Introducing David Adams from Sniffspot
Q: Could you introduce yourself and tell us about Sniffspot?
A: I’m David Adams, the founder and CEO of Sniff Spot. Our platform is like Airbnb but for dogs. We enable individuals with land or a yard to rent it out to dog owners by the hour. This provides a safe and private space for dogs to exercise and play.
Sniffspot is more akin to a private dog park than a dog-sitting service. Instead of the usual dog walk, owners can take their dogs to Sniffspot locations, where they can enjoy off-leash freedom safely. These spots might be fully fenced have amenities like swimming pools, lakes, or rivers, or even indoor facilities. Some spots offer unique features like private hiking trails, agility equipment, lower coursing, or dog diving. It’s a diverse range of activities tailored for dogs. Essentially, it’s a private experience – you rent the space for an hour, and it’s exclusively yours, along with any dogs you bring. It’s all about providing a unique and safe environment for dogs to enjoy.
Q: What inspired you to create Sniffspot?
A: The inspiration for Sniffspot came directly from my personal experiences with my dogs. Living in Seattle with two high-energy dogs was challenging, especially in an urban setting. We were struggling to find suitable spaces for them to expend their energy and enjoy themselves. Observing that many yards in the city were often empty, I found myself wishing there was a way to rent these spaces for my dogs. This desire to have accessible, private spaces for dogs to play and exercise was the seed that grew into Sniffspot. It was all about addressing a need I felt deeply as a dog owner in the city.
Sniffspot’s Involvement with Leap Accelerator
Q: How did your startup, Sniffspot, become involved with the Leap accelerator program?
A: Leap entered the picture when I was in the midst of bootstrapping Sniffspot. They learned about us through a rescue organization that was familiar with our service. When Leap reached out to us about their accelerator program, it seemed like an ideal fit. At that time, I was eagerly seeking resources and support to grow Sniffspot. Leap, being backed by Mars—one of the largest pet companies globally—offered an abundance of resources and connections that I believed could significantly help Sniffspot get off the ground. Their involvement with the pet industry made them particularly appealing, as their expertise and network were directly relevant to our needs.
Q: Did you consider joining any other accelerator programs?
A: No, I didn’t consider any other accelerators. This isn’t my first startup, so I wasn’t looking for a general accelerator experience. My interest was specifically in the tailored, pet-focused support that Leap could offer. Their specialization in the pet industry was a key factor in deciding to join their program, as it aligned closely with Sniffspot’s niche and objectives.
How a Founder Gets In
Q: Could you describe the application process for Leap Accelerator that Sniffspot went through?
A: Yes, our application process with Leap might have been slightly different since they initially reached out to us. I had the opportunity to get to know the admissions committee informally before submitting a written application towards the end of the process. A key aspect Leap focused on was creating a diverse cohort of pet startups. They were interested in a range of companies covering various aspects of the pet industry – from pet food to technology, including innovative ventures like pet CBD and cricket protein pet food companies. Their goal was to have a well-rounded group, and Sniff Spot, being a tech marketplace for dog spaces, fit nicely into this diverse mix. Our niche in technology and marketplace services aligned well with what they were looking for in their accelerator program.
Leap Accelerator’s Structure and Investment in Sniffspot
Q: How does the Leap accelerator program operate in terms of funding and structure?
A: The Leap accelerator program, as it was for my cohort, took place partly in Los Angeles, with a combination of remote and on-site participation. I spent around three weeks in Los Angeles, split over two trips. Regarding the funding, they conducted their due diligence, and I believe the investment was transferred to us before the accelerator program actually started. The accelerator is primarily backed by Mars, but also receives sponsorship from RGA and Michelson Found Animals. These three organizations collaborate to invest in the participating startups. In our case, Sniffspot received an investment of $200,000.
As part of our involvement in the accelerator, we provided a small amount of warrants to these organizations. This was incremental to their investment ownership in Sniffspot.
Q: Is this akin to giving up equity in the company?
A: Yes, it’s similar. Warrants are essentially like options. They represent a future equity stake in the company but are not immediately equity.
Q: Can you disclose the percentage of equity typically taken by Leap?
A: I don’t remember the exact figure, but it was a very small amount, well under 1%. The equity stake they take is minimal compared to the overall value they provide through their investment and resources.
Daily Routine and Structure at Leap Accelerator
Q: What was a typical day like at Leap, and did they have a structured program?
A: The Leap accelerator program was divided into remote and in-person segments. During the remote phase, it was more hands-off, allowing us to collaborate with various teams at a distance. The in-person phase in Los Angeles had a more structured approach, involving different components. A part of the program that I particularly appreciated was the facilitated meetings with different groups inside Mars. This included various veterinary groups, which were especially relevant and valuable to Sniffspot, given our focus. While Mars is also heavily involved in pet food, my primary interest was in the veterinary aspect due to its direct relevance to our services. Another significant aspect was our partnership with RGA, a design firm. They provided resources for product design and helped us create a pitch. The pitch developed with Leap’s assistance is still largely what we use today. Their support in refining our presentation and product design was crucial and has had a lasting impact on how we present Sniffspot to potential investors and partners.
Highlight of the Leap Accelerator Experience
Q: What was the standout moment or feature of the Leap accelerator program for you?
A: Reflecting on my time with Leap, the most standout aspect was undoubtedly the connections I made with other companies in the program. There were some really innovative and exciting companies, and the people behind them were incredible. Those connections are something I remember very fondly; they were not just valuable from a business perspective, but also made the experience enjoyable and enriching on a personal level. Another key feature that stood out was the resources provided by RGA. RGA’s support was instrumental, particularly in terms of design resources. They assisted both in product design and pitch design, which was immensely helpful. The staff at Leap and the other startups created an environment that was not only conducive to learning and development but also fostered a sense of community and mutual support.
Q: Could you elaborate on the types of resources provided?
A: RGA’s contribution mainly focused on design resources. They offered substantial help in both product and pitch design. This support was pivotal in enhancing Sniffspot’s presentation and product appeal, contributing significantly to our development during the program. The design expertise provided by RGA played a crucial role in refining our business approach and communication strategies.
Reflections on Areas for Improvement in Leap Accelerator
Q: Was there anything in the Leap accelerator program that you found underwhelming or felt could be improved?
A: From my perspective, the Leap accelerator program met and exceeded my expectations, particularly in terms of the connections with Mars and the resources they provided. The primary reason I joined Leap was to access these connections and resources, and they have been phenomenal, not only during the program but also afterward. The relationships I built there have been long-lasting and continually beneficial. Even recently, the director of the program has reached out to facilitate valuable connections. So, in my experience, I received everything I hoped for from the program and didn’t encounter any aspects that were underwhelming or in need of significant improvement. The ongoing support and benefits from the connections made during the program have been a crucial factor in Sniffspot’s continued growth and success.
Impact of Leap Accelerator on Sniffspot’s Success
Q: Do you believe the Leap accelerator played a significant role in getting Sniffspot to where it is today? What are the lasting impacts of your involvement with them?
A: Yes, I do believe that the Leap accelerator was instrumental in Sniffspot’s early development. Prior to joining Leap, I was bootstrapping Sniffspot, which presented its own set of challenges and limitations. The resources and support provided by Leap made a substantial difference in getting things off the ground. The financial assistance, mentorship, and connections we gained through the program were pivotal in accelerating our growth and development. This support not only helped us overcome initial hurdles but also laid a strong foundation for our future success. The lasting impacts of our involvement with Leap are evident in Sniffspot’s current position and trajectory in the market.
Quantifiable Success Metrics of Sniffspot Post-Leap Accelerator
Q: Can you share some quantifiable metrics to illustrate Sniffspot’s growth and success after participating in the Leap accelerator?
A: Certainly. Since our involvement with the Leap accelerator, Sniffspot has experienced substantial growth. When we entered the program, we had only a few hundred active spots available on our platform. Now, we’ve expanded to over 15,000 active spots. This growth is not just in numbers but also geographically, as we now have spots available all around the world. This significant increase in active spots is a clear indicator of our expansion and success following our time with Leap. It’s a testament to how the resources, networking, and support from the accelerator have contributed to scaling our operations and increasing our global presence.
Sniffspot’s Ongoing Relationship with Leap Post-Accelerator
Q: Post-accelerator, how would you describe your relationship with Leap? Do they continue to support Sniffspot in achieving its next milestones?
A: Yes, we maintain a strong and supportive relationship with Leap even after the conclusion of the accelerator program. This ongoing connection extends not just to Leap itself, but also to Michelson and Companion Fund, which is part of Mars, and RGA. All of these entities have remained in contact and continue to be very supportive, more so than most other parties involved with Sniffspot. Their sustained support has been valuable in our journey post-accelerator.
Q: Have they facilitated introductions to VCs or angel investors for further funding?
A: While they are investors themselves, through Companion Fund, they have been helpful in making some connections in the past. However, seeking funding connections wasn’t my primary focus or the primary value I was seeking from Leap. I believe other companies that were more focused on securing funding likely received more assistance in this area from Leap. Our approach and needs were different, so our experience in this regard might not be as extensive as others who prioritized funding connections.
Final Advice for Potential Leap Accelerator Applicants
Q: What final advice would you give to anyone considering applying to Leap or another accelerator program?
A: I strongly recommend Leap, especially for pet startups in the early stages of development. In terms of the value-to-cost ratio, Leap is exceptional. It provides significant benefits that can be crucial in helping a startup get off the ground. Besides the tangible benefits like resources and connections, the experience is also enjoyable and enriching. For any pet startup looking to gain a solid foothold and accelerate growth, Leap offers a supportive and beneficial environment. It’s not just about the assistance you receive; it’s also about the enjoyable and rewarding journey that comes with being part of their program.