What is Wandra?
Q: Can you introduce yourself and your startup?
A: I’m Ayo, co-founder and CEO of Wandra, a software platform catering to the needs of the 35 million digital nomads. Our focus is on building a solution that empowers them to go anywhere and thrive everywhere, initially concentrating on addressing their journey’s visa and logistics challenges.
Q: How did the concept of Wandra come into existence?
A: I’ve spent the last 10 years working internationally with various consumer startups. Throughout this journey across different countries, I witnessed the challenges and friction involved in relocating from one country to another. This firsthand experience led to the conceptualization of Wandra.
Why Founders Factory?
Q: Why did you decide to apply and join Founders Factory?
A: It’s that international element. Founders Factory has a studio program that’s even earlier stage than their accelerator. They explore and develop ideas from scratch, often on paper and within a specific area of focus. They were looking into international and travel space, which resonated deeply with my experience and passion for building consumer businesses with a strong emphasis on travel and international aspects.
Q: Can you recall and briefly describe the application process you went through with Founders Factory?
A: The process began with an initial call with the recruiter, followed by a conversation with the CTO, delving into the details of team building and business development. The final step involved pitching the concept to the broader team, and presenting my vision and approach to building the business. They were keen on understanding the inspiration behind the vision and, fortunately, the alignment was there. That led to us proceeding with building and validating the concept.
Q: Do you have any tips to share for the application process that might help other founders?
A: It’s crucial to showcase your understanding of key elements in building a product and a team. Whether through experience within an organization or previous entrepreneurial ventures, being an articulate storyteller is essential. As a founder, you’re constantly selling – to investors, customers, and potential hires. The ability to communicate effectively and exhibit these skills is highly valuable. The more experience you have in this regard, the better your chances.
Inside Founders Factory Program
Q: After being accepted, what does the Founders Factory program look like, and what does it include?
A: Founders Factory has a six-month build phase where the goal is to transition from concept to a fledgling business. This involves validating core hypotheses around the target customer, value proposition, and business model. The focus is on building an MVP within this period that demonstrates a willingness to pay and acquire initial customers. Founders Factory provides support in the form of capital investment, sparring sessions, and valuable insights from their experience with numerous businesses.
Q: Can you elaborate on the hands-on support provided by the Founders Factory team?
A: Founders Factory invests in the company, allowing access to its resources. In our case, we were able to utilize a product designer as part of the investment. They functioned as a versatile resource, helping us rapidly prototype and design our initial MVP. While this support is not free, as it’s deducted from the investment, it proves beneficial in expediting the development process.
Q: Does Founders Factory facilitate introductions to potential partners or other investors as part of the program?
A: Yes, it is part of the program, but the relevance depends on the corporate partnerships they have. In our case, the alignment wasn’t strong with the corporate partner, limiting our leverage. For ventures more aligned with a corporate partner, gaining an unfair advantage through connections and potential customers can be significant. However, the value of connections and initiatives varies case by case.
Q: Did you decide to continue with the accelerator after the venture studio, or did you stop at that stage?
A: I stopped after the venture studio. The direction I wanted to take with Wandra wasn’t well-aligned with the corporate sponsor and Founders Factory. It came down to a decision between building what I was passionate about or aligning with the corporation’s interests. I chose to pursue what made sense for Wandra, as the marathon of building a startup requires engagement and passion. After parting ways with the venture studio, I successfully raised external capital to continue building out Wandra.
Achieving Milestones with the Founders Factory Program
Q: Can you recall a significant milestone that you achieved during the Founders Factory program?
A: It’s challenging to pinpoint a single milestone because the six-month program feels like an eternity in the startup world. We transitioned from a loose, unvalidated concept on paper to the beginnings of a business. Adding my co-founder, Dimitri, significantly accelerated our progress. We built core elements, developed our MVP, and demonstrated initial traction. Overall, the program successfully helped us on the path to starting a business, with a core team, MVP, and initial traction.
Wandra’s Current Status and Future Goals
Q: What is the current status of Wandra, and what are your upcoming milestones?
A: As of today, January 10th, we’ve reflected on the previous year. In Q3 and Q4 of last year, we validated our thesis through and built up significant demand for our products. Culminating in the launch of our alpha product that achieved a 70% activation rate and 14% conversion to paying users. This success allowed us to raise a pre-seed round from external investors. Looking ahead, our focus is on validating key hypotheses and achieving core milestones ahead of a seed round in 2024.
Q: In terms of growth and channels, have you started any experimentation?
A: While we have a good understanding of our core channels, we are currently testing additional channels as we seek product market fit (PMF). It’s crucial not to rush growth too early, focusing now on acquiring the necessary users to validate our approach. Once the basics are in place, we’ll turn on the growth tap and accelerate our efforts.
Final Advice for Founders Considering Founders Factory
Q: Do you have any final advice for founders who are thinking of applying to Founders Factory?
A: It all starts with self-awareness. Understand what you want to build, what excites you, and what plays to your strengths. Ask yourself if there’s an opportunity within Founders Factory’s concepts that align with your long-term vision. This isn’t a quick flip; you’re committing a significant chunk of your life. If the idea keeps you excited and motivated, everything else falls into place. Authentic passion is crucial; trying to feign excitement not only does a disservice to yourself but also to those you’re trying to impress.