Introduction to Joan Roure and Eterlast
Q: Can you introduce yourself and your startup?
A: I’m Joan Roure, the Founder and CEO of Eterlast. My journey began in finance, working at JP Morgan before I pivoted towards the gaming industry with a role at Scopri. There, I focused on growing the business both organically and inorganically, within their business development and strategic teams. This experience was pivotal, providing me with the insights and drive needed to start Eterlast.
Our mission at Eterlast is to create a vibrant community for the next generation of sports fans. We’re redefining the experience of sports predictions, making it free-to-play, social, and, most importantly, fun. We aim to capture the spirit and passion of sports in a way that resonates with today’s digital-first audience, transforming traditional fandom into an engaging, interactive experience.
Why Founders Factory?
Q: What motivated you to join Founders Factory?
A: Joining Founders Factory was essentially the catalyst for starting my business. At the time, I was in a global role, preparing for a move to LA, and enjoying a comfortable position. However, my interaction with Founders Factory was almost serendipitous. During our initial conversations, I shared the global opportunities we saw in the blockchain gaming space, particularly around licensing blockchain gaming rights. This dialogue opened up an exciting pathway for us.
Founders Factory saw potential in the ideas we discussed and, just a month after our initial conversation extended an offer to support me in starting my own business. This opportunity aligned perfectly with my aspirations and the vision I had for Eterlast, making it an offer I couldn’t pass up. The prospect of turning my vision into reality, with the backing and support of Founders Factory, was the decisive factor for me.
Founders Factory Application Process
Q: Did you bypass the usual application process for Founders Factory?
A: Yes, my journey into Founders Factory wasn’t through the traditional application route. It all began through a connection—a good friend of mine, who was also my math teacher and an entrepreneur supported by Founders Factory, facilitated an introduction. He connected me with key individuals at Founders Factory, such as Henry Lane Fox, Damian Routley, and Brent Hoberman. Following our discussions, I received an unexpected email from them with an offer.
For me, this was an incredible opportunity that felt like a “free ride” into the startup ecosystem. It was an unexpected turn of events that I embraced fully, leading me to where I am today with Eterlast. This serendipitous connection opened doors for me that I hadn’t anticipated, showcasing the power of networks and the unexpected pathways they can create in the entrepreneurial journey.
Inside Founders Factory Accelerator Program
Q: How was your Founders Factory accelerator experience?
A: My entry into Founders Factory’s Accelerator program was rather unique and tailored to our specific needs. Eterlast wasn’t a conventional startup with existing products looking for an exit strategy. Our initial step was to secure licensing rights for the content we wanted to use, which was crucial before we could even begin developing our product. Founders Factory played an instrumental role in this early stage, helping us connect with brands to license their content. This support enabled us to start building the blockchain-based experiences we envisioned.
Moreover, Founders Factory went beyond just facilitating introductions. They were pivotal in helping me attract talent, set up the company, and define its culture. Given that I was the sole founder, their guidance and the network of amazing advisors they provided became indispensable to the foundation and growth of Eterlast. Their support was not just about the financial investment but encompassed mentorship, strategic partnerships, and operational setup, which were all critical to our early success.
Q: How was the program and the support structured?
A: The support we received from Founders Factory was highly structured yet tailored to meet our specific needs. As part of our agreement, there were several key pillars we focused on, which included talent acquisition, partnerships, funding, product assessment, and finding a CTO, among others. Founders Factory allocated resources to assist us in each of these critical areas, ensuring that we had the support necessary to address our unique challenges and opportunities.
This approach was not about following a one-size-fits-all curriculum; instead, it was about identifying and leveraging the specific areas where we needed guidance and expertise. Founders Factory worked closely with us to understand our vision and the hurdles we faced, providing targeted support that was instrumental in our development. This bespoke support system was pivotal in helping us navigate the early stages of building Eterlast, allowing us to focus on growth and innovation while having a solid foundation of resources and advice to draw upon.
Q: How did the mentors at Founders Factory provide support?
A: At Founders Factory, the mentors offered a blend of hands-on support and advisory guidance that was crucial for our growth. They actively engaged in the groundwork, especially in areas such as partnerships, talent acquisition, and connecting us with investors. This proactive approach meant they were not just advisors in name; they were integral in making key introductions and facilitating relationships that propelled our business forward. When it came to product engineering, the scenario was a bit different. We had specific needs that required direct action from our side, such as hiring engineers and developing our product. In these areas,
Founders Factory’s role shifted towards providing support upon request, which we utilized effectively. Even two years into our journey, we continue to receive legal support and other specific assistance whenever needed. Their support has been comprehensive, filling any skill gaps and acting as true partners throughout our journey. This tailored, hands-on approach from Founders Factory has been instrumental in our development, allowing us to focus on our core objectives while leveraging their expertise and network to address challenges and seize opportunities.
Funding and Equity with Founders Factory
Q: Can you share details about the funding and equity arrangement with Founders Factory?
A: Founders Factory offers a flexible approach to funding and equity, tailored to each business’s model and needs. While they have a standard agreement accessible on their website, my experience was quite bespoke. We established specific milestones, and the funding was structured around achieving these milestones, which was different from the standard process.
This type of tailored agreement is usually reserved for companies that Founders Factory is particularly keen on investing in and supporting closely. Their model is success-based, ensuring that the support provided aligns with the company’s growth and success milestones. In terms of funding, they do provide initial cash to help with startup costs. For Eterlast, this funding was crucial in covering legal fees for the contracts we needed to secure at the outset, rather than being allocated towards salaries or day-to-day expenses. It’s important to note that Founders Factory’s financial support is designed to assist with critical early-stage costs, laying the groundwork for future growth. Additionally, Founders Factory may choose to invest further at specific stages, such as during a pre-seed round, on an individual basis. This demonstrates their commitment to supporting startups not just at the inception but as they continue to develop and require additional funding to scale.
Achieving Milestones and Overcoming Challenges
Q: What would you say is a significant milestone achieved with Founders Factory?
A: With Founders Factory, we reached several significant milestones, but if I had to highlight the most impactful areas, they would be partnerships, investor connections, and talent acquisition. Founders Factory excelled in leveraging its extensive network to facilitate valuable partnerships for us, which was a game-changer. Their ability to connect us with a diverse range of pre-seed investors provided us with crucial financial support and advice at an early stage.
Additionally, their dedicated support in talent acquisition was instrumental. They have specialists who are adept at identifying and recruiting the talent needed to drive a startup forward. This comprehensive support was pivotal in accelerating our growth and achieving our early objectives.
Q: Were you able to secure any notable partners or investors through Founders Factory?
A: Through Founders Factory, we were introduced to and successfully connected with both potential future customers and investors. These introductions have been invaluable, opening doors to opportunities that have significantly propelled our progress. The ability to tap into Founders Factory’s network has not only helped us in securing funding but also in establishing crucial business relationships that continue to benefit us to this day.
Q: Did you encounter any challenges or unexpected aspects during your time with Founders Factory?
A: Throughout the program, I didn’t face any significant challenges or unexpected hurdles. Founders Factory has a very supportive and proactive approach, always striving to provide the best possible assistance to the startups in their accelerator. Their focus on creating a pressure-free environment allowed us to utilize their resources and network efficiently, enabling us to focus on growth and development without unnecessary stress. This supportive atmosphere is one of the key reasons why our experience with Founders Factory was so positive, allowing us to navigate the early stages of our startup journey with confidence.
Current Status and Future Goals of Eterlast
Q: Can you share the current status of Eterlast and your future goals?
A: Eterlast has evolved significantly from its initial focus on licensing rights for blockchain and 3D blockchain games. With the shifting dynamics of the blockchain market, we’ve successfully raised over $4 million from some of the best investors in the gaming and consumer sectors. This achievement has enabled us to refine our business model into something highly scalable and with considerable traction.
Currently, we’re in the process of expanding, with plans to launch our product in both the US and Europe. This expansion is part of our broader strategy to scale the business using our new model, which reimagines sports predictions to enhance fan engagement. Our goal is to create a more immersive and interactive experience for sports fans, leveraging the latest in technology to do so. The upcoming period is an exciting time for us as we work towards broadening our reach and impact, further establishing Eterlast as a leader in the intersection of sports and technology.
Final Advice for Aspiring Founders Factory Applicants
Q: Do you have any final advice for founders considering applying to Founders Factory?
A: My key piece of advice for founders looking to apply to Founders Factory is to thoroughly understand Founders Factory’s investment thesis. It’s crucial to align your startup with their current focus areas, such as their interest in Web3 and gaming when we applied. This alignment will significantly enhance your chances of capturing their interest and securing an opportunity with them.
Ensure that your sector and business model resonates with Founders Factory’s investment preferences. Speaking their language and demonstrating how your startup fits within their strategic goals can set you apart from other applicants. This approach was instrumental for us, presenting an opportunity that was perfectly aligned with their objectives at the time.
Moreover, I advise being clear and explicit about your needs from the outset. Customize your engagement with Founders Factory to ensure the support you receive is specifically tailored to your startup’s requirements. Rather than settling for a standard agreement, strive for a partnership that addresses your unique challenges and growth areas. This means being upfront about what you need and actively working to secure that support.
Basically, show initiative, be precise about your needs, and ensure your startup aligns with Founders Factory’s investment thesis. This strategy will not only help you secure an entry into the accelerator but also ensure that the partnership is mutually beneficial, maximizing the value you derive from their resources and network.