What is Qlip?
Q: Can you explain what your company, Qlip, does?
A: I’m Svend, the CEO of Qlip. We assist video creators and marketers in transforming their extended content into bite-sized, viral clips suitable for social media platforms. This means taking a lengthy YouTube or Twitch video and converting it into a short, digestible clip perfect for sharing on platforms like TikTok, YouTube Shorts, and Instagram Reels. The entire process is automated using AI, allowing for rapid content creation and increased engagement on social media.
Q: How did the idea for Qlip come about, and what was your motivation?
A: Well, the concept emerged two years ago. After wrapping up with my previous company associated with another startup studio called the eFounders, I still had the itch to initiate another venture. The challenge was I didn’t have anyone in my circle with the technical expertise or someone with complementary skills ready to embark on this new journey. I believed that Entrepreneurs First could be an excellent platform to meet individuals with the necessary skills and shared enthusiasm to start a venture simultaneously.
Entrepreneur First Application
Q: Can you briefly describe the application process?
A: You fill out some kind of form, providing information about yourself and answering a few questions. I’m unsure about the conversion rate from applying to getting the first interview, but you get an initial, shorter interview to confirm mutual interest. After that, there are on-site interviews. I think there were two – one focused on soft skills and the other on hard skills. They then make a decision and either offer you a spot in the cohort or ask you to try again next year.
Q: Did you prepare for this interview?
A: I contacted many past participants, seeking feedback on their interview experience and subsequent journey. This not only helps you prepare for the interview but also to decide if you want to join the cohort, especially concerning the tech profiles in the cohort. It gives you a real picture of what happens and insights into interview preparation. That was the best way I could get ready for these interviews.
What Happens After Getting In?
Q: What happens next?
A: Once accepted, roughly six weeks before the program starts, you get contact details of all cohort members. It’s essential to reach out to potential matches early on, so by the program’s start, you’re ready to form groups. You want to identify and test your co-founder relationships quickly, iterating and refining as needed. An important element is the ‘playground’ – the early ideas or hunches you’re passionate about. The goal is to determine fit both in terms of relationship and project vision.
The program lasts three months. For the initial two, participants form, test, and sometimes break up teams. Some find their perfect co-founder match immediately, while others, like myself, take almost the entire time. During the program’s last month, team formations halted. Those without teams exit, and the remaining teams prep for their end-of-program pitch. Successful pitches might lead to investment offers. The program intends to turn initial ideas into viable startups, and in exchange, they might ask for an equity stake.
Q: Did you go through any team-building activities, and networking sessions to meet people?
A: Yes, there’s a structure in place. Initially, there are leaderboards and activities to challenge co-founder matches, ensuring they’re solid. There are also weekly feedback sessions with entrepreneurial mentors. When not in a group, participants get individual mentorship and attend sessions to connect with others.
Q: During the last few weeks, what are you working on?
A: It’s preparation for your end-of-program pitch. Depending on the outcome, there’s a potential investment, which can jumpstart the startup, providing capital for things like software and possibly hiring. However, committing involves giving up a portion of your company’s equity.
Q: Did you have a dedicated coach or mentors to support you?
A: Absolutely. Startups get a dedicated mentor tailored to their focus. The overarching goal for participants is to craft billion-dollar startups, so mentorship emphasizes bold, ambitious thinking. The program even has a follow-up, offering continued mentorship leading to a demo day where startups pitch to investors. However, it’s crucial not to rely solely on this avenue for investor connections. Building your own network is essential.
Standout Moments
Q: Do you have any moments that you want to share with us during the program?
A: My standout moment was when I met my co-founder, Pamela. Initially, we embarked on a completely different project. Given her Ph.D. in machine learning and the fact that most profiles at Entrepreneur First are deeply tech-focused, we explored an idea closely tied to her specialized research. I was excited about the idea of diving into a hardcore tech issue with a genuine expert by my side.
However, after some months, it became evident that the market opportunity for the technology she had developed wasn’t as robust as we’d hoped. So, we took a step back, separated for about a week to weigh our options individually, but kept the dialogue open. Discussing our visions for potential companies, we realized our shared interest in content creation. My previous venture was also in this space—a landing page builder.
First, they encouraged us to lean into our strengths, ensuring a better shot at funding since the team’s synergy is paramount. This discussion became the genesis of our current company, Qlip. Two years down the line, we’re a team of 12. So, while it’s hard to pinpoint a singular “aha” moment, the entire journey, looking back, feels pretty incredible.
Life After the Accelerator
Q: Where is the company today?
A: We’re now 12% of the company’s tech, including devs and PhDs in data. We’ve been focused on R&D for these highlight generators, which can automatically extract the most engaging moments from content for social media. For instance, we could use our tool in this conversation to extract the best parts. Before our fundraising, we went to market, and over the past few months, we’ve seen exciting growth.
In May, we had 2,000 users sign up, and by August, that number rose to 35,000. We recently crossed the 100 paying users milestone. We’re currently expanding our team, recruiting a product manager and another lead dev. Our growth strategy involves partnering with content creators, focusing on our affiliation program, and leveraging Google Ads.
What Founders Should Know
Q: Any final tip?
A: If you’re considering starting your own company, I’d say just go for it by applying to Entrepreneur First. There’s nothing to lose. You get paid during those initial three months and can meet potential co-founders. If you decide it’s not for you, you can leave anytime.
There’s no risk, only the potential reward of leaving your current job. But if you’re committed to launching your own venture, it’s a safe financial step. It offers a structure to explore if the entrepreneurial life suits you. My advice would be just to dive in, try it, and make up your mind from there.