What is Jurnee?
Q: Can you give us a brief introduction to yourself and your company, Jurnee?
A: I’m Tania, one of the co-founders of Jurnee, alongside Damien Duhamel, my fellow co-founder. We both previously worked at Aircall, a unicorn company in France. Jurnee is a global event platform designed to empower companies to execute global event strategies effectively and at scale. Our primary goal is to rationalize event spending and delegate autonomy to teams, ensuring that their key messages resonate with their intended audiences.
We initiated our journey with Founders Factory at the very inception of our idea. Being part of a startup studio like Founders Factory was crucial, especially since our solution was still in its formative stages. They not only helped us refine our concept but also played a significant role in guiding us toward funding opportunities. Their support and enthusiasm in helping us progress have been instrumental.
Q: How did the idea for Jurnee come about?
A: The concept for Jurnee stemmed from my experiences at my previous workplace, Aircall. I began there as an intern and quickly progressed through various roles as the company grew – from an employee to a manager, and eventually to a VP. This journey allowed me to witness firsthand the evolution of responsibilities and perspectives at different levels. A significant portion of company spending goes into organizing events. These events are crucial for shaping company culture, meeting customers, engaging prospects, and hiring partners.
However, I noticed that this area of spending is often under-optimized, especially when compared to other areas like travel, which have efficient solutions like Navan, TravelPerk, or Egencia, or for expenses for which many tools exist as well. Recognizing this gap in the market, particularly in the event management sector, sparked the idea for Jurnee. We saw an opportunity to address this under-served need and bring more efficiency and optimization to how companies handle their event-related expenditures.
Why Founders Factory?
Q: How did joining Founders Factory assist in shaping your initial idea for Jurnee?
A: When we joined Founders Factory, we had a clear understanding of the problem we wanted to address, but the solution wasn’t as defined. Founders Factory played a significant role in helping us refine and develop our solution. Founders Factory offered us a specialized vertical with access to mentors who had specific expertise in the event industry. This was invaluable for us. The team at Founders Factory had a wealth of experience, which brought a depth of knowledge and insight that was crucial in the early stages of our journey. Their industry experience and guidance were instrumental in helping us experiment and innovate, ultimately leading to the development of a more concrete and effective solution for Jurnee.
Founders Factory Application Process
Q: Can you describe how you initiated your collaboration with Founders Factory?
A: Initiating our collaboration with Founders Factory was quite straightforward. It began with a simple step, like sending an email or filling out a type form. This led to a quick application process that included a pitch in front of an investment committee. The overall procedure from the initial point of contact to moving forward was efficient and fast-paced. This ease of initiation was beneficial for us, allowing us to quickly engage with the resources and support offered by Founders Factory.
Q: Do you have any tips or insights about the application process for Founders Factory?
A: While having a well-prepared application, like an easy-to-navigate website, is important, what matters more is your past accomplishments and qualifications. Many people focus intensely on creating perfect fundraising decks or similar materials, but in reality, these only contribute to a small portion of what’s needed for success. It’s crucial to have a track record that demonstrates you’re the right person for the opportunity. The application itself should be smooth and clear to anyone reviewing it, but essentially, most of the work should already be done by this point. Your past achievements and qualifications are what truly make you stand out in the application process. This track record is key to proving your capability and fit for the program.
Inside Founders Factory Program
Q: After being accepted, how was the program structured?
A: The program at Founders Factory is very well-organized. It’s structured around achieving certain milestones, which helps in maintaining accountability—a crucial aspect when starting out. The program emphasizes the importance of setting the right metrics, consistently tracking them, and ensuring continuous progress. This accountability aspect was especially valuable for us. However, the true value of the program also depends on how you engage with it. It’s most beneficial when you have specific goals and actively seek to achieve them, as opposed to expecting the program to guide you at every step.
Q: Did you have access to mentors, and how hands-on was their support?
A: Yes, mentorship was a significant part of the program, and the level of support varied depending on the mentors assigned. We were fortunate to have exceptional mentors who have continued to be key relationships for us even after the program. Their expertise spanned various areas like business, management, and hiring. Particularly noteworthy was the support from their fundraising team, which was outstanding. The mentors were instrumental in addressing our gaps and enhancing our skills. Finding mentors who excel in areas where we lacked proficiency was incredibly beneficial. Their guidance and insights contributed significantly to our development and success during the program.
Achieving Milestones and Overcoming Challenges
Q: What were some of the significant milestones you achieved during your time with Founders Factory?
A: One of the earliest and most significant milestones we achieved was the ability to sell our idea before we even had a fully developed product. This was a crucial step for us, and we managed to do it in the first few months of the program. It was an eye-opener, showing us that there was a real demand for our concept; people were ready to invest in just the idea, which led to our initial revenue.
Another major milestone was our growth in customer accounts and the consistent increase in revenue. This growth validated our concept and proved to us that we were on the right track. It was a strong indicator of our potential, giving us the confidence to seek further funding and development. These milestones were pivotal in demonstrating that we had a viable solution and a clear vision of what Jurnee would become.
Q: What challenges did you encounter during your time in the Founders Factory program?
A: In the world of startups, challenges are a daily occurrence. For us, one of the most significant challenges was assembling the right team. To successfully launch and grow a company, you need a core group of about four to six key individuals who can drive the company towards its goals. As a founder, you’re juggling numerous responsibilities, so having a team that provides the right support is crucial. The accelerator was instrumental in this aspect; it offered a structure that helped in steering us in the right direction and gave us credibility to hire talent.
Another major challenge was building the product and establishing a go-to-market strategy. Searching (and hopefully finding) Product-Market Fit (PMF) is especially challenging, but it’s also one of the most thrilling aspects of building a startup. It involves understanding your target market deeply and ensuring that your product aligns perfectly with their needs and expectations. Navigating these challenges was an integral part of our journey, and the insights and support from the Founders Factory program were invaluable in overcoming them.
Q: How did you navigate the process of finding and evolving your Product-Market Fit (PMF)?
A: Finding Product-Market Fit is an ongoing process; it’s not something you fully overcome, but rather continuously adapt to. Even as a company grows and becomes established, PMF evolves, and staying relevant is crucial. For us, the key was actively seeking and incorporating customer feedback.
When feedback from customers started becoming more consistent—both in terms of positives and negatives—it guided us in understanding precisely who our target customers were. Identifying our early customer profile was a significant victory. It clarified our direction and made sense of what we were building.
This process of continuously engaging with customer feedback and refining our understanding of our customer base was central to our approach. It’s about being agile and responsive to market needs, continually adjusting and improving to ensure that our product not only meets but anticipates the demands of our customers.
Current Status and Achievements of Jurnee Post-Program
Q: Can you share the current status of Jurnee and its achievements since completing the Founders Factory program?
A: I think the most significant achievement is that we have world-class customers with thousands of employees turning to Jurnee to solve a painful problem – how can I effectively manage event spending across a global, complex organization with multiple stakeholders? Their budgets for events are in the millions and they need to understand the clear ROI they are getting from it all the while enabling their teams to effectively execute their events to achieve their business goals. It’s incredibly rewarding to see them manage hundreds of events across multiple continents thanks to Jurnee. And this is just the beginning.
There’s more that I would like to share but at the moment most of our data is confidential so I’ll leave it at that!
Q: Have you tried any growth channels?
A: We’ve experimented with a variety of growth channels, including paid advertising, LinkedIn, referrals, and newsletters. However, in my opinion, outbound efforts have been the most effective. There’s a common perception that outbound strategies are outdated or too challenging, but they can be incredibly productive when done right. It also depends on the type of customers you are targeting and your ACV. In our case, outbound makes a lot of sense.
The key and challenge to successful outbound sales is targeting the right people who are facing the problems your product solves. I personally respond to outbound emails that are relevant to my needs, and we’ve seen this approach work with leading companies, including many in the U.S. They respond to our outreach because it addresses a real issue they’re facing.
What makes outbound particularly valuable is that it’s not a vanity metric; it provides real validation of your product’s market fit. If you’re reaching out to the right audience and they’re engaging with you, setting up meetings, and progressing through the sales funnel, then it’s a strong indication that you’re on the right track. It’s different from likes on Linkedin or just receiving positive feedback from friends or acquaintances who might agree to a call but aren’t actually potential customers. Outbound sales, when executed correctly and when it works, of course, prove that you’re not only reaching your target audience but also effectively addressing their needs.
Final Advice
Q: What final advice would you give to founders considering applying to Founders Factory?
A: My experience with Founders Factory was extremely positive, so I highly recommend it. I think it’s great for first-time founders or if you have identified a gap but are not sure of what the solution could look like yet.
For founders thinking of approaching them, it’s crucial to have a clear understanding of what you’re looking for and what you can bring to the table. Passion for your project is key. Having personally experienced the issues our product addresses with Jurnee and being deeply passionate about solving them played a significant role in our journey. Make sure that you are committed to your project for the long haul. The road to entrepreneurship is challenging, and having the resilience and dedication to stick with it is vital. Founders Factory can provide immense value, but it’s equally important that you enter the program with a strong sense of purpose, a clear vision, and the determination to persevere through the ups and downs of building a startup.