Meet Jakomi Mathews from GoTo.Health
Q: Can you briefly introduce yourself and your startup?
A: Sure, I’m Jakomi Mathews, co-founder and CEO of GoTo.Health. We’re an on-demand health platform inspired by the Uber model, focused on booking health appointments efficiently. What sets us apart is that we don’t have surge pricing, as I believe that would be unethical in healthcare. Our platform leverages unused appointment slots to improve patient service, while also enhancing efficiency for clinics and their practitioners.
Q: What inspired this idea?
A: The concept came to me under unusual circumstances. I was heading to give a lecture on entrepreneurship and innovation when the elevator malfunctioned, resulting in a back injury. This injury required me to see a chiropractor twice a week for over two years. During this time, I faced the challenge of finding practitioners at short notice. The existing directory services were inadequate, so I often resorted to Google, calling around blindly. This process was not only time-consuming but also painful, as I sometimes had to drive long distances for treatment.
This experience made me wonder about the corresponding problems faced by clinics. After interviewing over 130 clinics, I discovered significant issues with cancellations, reschedules, and no-shows, leading to substantial revenue loss. To address these issues, I combined patients’ needs with clinics’ operational challenges to form GoTo.Health. This idea was further validated by a survey we conducted among health practitioners across Australia, confirming the insights from our initial research.
Why Founder Institute?
Q: How did Founder Institute become part of your journey?
A: I stumbled upon Founder Institute in 2022 while I was halfway through another online accelerator program. The appeal of Founder Institute was its Australian focus, particularly relevant as Covid was still impacting things at the time. I decided to join mainly to expand my network within Australia, especially at the angel investment level. My international contacts were robust for Series A and beyond, but my Australian network, particularly for early-stage funding, was limited.
Application Process and Experience with Founder Institute
Q: What was the application process like at Founder Institute?
A: The application was straightforward; it involved an online application followed by a call, after which I got accepted. As this is my sixth startup and having had two successful exits before, I found the initial stages of Founder Institute somewhat basic. However, it’s definitely beneficial for first-time founders. The real value for me came later, especially with the Funding Lab that started in January 2023. It was an intensive program focused on securing funding, run remotely from the U.S. but included startups worldwide. This program, and others offered by Founder Institute, became accessible and highly beneficial once I completed the initial basic course.
Insights into Founder Institute’s Admission and Value
Q: Could you share more about Founder Institute’s admission process and whether it involves funding or equity?
A: At Founder Institute, there’s no funding provided, but you do give up a small portion of equity, about 2%, in the form of a warrant. In return, you gain access to a network of mentors. There’s no direct financial cost involved; the payment is essentially through equity.
Q: How does Founder Institute compare to other accelerator programs you’ve experienced?
A: The first course at Founder Institute was, in my opinion, quite basic, especially for someone with my background in startups. I noticed a bit of arrogance among some of the mentors and directors, which was a bit off-putting. However, the environment does push startup founders, which can be beneficial. The true value came from the Funding Lab course, which was more advanced and offered practical help. The mentors in the Funding Lab, especially those based in the U.S., were down-to-earth and extremely helpful. They even introduced me to Loyal VC, which invests in Founder Institute graduates.
Q: What other opportunities does Founder Institute offer post-graduation?
A: After completing the initial course at Founder Institute, graduates can access various other courses. These courses are more intensive and focused on specific areas. I found them to be more beneficial as they pushed me to apply what I was learning in real time to my startup. I specifically chose to participate in modules where I felt I had gaps or weaknesses, which provided significant value to me. These additional courses are a part of the Founder Institute ecosystem, but they require you to graduate from the initial program first.
Key Takeaways from Founder Institute Experience
Q: Can you share any standout moments or aspects from the Founder Institute program that left a lasting impression on you?
A: One of the most impactful experiences was being introduced by our course leader in Sydney to another course leader in Melbourne, who was also an investor with his own VC fund. This connection proved to be very valuable, with numerous beneficial conversations. While some aspects of networking were less useful, this particular introduction stood out as a significant positive.
Q: What aspects of the program did you find underwhelming or less effective?
A: During my time, due to COVID restrictions, much of the program was conducted online, which diluted the impact of some activities, like networking events. However, I’ve heard that these have improved since then. The mentoring and feedback process was a mixed bag. While some of it was beneficial, I also felt that certain parts weren’t as relevant. The program did have a system where both mentors and startups could score each other, which I found to be a good practice. It’s crucial for startups, especially those in the early stages, to learn how to sift through feedback, embracing what’s constructive and disregarding what’s not as applicable. This discernment is key, but it seemed that many of the newer entrepreneurs struggled with this aspect.
Founder Institute’s Role in GoTo.Health’s Progress
Q: How has Founder Institute contributed to your company’s current position?
A: The Funding Lab, a follow-up program of Founder Institute, was instrumental in our progress. It directly led to our introduction to Loyal VC, who later invested in us. The program significantly aided our fundraising strategy, offering introductions and support when we needed clarification on various aspects. It was an essential contributor to where we are today.
Preparing for Future Milestones
Q: What are your next milestones, and do you feel Founder Institute has prepared you for these?
A: While I wouldn’t say Founder Institute is actively supporting us now, their role in our development was certainly significant. Our startup was recognized as one of the top 10 in Asia and top 50 globally by the Founder Institute, which is an honor. However, in terms of ongoing mentorship and support, I find it more accessible and forthcoming from the American side of the program compared to the Australian one. The Australian program was less supportive, in my experience. The American program, especially the Funding Lab, offered a more welcoming and helpful environment.
Q: Can you comment on the differences between the American and Australian programs at Founder Institute?
A: Yes, there was a noticeable difference. Founder Institute, originating from America, has a global presence with chapters in many countries. Each chapter can tailor its approach to the local market. In my experience, the Australian chapter wasn’t as supportive as the American one. This is just my personal experience, and I hope my honesty doesn’t cause any issues. The American program provided more value and support, which was crucial for our startup’s journey.
Founder’s Advice for Prospective Founder Institute Applicants
Q: Do you have any advice for those considering applying to Founder Institute or similar programs?
A: Yes, my key advice would be to engage directly with the leaders of the program beforehand. Understand what you aim to achieve from it and prepare specific questions. It’s crucial to have a clear idea of what you want out of the program. This is especially important for previous founders like myself, as some aspects may not be as beneficial.
First-time founders might find more value, but it’s important to assess where your business stands and whether the program aligns with your needs. Be candid in asking the program leaders if they think your participation would be worthwhile. Another important factor to consider is your time commitment.