Who is pFIBRE and What Do They Do
Q: Can you tell a little background of your company?
A: Our startup, pFIBRE, has developed a technology for thin film packaging material that emulates plastic but is crafted from bio-based ingredients. It’s 100% marine biodegradable and home-compostable, designed to disintegrate swiftly without harming the environment. This innovation was our response to the global bans on single-use plastic and a way to provide consumers with a genuinely biodegradable option. We’re now ready to commercialize a soluble version of this film for various industries, with future plans for a longer-lasting yet still biodegradable version.
Why Prakruti Kodali Chose Entrepreneur First
Q: Why did you decide to apply to Entrepreneur First?
A: Starting a business was the next step for me, but I needed a tech whiz to balance out my business skills. Seeing my partner thrive with Entrepreneur First really sold it for me. After years in the corporate world, I was ready for the energy of a startup. What’s great about Entrepreneur First is that they don’t just guide you through the business bits; they highlight the importance of finding a co-founder you truly click with.
Entrepreneur First Application Process
Q: Can you describe the application process?
A: The initial way was often through referrals from past cohort members recommending potential entrepreneurs. For those outside this network, there’s also an open online application
The application is a set of fewer than ten questions. These questions probe the applicant’s reasons for wanting to be an entrepreneur, the challenges they are keen on addressing, any unique insights they possess, their “edge” over peers, and the characteristics and motivations of the founder.
The balance tilts heavily in favor of the founder. Entrepreneur First is eager to gauge the founder’s zest to bring an idea to life, both in the business and technology sectors. They’re also keen on understanding the founder’s ability to work with others and their ability to strike a balance between being agreeable and having necessary tough conversations.
The Structure and Impact of the Program
Q: How did you meet your co-founder?
A: Well, the meetup at Entrepreneur First was essential for finding my co-founder. It was more than just networking—it was about seeing who you genuinely connect with. Considering I spend more time with my co-founder than even my husband, it’s crucial that we vibe even on challenging days.
Meeting Dinaz, my co-founder, was enlightening. Beyond her technical background in material science and being a scuba diver, her passion for addressing the plastic pollution in the oceans resonated with me. She wasn’t just upset about the issue; she wanted to use her expertise to solve it. That mindset was in sync with my own values. Rather than just chasing quick successes, both of us wanted to make a lasting impact and leave the planet better than we found it.
Q: After finding the perfect match, how does the program evolve?
A: We have weekly check-ins with our Entrepreneurs in Residence (EIRs). These sessions are intense. The EIRs ask challenging questions that force us to rethink our assumptions and approaches. As we move forward in the program, the questions we face are based on that week’s lessons. For example, if we’ve been discussing market identification and segmentation, that week would be centered around understanding our target market. So, while there are many aspects to manage, the program offers a structured path, like a guiding thread for us.
Q: Do you also have access to the EIRs for guidance, and are there additional training sessions with industry experts?
A: Absolutely. We get to interact with ex-founders, alumni who’ve started businesses multiple times, and those who’ve faced different outcomes, from exits to disbanding their teams. Learning from them gives us a broader perspective on the entrepreneurial journey. It’s often lonely, even with co-founders. We face challenging decisions daily, most of which might not work out. But hearing from these experienced individuals helps us see that we’re not alone in this. They share their challenges and successes, making us feel more connected. We also engage with CEOs, CTOs, and advisors. Some of our EIRs have extensive knowledge in fields like machine learning. Additionally, Venture Partners, who come with a wealth of experience, provide insights on potential questions from investors.
Q: Did you get any funding from the program?
A: Yes, we did. We received pre-seed funding after the three-month program. After presenting to the investment committee, they decided on the funding. Entrepreneur First supported us not just with the pre-seed funding but also bridged us to our seed round. So in total, we secured two rounds of funding from Entrepreneur First.
Biggest Benefits from Entrepreneur First
Q: What were the biggest benefits you got from the program besides the money?
A: The most significant benefit, hands down, was finding a co-founder. I’ve seen how challenging it can be for others to find the right co-founder. Dinaz and I were fortunate to connect, start pFIBRE, and persist together. She’s the best thing I took away from Entrepreneur First. I couldn’t have achieved any of this without her. It’s been three and a half years, and it’s still just the two of us. Most days are challenging, but we always have each other’s backs and push forward together.
Q: And do you have any “aha” moments that you want to share inside the program?
A: Every day brought aha moments. Facing challenging questions from the EIRs was an eye-opener. They questioned our unique market position, our confidence, and our very place in this industry. But it was Bernadette, our GM and an EIR, who truly understood us. She saw our honesty and vision without applying the usual biases. Having women in influential roles within accelerators makes a world of difference. They offer a fresh perspective, changing how startups are assessed. The key takeaway is to always filter feedback and recognize the biases behind it.
Current Status and Future Prospects
Q: What’s the company’s status today?
A: We had a successful funding round last year, raising over a million. Half of this came from Temasek Foundation and the other half from investors like SEEDS Capital in Singapore and Bernhard Schulte, a maritime company that loved our product. Right now, we’re in the middle of patenting our technology. We’re also pursuing various certifications including environmental safety from TÜV Austria and food contact safety from authorities like the FDA and EFSI. Our next steps are to commercialize the technology with giants in the F&B and FMCG sectors.
Advice for Founders
Q: Any final tip that you want to serve founders thinking of applying to Entrepreneur First?
A: For sure. Joining Entrepreneur First was one of the best decisions for pFIBRE. It hands you everything – from potential co-founders and helpful modules, to venture partners and subject matter experts. They also introduce you to investors in the area. It helps put some sense into the chaos of starting up, offering guidance when it can otherwise feel overwhelming to tackle alone. Regardless of the final outcome, you leave better than when you started. You’ll see personal growth, in the way you think, approach problems, manage finances, and even perceive opportunities and risks.