Krew’s Unique Approach to Online Training
Q: Can you provide some background on your company?
A: Krew.build provides enterprise AI solutions, primarily to PE funds and their portfolio companies.
Motivation Behind Joining Entrepreneur First
Q: What motivated you to apply to Entrepreneur First?
A: Entrepreneurship is notoriously challenging, and the statistics unfortunately show that many startups face the risk of failure. I realized that while I couldn’t control every aspect of this journey, I could add structure to the things within my control. One of the most valuable aspects of the EF program is its emphasis on validation. This involves reaching out to 100s of potential customers to assess not only if your idea is viable but also if it’s something people genuinely need. It’s not just a matter of, “Would people use this?” but rather, “Would people go to great lengths for this?”
Additionally, EF evaluates whether you are the right team to tackle the problem at hand. Is your team the best fit to solve this specific challenge? It’s crucial to consider whether the problem is significant and complex but also feasible to tackle. Some issues might require a 10-year, multi-billion-dollar investment, and while they might be solvable, as a first-time entrepreneur, it’s wise to weigh your options.
Coming from a consulting background, I valued the structure and deadlines that EF provided. It allowed me to transition from a world with clear processes into the dynamic realm of startups, where every decision can make or break your success.
The Entrepreneur First Application Process
Q: Could you provide a brief overview of the application process for Entrepreneur First?
A: In my case, EF initially reached out to me via LinkedIn. At that point, I wasn’t quite ready to make the leap into entrepreneurship and wanted to continue my job. However, when they approached me again, I began to seriously consider it as the right path for me.
EF has a network of scouts, but if they don’t reach out to you directly, you can also apply online. The application process focuses on assessing your personal impact and drive to build. Expect behavioral questions, such as sharing a challenging team situation you’ve encountered.
When you engage with them in person or through online interviews, they emphasize two key aspects. First, your interpersonal skills are evaluated through behavioral questions that assess your leadership capabilities. Second, they delve deep into your entrepreneurial abilities. They want to know about instances where you’ve tackled seemingly insurmountable problems and used technology in innovative ways to overcome them.
It’s important to note that this process pertains to what EF terms the “catalyst” role, which is akin to a commercial or CEO-type role in the startup. For candidates with technical backgrounds or industry expertise, the process may differ slightly. They may inquire about your unique advantages, such as insights gained from a Ph.D. or specialized knowledge that sets you apart from others in your field.
Q: Was the EF application process demanding in terms of time and effort?
A: The EF application process does require a significant investment of both time and effort. To succeed, it’s essential to strike a balance between the quality of your content and delivering it concisely. This advice aligns closely with what I often share with individuals preparing for interviews in general.
If you’re new to this process, it may take a while to get everything in order, but I believe it’s worthwhile. If you’ve had previous experiences in similar interviews, you can leverage and adapt some of your existing preparations.
For instance, in my case, having a consulting background was helpful because EF was co-founded by former McKinsey consultants. The interview process at EF evaluates several dimensions:
- Personal Impact: Can you influence individuals over whom you have no positional authority, such as your manager?
- Empathy: How well can you handle situations where people might feel attacked or take things personally? Can you effectively bring people along on the journey?
- Entrepreneurship and Ambition: It’s not just about setting ambitious goals; it’s also about possessing the tools and strategies to achieve them. Can you delegate, automate, and prioritize effectively?
- Leadership: You should demonstrate inspiring leadership within a group context. This entails knowing when to step up and lead but also when to step back and create opportunities for others to shine.
Preparing for these dimensions will make your responses more natural and structured, allowing you to convey your strengths effectively. Remember, it’s not about sounding like a robot; it’s about delivering your insights efficiently and coherently, avoiding lengthy rants, like the one I’m engaged in now.
An Eye into the Entrepreneur First Program
Q: What follows after being accepted into the program?
A: Once you secure a spot in the program, the journey begins with an in-person get-together, often referred to as kickoff weekends or a similar event. It’s worth noting that my experience dates back to 2020, early in the pandemic, so there may have been adaptations since then. However, certain fundamental elements remain constant.
Early engagement is key. The sooner you dive into the process, the better. While there are undoubtedly many talented individuals in your cohort, not everyone will be the right fit for you. Therefore, it’s important to start assessing potential co-founders from the moment they’re accepted into the program. You’ll likely find yourself having multiple daily conversations with potential partners to gauge compatibility. Topics of discussion include backgrounds, ambitions, interests, and skill sets.
The formal program kicks off shortly thereafter, and there’s an expectation to form partnerships within the first few weeks. Within the initial six weeks, you should have identified a partner and engaged in meaningful validation efforts. In my cohort, if you haven’t formed a pair by this stage, the program opens up opportunities to connect with cohorts in other cities or regions, such as Berlin or Paris.
If, for any reason, you don’t find a suitable partner during this period or you’re forced to separate from your partner, your journey within the program might conclude. For those who progress beyond this stage, there’s an investment committee review. However, it’s important to note that not everyone receives investment at this stage; it’s a minority within the cohort.
If EF chooses not to invest in your venture, you have the freedom to pursue other paths, including seeking external capital with your program-found partner. Not receiving EF investment doesn’t signify the end of the road; many successful companies have thrived without EF’s backing.
Following the formal program, there are still a few more weeks before the culmination with a demo day. After this point, you’re expected to continue raising capital and engaging within the alumni community, which offers ongoing events and networking opportunities.
Q: How did you come to meet your co-founder?
A: Well, the journey to meeting my co-founder spanned three years, but let me tell you the story. Early on, I was introduced to Yousef, and there were a couple of factors that drew me to him. First, he had an entrepreneurial spirit, which is a valuable trait in the startup world. Entrepreneurialism doesn’t necessarily mean founding a business; it’s about being a self-starter, and that’s crucial. Moreover, he possessed a well-rounded business skill set, which is essential when you’re initially building everything from the ground up.
You see, in the early stages, you’re expected to wear many hats and build various aspects of the venture yourself. While today’s tools make this process more accessible with no-code or low-code solutions, when you’re starting, you often have to do the heavy lifting yourself. Having a co-founder with a complete skill set is incredibly advantageous.
In our case, Yousef was a full-stack developer, which was particularly valuable. This meant he could handle both the technical and business aspects effectively. When you’re starting, it’s crucial to have at least one of you capable of coding because, without it, progress can be slow. Ideally, one co-founder focuses on building while the other concentrates on selling and growth.
However, it’s worth mentioning that Yousef wasn’t my initial co-founder. I initially partnered with someone else, but we eventually decided to part ways. While we thought we got along well, we encountered a significant challenge related to the technology we were exploring—programmatic generative AI for marketing. This field was still in its infancy in early 2020, and we realized that achieving our goals would take an extended period.
So, we decided to part ways, and that’s when I connected with Yousaf, who eventually became my co-founder in Krew. Our partnership clicked, and we embarked on this exciting journey together.
Q: Did you manage to secure funding through the Entrepreneur First program?
A: Absolutely, merging it into one paragraph for easy flow: We were fortunate to secure funding through the Entrepreneur First program, undergoing a thorough evaluation process with their investment committee. This financial backing was pivotal in propelling Krew forward, supporting us in turning our vision into reality. The funding package, which is standard and publicly disclosed in EF’s FAQs, amounted to £80,000. This investment played a significant role in fueling our startup’s momentum.
The Greatest Gains from Entrepreneur First
Q: Aside from the financial support, what were the most significant advantages you derived from the program?
A: While the financial support was undoubtedly valuable, there were two standout benefits from the program. First and foremost, it provided the structure that enabled me to meet my co-founder, which is pivotal for any startup’s success.
Secondly, EF serves as an excellent platform for fundraising, and I know you mentioned excluding fundraising, but I’m referring to the connections and visibility it offers. When you participate in events like demo day, it attracts the attention of investors and potential partners. This exposure can lead to valuable contacts and partnerships with companies and individuals who are interested in your venture.
Q: Were there any aha moments or surprising discoveries during the program?
A: A couple of things come to mind. Firstly, I was struck by the fact that many of the most successful companies that emerged from the program had experienced significant pivots. While I knew that pivoting was a common occurrence in startups, seeing it in practice reinforced a key lesson. It’s not about having the perfect idea from the start; it’s about having a good attitude, being relentless, and continuously iterating. Ideas evolve and change, but what truly matters is the team, execution, and resilience.
Another aha moment was the realization that you can often start charging for your product much earlier than you might think, even before having a fully complete product. EF provided excellent support for B2B solutions, but when it comes to consumer or prosumer products, the dynamics are somewhat different. If you’re working on something in the prosumer or consumer space within EF, my advice is to start with a narrow version of your idea. You can always expand later. In these markets, achieving traction early on is crucial, and it’s often a matter of either having a product-market fit or not. Unlike B2B solutions, there’s usually no middle ground where you can sell backend processes or contracts to larger companies.
Final Advice
Q: Do you have any final tips for founders who are contemplating applying to Entrepreneur First?
A: Absolutely, here are some crucial insights to consider when applying to EF:
- Have Clear Purpose: Your reasons for applying should be crystal clear. Entrepreneurship is a demanding journey, and you must know precisely why you want to embark on it. What in your life has led you to this moment? Having a clear north star, a strong motivation, and a sense of purpose will carry you through the inevitable challenges and failures that come your way.
- Be Prepared for Failure: Understand that failure is not the end; it’s a natural part of the entrepreneurial process. You will face setbacks and obstacles, but these experiences are valuable lessons. Embrace failure as an opportunity to learn and improve.
- Know Your “Why”: Be ready to articulate why you’re applying to EF and why now is the right time for this journey. This clarity of purpose will not only guide you during the application process but also sustain you throughout your entrepreneurial endeavor.
Remember, entrepreneurship can be tough, but with a clear understanding of your motivation and a willingness to persevere through challenges, you can navigate the journey successfully. It’s not just about you; it’s a shared experience that many entrepreneurs go through. Stay true to your “why,” and you’ll find the resilience to overcome obstacles and thrive in the startup world.