What is 60Seconds?
Q: Could you give us a brief introduction to yourself and your company?
A: I’m Ivan, the CEO and co-founder of 60Seconds. We specialize in AI-driven dynamic pricing tools that provide critical predictions for retail companies. Our focus is on pivotal sales periods like Black Friday, Cyber Monday, and other significant weekend sales. We assist retailers by offering insights on the best products to sell, the optimal times for sales, and the most effective discount sizes for different customers.
Q: How did the concept of 60Seconds originate?
A: My journey began after university when I ventured into the outsourcing space, collaborating with various software companies across Europe. However, my ambition was to delve deeper into product ownership. This led me to study the retail sector extensively, particularly the analytics from Inditext, Europe’s largest retail company, known for brands like Zara, Bershka, Massimo Dutti, and Pull & Bear. What intrigued me about them was their innovative approach to production line management. This sparked my interest in helping retail companies like them optimize their discount strategies. Retailers often face challenges with excessive energy consumption, resource allocation, and product storage. I saw a need for a solution that could inform them about the ideal discount sizes for specific items well in advance of sales events. This foresight could significantly reduce wastage and inefficiencies, leading to my creation of 60Seconds.
Why Founders Factory?
Q: What inspired you to become part of Founders Factory?
A: My decision to join Founders Factory was influenced by conversations with several investment funds, particularly those specializing in early-stage investments. What set Founders Factory apart for me was the positive energy I felt from their team. There was a sense of alignment right from the start, not just in terms of how we thought about things but also in our vision for the product’s future and growth. This resonated with me and played a significant role in my decision to collaborate with them.
Founders Factory Application Process
Q: How was the Founders Factory application process?
A: The journey to joining Founders Factory actually started with a conversation with another investment fund within the larger Founders Factory group. They typically invest in later stages, like Series A and B, and we were still in the early stages. They saw potential in our idea and suggested an introduction to Founders Factory, which focuses on early-stage ventures like ours.
The initial step was a direct engagement through a call, followed by an application on their website. The process involved several stages. It wasn’t so much about extensive preparation but more about pitching. I remember numerous pitching sessions where we had to present our concept to various individuals from both L’Oreal and Founders Factory. L’Oreal, in particular, was a key part of this process, as we needed their approval to proceed. So, the emphasis was on effectively communicating our vision and the potential of our product through these sessions.
Q: What aspects do you think distinguished your company during the Founders Factory application process?
A: Our unique positioning during a pivotal moment played a significant role. We were in the early stages of the COVID pandemic, a period when everything was shutting down and e-commerce was experiencing an unprecedented boom. Being deeply embedded in the e-commerce space, our company’s relevance and potential became more pronounced. This situation, while tragic globally, highlighted the instability and timeliness of our niche. It was a confluence of factors: our e-commerce focus, the changing market dynamics due to the pandemic, and the interests of both Founders Factory and L’Oreal. These elements collectively set us apart and made our proposition compelling during that critical time.
Inside Founders Factory Program
Q: How was the Founders Factory program?
A: The experience began with receiving the confirmation email, followed by the preparation of various documents, which was crucial since Founders Factory is not just an accelerator but also an investor. The initial steps involved assembling a dedicated team to work with us. This team was essential in planning and structuring our six-month program. We undertook a comprehensive approach, starting from the basics like defining our mission and vision, to more complex aspects like strategic planning and establishing key performance indicators (KPIs). The program was designed to delve deep into our company’s potential, allowing us to extract maximum value from the collaboration. We worked closely with the team to tailor a program that not only matched our immediate needs but also aligned with our long-term goals. This holistic approach was instrumental in shaping our strategies and guiding our growth trajectory during our time with Founders Factory.
Q: During your time in the program, did you have access to mentors?
A: Yes, the mentorship aspect was a significant part of our experience with Founders Factory. I viewed everyone I worked with there as a mentor in some way. Their guidance was practical and case-specific, challenging us to think critically about our strategies and decisions. This was especially valuable since we were starting from Serbia, a context vastly different from building a global product. The perspective and experience we gained from our UK connections opened our eyes to the potential and approach needed for global market success.
Q: Were these mentors hands-on, or did they act more as advisors?
A: It was a blend of both, tailored to our specific needs. For aspects like product-market fit, design, marketing, and real-world applications of our product, the support was very hands-on. They actively engaged with us in developing these areas. In contrast, for other aspects like defining our mission, vision, and financial strategies, they functioned more as advisors. This approach recognized the fact that, ultimately, we were the owners of the company and had to make the final decisions. Their advisory role was crucial in guiding us but left the decision-making in our hands.
Achieving Milestones and Overcoming Challenges
Q: Can you share a significant milestone during your time in the Founders Factory program?
A: One of the standout experiences was our collaboration with L’Oreal. It was enlightening to see how working with a large corporation like L’Oreal differed from our engagements with smaller e-commerce brands or platforms like Shopify. The dynamics were distinct, offering us valuable insights into handling diverse business environments.
However, the most crucial aspect was establishing solid foundations. Before joining Founders Factory, we had already developed our product to a certain extent and worked with several brands, but it was often on an ad hoc basis without a coherent strategy. The program marked the beginning of a more strategic and structured approach to our operations. Founders Factory played a pivotal role in helping us understand the essential structural elements needed in a startup to ensure not just survival but sustainable growth. It was about moving beyond ad hoc methods and adopting a more deliberate, thoughtful approach to every aspect of our business. This shift in mindset and strategy was a significant milestone for us.
Q: During the program, did you encounter any specific challenges?
A: Yes, we faced challenges, particularly regarding team limitations. We weren’t a startup flush with millions in funding and a large team of 30-40 people. These constraints sometimes impacted our pace, affecting how quickly or slowly we could complete tasks and move forward with our objectives.
To address this, I focused on realistic goals that we could achieve within our time and resource constraints. I likened our situation to filling a bucket with water that had holes in it. The key was to prioritize which holes to cover, essentially deciding where to allocate our limited resources for maximum effect. This approach helped us concentrate on the most critical areas, ensuring that we made the most of what we had and didn’t dissipate our efforts on less impactful tasks.
Current Status and Future Goals of 60Seconds
Q: What is the current status of 60Seconds, and what milestones have you achieved and aim to achieve next?
A: Today, 60Seconds has grown significantly. We’ve successfully navigated through various investment rounds from funds in the US and UK. Our product is now globally recognized and integrated with major e-commerce platforms like Shopify, WooCommerce, and Wix. This integration allows any shop on these platforms to use our service with just one click. We are actively collaborating across multiple sectors within these e-commerce platforms.
Looking ahead, our primary goal is acquisition. We’re currently in discussions to explore how our technology can be utilized, either for its existing purpose or in new ways, with the ultimate aim of being acquired. This represents the full entrepreneurial cycle for a first-time founder like myself: starting a company, building and enhancing the product, raising investment, gaining traction, and finally selling the company. While some may choose to continue developing the same product indefinitely, my personal aspiration is to complete this cycle with 60Seconds, marking a significant milestone in my entrepreneurial journey.
Q: What approaches have you adopted for growth and expansion in different platforms?
A: Our growth strategies are tailored to each platform we work with. For instance, on Shopify, we utilize a combination of advertising and leveraging Shopify’s support channels. This dual approach not only helps in promoting our tool but also educates Shopify’s support team about our product. This way, they can effectively recommend our tool when appropriate. We’re continuously developing and implementing different strategies for different brands and platforms to ensure effective and tailored growth in each unique ecosystem.
Final Advice
Q: Do you have any advice for founders thinking about applying to Founders Factory?
A: I still believe it’s an excellent program. The team I worked with isn’t there anymore, so the dynamics may have changed. However, I trust that Founders Factory continues to choose great people and companies to collaborate with. The investment climate in the UK has evolved since we started, but Founders Factory remains a solid starting point for startups.
My advice to founders is to always do what’s best for your startup. If Founders Factory aligns with your vision and goals, then it’s worth pursuing. It’s crucial to thoroughly understand your startup’s needs and evaluate whether Founders Factory can meet those needs. The decision to join any accelerator or incubator should be aligned with your company’s strategic direction and growth objectives.