What is ScaleXP?
Q: Can you introduce yourself and your company?
A: I’m Suezann, the CEO of ScaleXP. We’ve developed a finance and accounting automation platform tailored for SMEs. Essentially, it helps businesses consolidate data from different systems, like Xero and HubSpot, providing valuable data insights.
Q: How did the idea for ScaleXP originate?
A: My background played a crucial role. Having served as a CFO for 15 years, first in larger corporates like Virgin Mobile, and then transitioning to high-growth tech companies, I encountered challenges in accessing data the way finance teams needed. The struggle to obtain data efficiently inspired the creation of ScaleXP.
Why Founders Factory?
Q: What motivated you to join Founders Factory, and were there specific needs or expertise you sought?
A: After launching ScaleXP, it became evident that I needed expertise in areas where I lacked, particularly in marketing. Recommendations from peers who had positive experiences with Founders Factory, coupled with the program’s strong reputation, made the decision a no-brainer.
So, the primary focus of joining the program was on gaining marketing expertise and insights into rapid tech development. The goal was to navigate a nimble and fast cycle for product development and market entry.
Founders Factory Application Process
Q: Can you briefly describe the application process you went through before joining the Founders Factory program?
A: The process is straightforward. It involves submitting a short application followed by an interview with one or several members of the investment committee. The decision-making happens relatively quickly, with a few steps involved but not an overly lengthy process.
Inside Founders Factory Program
Q: Can you describe how the program looked after you joined?
A: Upon joining, you have the opportunity to specify the expertise you require. In my case, I sought a strong focus on marketing and product expertise. The program then pairs you with individuals possessing the desired areas of knowledge, ensuring tailored support. Also, there is cash investment provided as part of the program.
Q: Did you get hands-on support from mentors and the Founders Factory team?
A: It’s more than just advice. The support is hands-on, delving into granular details like planning customer acquisition for the next month and strategizing on how to roll out initiatives. It’s a collaborative effort, working closely to make informed decisions and iterate rapidly.
Achieving Milestones During the Program
Q: Can you share a significant milestone you achieved during the program?
A: The most crucial milestone for a startup: acquiring our first customers. When we joined, we had no customers and just a conceptualized product ready to go. Through the program, we gained traction and achieved a significant milestone by securing our first several customers.
We commenced with no customer base, initiating marketing programs and refining our product concurrently. As we rolled out these programs, we garnered initial interest, refining our product based on early feedback. Some features developed early on, such as automating tasks for finance and accounting teams, became integral to the system, saving significant time each month.
ScaleXP Current Status and Future Plans
Q: What is the current status of the company, and what notable achievements have you reached thus far?
A: This year, we’ve experienced remarkable growth, surpassing 300%, despite the challenging economic climate. With several hundred customers on board, we’re enjoying consistent revenue growth, making it a positive trajectory.
Q: Looking ahead, what are the upcoming milestones and focus areas for ScaleXP?
A: Our primary focus remains on assisting SMEs in utilizing their data intelligently and seamlessly. We’re introducing new features enabling businesses to instantly integrate data from CRM platforms like HubSpot, Salesforce, or Pipedrive into their accounting systems. This integration facilitates the generation of fully automated and detailed sales forecasts, providing valuable insights into customer behavior and growth drivers.
Q: How do you plan to drive growth?
A: We’re constantly exploring new avenues for growth. Collaborating with accounting platforms like Zero proves to be a fruitful channel, given the alignment with finance teams. Our robust SEO marketing efforts contribute to online visibility, and partnerships with CRM platforms aim to establish a consistent customer acquisition source. Overall, we’re open to trying various strategies to optimize our growth.
Final Tips
Q: Any final tips for founders contemplating applying to Founders Factory?
A: My top tip would be to clearly define what you aim to gain from the program. The clearer your objectives, the more efficiently you’ll achieve them. During the application process, specify the gaps in your founding team where you seek Founders Factory’s support. If possible, connect with the individuals who might fill those roles beforehand, ensuring a good rapport. This way, you can hit the ground running and make the most of the program from the start.