What is Greenitio?
Q: Can you briefly describe yourself and your company?
A: I’m Amit Kumar Khan, co-founder and CEO of Greenitio, a company I founded in 2021. My background includes a PhD in Biomaterials Engineering from NTU, Singapore, and nearly four years of experience in a biotech startup. During my previous work, I grappled with the safety and environmental concerns surrounding synthetic polymers used in pharmaceuticals and skincare.
This challenge led to the inception of Greenitio, where we aim to upcycle natural molecules into high-performance, sustainable materials. These materials serve as eco-friendly alternatives to synthetic polymers. While we initially focus on personal and home care products, our innovative materials have broader applications across industries like agriculture, food additives, and packaging, contributing to a cleaner and more sustainable future.
Motivation to Join Entrepreneur First
Q: What inspired your decision to join Entrepreneur First?
A: I joined Entrepreneur First because, despite my strong technical background, I lacked the business acumen needed to bring my technological ideas to the market. The program’s unique 50-50 partnership model, where one person offers technical skills and the other brings commercial expertise, was the driving force behind my decision. It was the perfect opportunity to find a partner with the business skills I needed.
We began our journey with a diverse team, securing initial funding through Entrepreneur First. However, my co-founder’s departure due to family commitments left me as the sole founder. I later teamed up with my wife, Sushmita, who had her own entrepreneurial experience. With me handling the business side and her taking care of technology, we reevaluated our strategies and focused our efforts on the cosmetics and personal care sector.
What sets Entrepreneur First apart is that participants get paid to join the cohort, which is quite different from other incubators. This financial investment can be a barrier for some aspiring entrepreneurs, particularly those in deep tech, who may be hesitant to leave their current jobs, especially in high-cost cities like Singapore. However, Entrepreneur First mitigates this risk by providing support for the initial three months, including financial assistance. This unique approach allows participants to leave their jobs and pursue their entrepreneurial dreams. It’s an excellent opportunity to test the waters without completely giving up one’s livelihood.
The Entrepreneur First Application Process
Q: Can you briefly describe the application process for Entrepreneur First?
A: The application process for Entrepreneur First consists of multiple rounds of interviews and is open to all interested individuals. It commences with free applications, and once you apply, you’re usually invited for an initial interview. This interview helps assess your background and motivations, given the diverse backgrounds of applicants. In total, there are three interview rounds.
During these interviews, the evaluation focuses on several key areas. Firstly, they examine your technological knowledge and whether you bring innovative ideas to the table. Secondly, the interviewers consider whether your knowledge can be effectively applied in a business context. Finally, they assess your mindset to determine if you possess the qualities needed to be a successful business owner or founder.
Each interview round is conducted by different individuals, and successful candidates progress to subsequent rounds following the initial screening. The final selection is based on the overall assessment from these interviews. Entrepreneur First typically forms cohorts with 50 to 100 participants, contingent on the location. These cohorts serve as platforms for collaboration, idea validation, and networking. Successful candidates may receive funding in later stages of the program.
An Eye into Entrepreneur First’s Three-Month Program
Q: Can you describe a typical day within the accelerator?
A: In our cohort, which occurred during the COVID-19 pandemic, everything was conducted virtually. We had limited face-to-face interactions until later when COVID restrictions eased. Even then, we only had the opportunity to meet with the companies that were selected, which amounted to around 6 to 17 people, out of the 50 to 60 who initially joined the cohort.
In previous cohorts, before the pandemic, participants were required to come to Singapore. There, they worked closely together as a team for three months, discussing and validating their ideas. It was a period of intense collaboration, where they not only fine-tuned their concepts but also evaluated whether their fellow participants were suitable long-term partners for the entrepreneurial journey, which often extends beyond the duration of the accelerator. This period served as a critical phase for both business matching and getting to know one another on a deeper level.
Q: Did you have access to mentors and how hands-on was their support?
A: Entrepreneur First offers two types of mentor support. First, there’s the EIR or Entrepreneur in Residence. They work directly with you to solve any small issues you might have. Because they’re also helping out around 50 other teams, they have a good grasp of the common challenges early-stage founders face.
If you encounter a problem that’s a bit above the EIR’s expertise, Entrepreneur First has another layer of support. They connect you with angel investors who are well-experienced in various fields. These investors can offer in-depth guidance on aspects like business strategy and marketing.
So, you get both immediate, hands-on help from the EIR, and more specialized advice from angel investors. It’s a pretty comprehensive support system.
Q: How much funding did you receive from the Entrepreneur First program?
A: Entrepreneur First offers a standard funding package of 75,000 Singapore dollars to every startup, no matter the industry or problem you’re tackling. Whether you’re a hardware or software startup, you get the same funding. This flat-rate approach may seem less ideal for hardware ventures needing more upfront capital, but it levels the playing field, giving all startups an equal shot at validating their ideas during the program.
On top of that, Entrepreneur First uses a convertible note structure. They claim a 10% equity stake in your startup only when you secure your next funding round of at least one and a half million dollars. This setup lets you keep full ownership during the initial phase of the program, transitioning to equity only when you’ve locked in significant external investment.
Achievements and Challenges While in the Program
Q: Could you share a significant milestone achieved during the program?
A: In the three-month program, the primary goal is to validate your innovative idea and demonstrate potential buyers willing to pay for it. Milestones vary by industry; for software startups, it might involve acquiring paid customers, while hardware startups focus on presenting a product development plan. The evaluation also considers team strength, with team capabilities and execution power playing a significant role in success. Entrepreneur First looks at technical expertise, industry understanding, and the presence of a strong commercial case for market-driven ideas. Meeting these milestones is pivotal for program success.
Q: Did you face any challenges during your time in the Entrepreneur First program?
A: Yes, several challenges were encountered. The cohort composition was a significant hurdle. While Entrepreneur First selects a small group, it includes individuals from non-technical backgrounds who have limited knowledge about our technology. Encouraging their interest and collaboration was essential.
Another challenge was finding co-founders aligned with the deep tech startup journey. Many participants were more inclined toward less technically challenging startups, such as fintech or software-related ventures. These startups are quicker to build and demonstrate viability than deep tech startups.
The cohort composition also posed limitations. Tech-focused participants primarily dealt with deep tech startups, while business team members leaned towards IT and software startups. This mismatch was evident in their sustainability goals.
Additionally, the small cohort size made it challenging to find the right co-founder with the necessary expertise. Securing funding was not guaranteed, even with a compelling idea. A larger cohort and better alignment of interests between technical and commercial co-founders would have been advantageous.
From Product Development to Customer Traction
Q: What is the current status of your startup?
A: In nearly two years, we’ve made substantial progress. We successfully developed our product, secured a growing customer base, and received positive customer traction, indicating we’re on the right track. However, there are still important steps ahead, such as gaining acceptance from major corporations and translating it into significant revenue, which can take additional time due to internal processes. Nevertheless, our timeline aligns with industry standards, and we remain committed to accelerating our progress.
Q: Do you still have access to mentors and the broader network of Entrepreneur First?
A: Yes, Entrepreneur First maintains an active global Slack channel that you gain access to. This network is available to both those who secured funding during the program and those who didn’t. It’s an ongoing resource that allows you to seek help, job opportunities, and connections within the entrepreneurial community. Companies that were selected during the program receive additional benefits and special access, making it easier to leverage this supportive network for networking and assistance.
Final Tips
Q: Do you have any final advice for founders considering applying to Entrepreneur First?
A: Absolutely, the key advice I would offer is the importance of finding the right co-founder. If you come from a technical background and have a great product idea, it’s crucial to remember that a product idea alone may not mean much unless you can prove its value to paying customers and establish a genuine competitive advantage. Having a strong commercial partner on your team can significantly expedite this process. They can help you shape compelling value propositions that customers are eager to pay for, rather than having to go through a lengthy proving period lasting one or two years.
Therefore, I would say that finding a capable co-founder is the key. For business-oriented founders, it’s essential to seek out individuals who are truly motivated to build a business, as some tech-savvy individuals may realize that entrepreneurship can be quite challenging after a few months and may consider returning to traditional jobs.