play matchmaker, helping you find someone compatible to work with. From there, you build a team and start fleshing out your business ideas. That’s how my journey with them began.
Q: Did you meet your co-founder during the program?
A: Yes, it’s an interesting process. You work together, build rapport, and eventually pitch your idea. We were fortunate enough to be accepted. We passed the investment committee and received some funding, and that’s when we officially started Onqlave and began building our services.
After Getting In
Q: What happens in general after you get accepted to the program?
A: From Antler’s perspective, once you’re accepted and move forward, they take a stake in your company. For us, they took 12% in exchange for AUD 190,000. It’s quite a commitment on their part since they’re essentially investing in just the idea and the founders. Following that, there’s a regular reporting rhythm. Every month we update them on our performance, any issues we face, and other key insights. This cadence continues even after the program.
Q: Do you mean also after the program or that it was during the program?
A: It’s post-program. During the actual cohort, Antler supports you for 12 weeks. They offer training, workshops, networking opportunities, and sessions on various business fundamentals like marketing, sales, and technology basics. After you pass their investment committee and secure the funding, you’re essentially on your own to build your business.
But, because they’re shareholders, we still provide them with monthly updates. For the first six months post-incorporation, they assigned a mentor to assist us. The support lessened after that period, and it’s mostly up to us to navigate our journey.
Q: Did you have access to more than one mentor?
A: Yes, upon acceptance into the Investment Committee and incorporating our business, they helped with some PR. They partnered with an Australian newsletter which interviewed us. We also got access to their global Slack community, allowing us to network with others.
Then was mostly on us. Antler doesn’t actively facilitate connections. You can reach out to people based on their demographics, interests, or industry. Some members of the Antler network have contacted us for assistance, so it’s very much a two-way street.
Q: Do you have any aha moment when you think that happened and inspired you during the program?
A: What I appreciated about the program was the immersion in design sessions and the exposure to a variety of challenges. When I joined, I had a clear idea in mind, but many didn’t. It’s a space where participants are constantly bouncing ideas off each other. For me, attending various design sessions to understand different sectors, like agriculture and even physical product design, was eye-opening.
Another aspect I valued was Antler’s support. Early on, they offer extensive guidance. They have this profiling system, almost like a personality test, but for business. It determines your business persona: Are you more of an entrepreneur or do you have a business-centric mindset? This helps in identifying strengths and weaknesses. It then becomes clearer who could be a suitable match for you as a co-founder.
Life After the Accelerator
Q: What’s the company’s status today?
A: We’ve made significant strides, though there have been challenges. We did raise funds, but the timing wasn’t ideal due to market conditions. Regardless, we secured support from angels and connections. We’ve rolled out a private alpha for our first product and are collecting feedback. The intention isn’t for this to be a consumer product, so we’re treading carefully.
Q: Do you have any launch date in mind that you want to go public?
A: We’re working on adding a Billings’ Service, and once that’s integrated, we’ll launch a beta. It’s not full-fledged public access, but it’ll be stable. We expect to roll it out in a few months.
Q: How do you attract your testers?
A: Our early adopters primarily come from our communities. My co-founder and I, being entrenched in software development, have extensive networks. Additionally, our participation in another Australian accelerator, Cyrise, has given us exposure to cybersecurity advisors and mentors. Our go-to-market strategy revolves around inbound marketing with a significant focus on content creation. We’re particularly active on LinkedIn. In the future, we’re considering bringing in a developer advocate to foster our community further.
Q: Can you share any details about your early adopters and your goals for the beta release?
A: We have around 40 users on our platform currently. Our aim for the General Availability (GA) phase is to onboard 150-200 active users. The company’s direction is “developer-first.” Our main objective is to empower developers to integrate security and privacy into their apps seamlessly. Engaging with more developers is our primary goal.