Introducing Charlotte Aschim from TotalCtrl
Q: Can you introduce yourself and your startup?
A: My name is Charlotte, and I’m the CEO and founder of TotalCtrl, a software company that focuses on the hospitality industry. Our main product is a kitchen inventory management system designed to help businesses save time and money while significantly reducing food waste. Our approach is rooted in the principles of the triple bottom line, emphasizing not just financial gains but also environmental sustainability and social responsibility. This system is our way of contributing to a more sustainable industry by tackling the critical issue of food waste head-on.
Q: What inspired the creation of TotalCtrl?
A: The concept for TotalCtrl sprang from my direct experiences working across the food industry, including grocery stores, restaurants, hotels, and gas stations. The catalyst was the laborious process of conducting date checks on products to identify those nearing expiration. This routine task, which involved spending 30 minutes each evening scanning aisles in a small Norwegian grocery store, highlighted a significant inefficiency and opportunity for improvement. To streamline this process, I began recording product expiration dates in a notebook, simplifying the task for both myself and my colleagues. This approach not only saved time but also ensured products were sold at full value, reducing waste. This initial strategy to manage expiration dates effectively and prevent food from being wasted evolved into what TotalCtrl is today—a comprehensive kitchen inventory management system. Our solution has expanded beyond just managing expiration dates to encompass broader inventory management. However, the core mission remains the same: to prevent food waste, save our clients time and money, and promote sustainability within the food industry.
Why Founder Institute?
Q: How did Founder Institute become involved with TotalCtrl?
A: Founder Institute entered our story at a critical early stage, shortly after we launched TotalCtrl in December 2017. We joined the first cohort of the Founder Institute in Oslo in 2018, which coincided with the infancy of our company. This participation was instrumental in accelerating our understanding of the entrepreneurial process, particularly because neither my co-founder nor I had prior experience or formal education in entrepreneurship. My background is in plant management, and despite having been employed since the age of 12, I had no direct exposure to or training in starting and running a business. The Founder Institute provided us with essential knowledge and skills, from conducting customer research and ensuring product-market fit to understanding monetization strategies and identifying the necessary team competencies. This guidance was pivotal in ensuring we were not just creating a product but building something that addressed real needs and had viable commercial potential. The program helped us navigate the foundational aspects of business development, emphasizing the importance of creating value that customers are willing to pay for, a fundamental principle for any successful startup.
How a Founder Gets In
Q: Could you describe the application process for the Founder Institute?
A: The application process for the Founder Institute back in 2018, when we applied, was focused on evaluating our readiness and suitability for entrepreneurship. From what I recall, it involved a review to assess whether I possessed the ‘founder mentality,’ a crucial aspect the program looks for in its candidates. Additionally, we were asked to introduce our business idea and detail the progress we had made up to that point. Based on this preliminary review and introduction of our concept, TotalCtrl was selected to join the Founder Institute’s cohort. The program started with around 35 companies, but by its conclusion, only 9 or 10 of us remained. This selection process and the rigorous journey through the program underscored the importance of not just having a viable idea but also the determination and entrepreneurial mindset necessary to navigate the challenges of starting and growing a business.
Understanding Founder Institute’s Terms for Startups
Q: How does the process of joining Founder Institute work in terms of funding, fees, and equity?
A: At the time TotalCtrl joined the Founder Institute, the terms required us to give up 4% equity in the company. This equity was divided among various stakeholders, including a portion that would benefit the cohort’s co-founders, ensuring that if any founder succeeded in the future, others in the cohort would also see some return. Additionally, a part of this equity went to the Founder Institute itself, with the distribution structured to support both the organization and the collective success of the participating startups. Besides the equity, there was also a participation fee for the program, which was around $3,000. When comparing this to other accelerators we looked into, the 4% equity requirement from Founder Institute was relatively low. This aspect, along with the fee, was a consideration in our decision to participate. Reflecting on the experience, the value we gained from being part of the Founder Institute has far outweighed the cost and the equity shared. The resources, knowledge, and network access provided have been instrumental in our growth and development as a startup, marking the involvement with the Founder Institute as significantly beneficial for TotalCtrl.
A Day in the Life at Founder Institute
Q: What was a typical day like in the Founder Institute program?
A: During our time with the Founder Institute cohort, a typical day was quite structured yet accommodated our needs as aspiring entrepreneurs, many of whom, including myself, were balancing full-time jobs alongside our startup ambitions. In 2018, the program was conducted in person, allowing us to physically meet in Oslo for our sessions. These meetings were scheduled after working hours, reflecting the program’s understanding and flexibility towards participants who had not yet transitioned to working on their startups full-time. This setup was particularly beneficial, as it meant we could engage with the program without having to give up our primary sources of income. The Founder Institute, known for its rigorous and intensive accelerator experience, managed to strike a balance that supported our dual commitments. We participated in workshops, completed deliverables, and attended meetings outside the standard 9-to-5 workday, making the early stages of our entrepreneurial journey more manageable and productive.
Impactful Aspects of the Founder Institute Program
Q: What stood out to you about the Founder Institute, and what has been a valuable takeaway?
A: Reflecting on our journey with the Founder Institute, without prior detailed comparisons between various accelerator programs, choosing Founder Institute was somewhat of a leap of faith. Now, six years into TotalCtrl’s operation, it’s clear that our involvement with the Founder Institute has been profoundly impactful. A crucial takeaway was the rapid understanding and adjustments we needed to make to develop and sell a product that not only had a significant impact but was also financially viable. The Founder Institute’s network was instrumental in securing funding, expanding our advisory resources, and enhancing our global presence.
We’ve had the opportunity to contribute back to the community and gain visibility through participating in Founder Institute events, speaking on stages, and engaging in forums. This reciprocity has not only benefited TotalCtrl’s publicity but also allowed us to support the broader entrepreneurial ecosystem. The global network and the multitude of advisors available through the Founder Institute have been invaluable. Access to experienced professionals across various aspects of business—capital, product development, commercial strategy, and team management—has provided us with a wealth of insights. This support network, experienced in navigating the challenges of startup growth, has been one of the most significant advantages of our participation in the program.
Areas for Improvement in the Founder Institute Program
Q: What aspects of the Founder Institute program do you believe could be enhanced?
A: Participating in the Founder Institute was certainly demanding, with the program’s intensity and volume of work being particularly challenging. The curriculum was packed into a condensed timeframe, which, while ultimately beneficial, felt overwhelming at the outset. Balancing the program’s requirements with full-time jobs and the necessity of engaging with customers added to the pressure. Looking back, I see the value in the rigorous structure, but at the time, a more practical approach to validating our business model and solution could have been advantageous. Although theoretical knowledge is essential, increased emphasis on practical, market-tested activities would have been helpful. More direct interactions with potential clients and a deeper dive into market validation would have further strengthened our understanding and application of what we learned. Additionally, a greater focus on key performance indicators (KPIs) and business metrics from the outset would have been beneficial. Understanding these elements is crucial for attracting customers and investors and for the long-term success of any startup. Enhancing the curriculum to include more practical exercises and market validation, along with a deeper focus on the metrics that matter most to a startup’s growth and viability, could make the program even more valuable for future participants.
Mentorship Experience at Founder Institute
Q: How did you perceive the mentorship during the Founder Institute program in terms of real market value and experience?
A: The mentorship within our Founder Institute cohort was a blend of theoretical knowledge and practical, real-world experience. We had mentors who had successfully built, scaled, and sold multiple companies, offering invaluable insights into the process. Alongside these experienced entrepreneurs, there were mentors who, despite having faced failures, brought lessons from those challenges, creating a diverse pool of expertise.
While I appreciated the range of mentorship, I would have preferred a stronger emphasis on mentors with extensive global or international business expansion experience. Given that Norway’s market can be considered relatively small for ambitious startups aiming for significant growth, mentors with a broader perspective could offer strategies and insights more aligned with our aspirations to scale globally.
Regarding the mentors’ intentions, it’s fair to say that a small percentage seemed to have alternative motives, notably around securing future business for their services, whether in legal, HR, or other areas. This observation aligns with some feedback from alumni, noting that a few mentors appeared to be positioning their advisory roles as opportunities to foster potential client relationships for their primary businesses. However, this was not an overwhelming aspect of our experience, and the majority of mentorship provided was focused on supporting our growth and development without ulterior motives.
TotalCtrl’s Progress and the Founder Institute’s Lasting Impact
Q: What is the current status of TotalCtrl, and how has the Founder Institute impacted your journey?
A: TotalCtrl has successfully transitioned into the commercial stage, experiencing significant growth and an uptick in sales. Our solution is making a tangible impact on people, the planet, and the profitability of our clients, aligning with our core mission. The experience and network gained from participating in the Founder Institute have been instrumental in navigating various challenges post-accelerator. This includes not only external challenges such as COVID, inflation, and global conflicts but also internal hurdles related to funding, revenue generation, and cash flow management. The knowledge and connections from the Founder Institute have provided us with a reliable support system, ensuring we know whom to contact for assistance when facing difficulties. This foundation has been vital in steering TotalCtrl through complex situations and contributing to our ongoing growth and development in the industry.
Maintaining Connections with Founder Institute Post-Program
Q: How has your relationship with the Founder Institute evolved since completing the program?
A: Post-graduation from the Founder Institute, my involvement with the organization has only deepened. Transitioning from a participant to a board member of Founder Institute Norway, I’ve remained closely connected to the ecosystem. My engagement extended beyond local borders, visiting the main headquarters in the United States and serving as a mentor in Finland, Germany, and other locations, where I’ve had the opportunity to give back by sharing my knowledge and expertise with new cohorts. TotalCtrl’s journey with the Founder Institute has also led to significant financial backing, with investment from Loyola VC, a venture capital firm known for supporting Founder Institute graduates. This relationship underscores a sustained and multifaceted connection with both the Founder Institute and the broader network associated with it, including Loyola VC. This continuous interaction ensures that TotalCtrl remains well-supported and connected, benefiting from warm introductions and ongoing support reflective of our enduring ties with the Founder Institute and its affiliated entities.
Advice for Prospective Founder Institute Applicants
Q: Do you have any advice for those considering applying to the Founder Institute?
A: For anyone contemplating applying to the Founder Institute, my advice is unequivocally to go for it. The Founder Institute stands out among accelerators for several reasons. Firstly, the equity requirement is relatively modest, especially when compared to the potential benefits. The global network that comes with being a part of the Founder Institute is invaluable, not just during the initial stages of your startup’s journey but also as you navigate subsequent phases of growth and development. The support provided by the Founder Institute extends beyond mere funding. It encompasses advice, mentorship, and connections to essential contacts—be it potential clients, pilot programs, or strategic partners. This network and the comprehensive support system can significantly aid in scaling your business from a local operation to an international enterprise. Considering the substantial value the Founder Institute can add to your startup, the equity and any associated costs are minimal compared to the doors that participation can open. The opportunity to tap into a vast network and receive guidance tailored to your needs at every step of your startup journey makes applying a worthwhile move for any ambitious entrepreneur.