Introducing Lucas Parducci from Kovver
Q: Can you introduce yourself and Kovver?
A: I’m Lucas Parducci, CEO and founder of Kovver. Kovver is a unique music app designed specifically for musicians and music enthusiasts. What sets us apart is our ability to split music into channels. For instance, drummers can mute the drum track in a song and play along with the rest of the music. We’ve been selling this globally for three years, offering a specialized experience for musicians to engage with their music actively. We also provide artists with a new way to engage with their fans, offering a unique experience and generating new revenue streams.
Q: How does Kovver split different instruments in a track?
A: We primarily utilize AI technology to dissect tracks into separate channels. However, the ideal scenario involves obtaining the original master tracks directly from major music labels, which are already separated into these channels. When we have to work with a complete track without separated channels, that’s when our AI comes into play, splitting the music into distinct parts for our users.
Q: What inspired you to create Kovver?
A: I’ve been playing drums since I was 9 years old; my whole family plays instruments. We believe music is a cornerstone of education and culture. Although I wasn’t a professional drummer, I’ve run businesses in Brazil’s robust agribusiness sector. In 2017, after selling my shares to my brother, I founded Kovver. The inspiration came during a sabbatical year in 2008 when I returned to studying drums. Lacking a band or friends to play with, I searched for drumless tracks on YouTube but found only low-quality options or saw good ones disappear quickly. Recognizing a universal need without a solution sparked the idea for Kovver. It was during my time with the Founder Institute that the potential of Kovver truly unfolded.
Discovering the Founder Institute
Q: How did you learn about the Founder Institute?
A: Initially, I wasn’t familiar with terms like startups or acceleration processes, despite having run my own companies. I didn’t understand what set startups apart; to me, they were just another type of business. My journey into the startup ecosystem began when a friend introduced me to the Founder Institute, marking my first encounter with the startup world and its unique dynamics.
Q: What was the application process like for the Founder Institute?
A: The application involved participating in forums online and an interview, which I found straightforward. The program itself, particularly in Campinas near São Paulo, wasn’t hard to enter. However, the real challenge began after admission. The initial three weeks were extremely tough, leading many participants to drop out early. By the end of the program, only a fraction of the original cohort remains, a pattern seen across Founder Institute cohorts. In my session, only five companies completed the program, and as of now, just three are still operating.
Funding Journey Through Founder Institute
Q: Did joining the Founder Institute lead to immediate funding?
A: No, immediate funding wasn’t part of the initial program. After completing my cohort, I applied for the Founder Lab, a separate acceleration program under the Founder Institute umbrella, specifically designed for fundraising. It was through this program, starting in early 2020, that I successfully attracted investors. This period coincided with the onset of the Covid-19 pandemic, a time of great uncertainty and challenge for businesses worldwide.
The Intensity of the Founder Institute Experience
Q: What were the challenging aspects of the Founder Institute?
A: The most demanding aspect was undoubtedly the level of dedication required. To truly benefit from the program, you need to invest more than you might initially expect—110%, to be precise. It’s challenging not just because of the content or the structure, but because of the sheer amount of time and commitment you must put in. Trusting in the process and the mentors is crucial. They guide you with valuable insights and instructions that are essential for navigating the program successfully. It’s about more than just attending classes; it’s a comprehensive commitment to growth and learning.
Highlight of the Founder Institute Journey
Q: Can you share a standout moment from your time with the Founder Institute?
A: For me, the most remarkable aspect of the Founder Institute was the networking opportunities it provided. The program connected me with some of the most influential and knowledgeable individuals in Brazil, including key figures in the industry. The importance of selecting a city with a strong Founder Institute network cannot be overstated—it’s critical to the success you can achieve through the program. This access to a vast network of professionals and experts was truly the key to unlocking significant progress and development for Kovver.
Areas for Improvement in the Founder Institute
Q: Is there anything about the Founder Institute that could be improved or was slightly underwhelming?
A: One area for improvement I observed is the selection of mentors for each session. The program needs to choose mentors more carefully, ensuring they have relevant experience and knowledge for the specific session’s theme. During my cohort, there were instances where mentors appeared more focused on promoting themselves than genuinely assisting startups. This can be detrimental, as participants are essentially betting their futures on the guidance they receive. Especially in crucial sessions like fundraising, it’s vital to have mentors who have firsthand experience with raising money or investing in startups. While my cohort did feature many knowledgeable and helpful mentors, the inconsistency in mentor quality and relevance was a notable concern.
Key Takeaways from the Founder Institute Experience
Q: Beyond networking, what significant learning or benefit did you gain from the Founder Institute?
A: Aside from the invaluable networking opportunities, the most impactful lessons from the Founder Institute were the importance of belief in the program’s process and the strategic selection of the program’s location. Understanding and trusting the methodology laid out by the program were crucial for navigating the challenges and fully leveraging the resources offered. Additionally, choosing the right city for participation, based on the specific needs and industry of your startup, can significantly enhance the benefits gained. This involves considering the expertise, network, and resources available in different locations where the Founder Institute operates. These insights have been instrumental in shaping my approach to building and growing Kovver.
Impact of the Founder Institute on Kovver’s Journey
Q: How has completing the Founder Institute program impacted Kovver?
A: The most tangible impact of the Founder Institute on Kovver has been in fundraising. The program, particularly the Founder Lab accelerator, played a crucial role in guiding us through the fundraising process. They provided hands-on, step-by-step instruction on how to secure investments, which was invaluable. The knowledge and techniques I acquired through the program are ones I still apply today. This guidance not only helped us successfully raise funds but also equipped me with skills and insights that continue to influence how we operate and grow Kovver.
Ongoing Relationship with the Founder Institute
Q: How has your relationship with the Founder Institute evolved over time?
A: My relationship with the Founder Institute has grown significantly since completing the program; they’ve become personal friends of mine. We communicate weekly, not just about business, but on a personal level as well. Additionally, I still visit their co-working space to catch up and discuss various topics. This ongoing interaction has been incredibly beneficial, particularly in terms of networking. They’ve introduced me to a wide range of venture capital firms and angel investors, emphasizing the importance of the quality and network of the mentors within the program. Their connections span across Brazil, providing access to an extensive network of influential figures in the startup ecosystem. This deep and continuing engagement has been pivotal for Kovver’s growth and development.
Advice for Prospective Founder Institute Participants
Q: What advice would you offer to those considering applying to the Founder Institute or similar programs?
A: The essence of succeeding in the Founder Institute, or any accelerator, hinges on belief in the program and demonstrating resilience. A common reason many drop out is the belief they need to focus solely on their company, thinking they don’t have time for the program. However, participating in an accelerator is intrinsically part of working on your company. In fact, you’re likely contributing more to your company’s growth and development by engaging with the program than you would by not participating. It’s vital to see the program not as an external commitment but as an integral part of your entrepreneurial journey, offering valuable tools, networks, and resources that can significantly propel your venture forward.