What is ImprezzAI?
Q: Could you give us a brief introduction about yourself and ImprezzAI?
A: I’m Ben Schlesinger, the co-founder, president, and COO of ImprezzAI. ImprezzAI is a performance marketing tech startup. We make performance marketing more efficient using artificial intelligence.
Q: How did the idea for your company come about?
A: My co-founder and CEO, Dave Galvin, actually came up with the idea. He ran the technical side of performance marketing at CarGurus, which is a Boston-based tech company. They developed some really cutting-edge, innovative, machine-learning technology that had a huge impact on their performance marketing efficiency. Dave, my colleague, had this vision—if we could develop a similar technology as a service, it would greatly benefit advertisers in the market.
Why MassChallenge?
Q: What inspired you to join the MassChallenge accelerator?
A: As first-time founders, we saw great value in learning how to take a startup from its initial stage to a more developed phase, especially alongside other founders. It was also an opportunity for us to build our networks within the entrepreneurial world. And the credibility that comes with being a MassChallenge-approved company was significant. We believed this recognition would help us stand out in the highly competitive startup landscape and attract more attention in the market.
MassChallenge Application Process
Q: Could you explain the application process for MassChallenge?
A: The application process was quite extensive and involved. It started with a detailed written application, which our team worked on collaboratively. We spent a lot of time drafting, reviewing, and revising our responses before submission. Following this, we received feedback and scores from judges who evaluated each answer. We also had to go through two rounds of pitching. The first round included a pre-recorded pitch video along with the written application. In the second round, we presented a live pitch deck via a Zoom interview, followed by a Q&A session with the judges. This stage was crucial as it involved direct interaction with the judges and immediate feedback. The whole process was rigorous and competitive. I believe that less than 10% of the applicants made it through, which highlights the selectivity and high standards of MassChallenge.
Q: What aspects do you think set your company apart during the MassChallenge application process?
A: I believe a few key factors made ImprezzAI stand out. Firstly, our founding team has a deep understanding of the space. Dave and Ivan, my co-founders, possess extensive expertise in developing solutions in our industry. Additionally, my experience in the startup ecosystem, having helped startups grow from their infancy to great successes, added a valuable dimension to our team. This combination of skills and experience likely impressed the judges.
Second, our business idea was not only clear but also perceived as a significant opportunity. We addressed a substantial total addressable market, unlike some companies that focus on very small niches. It’s challenging for judges to get excited about small niche plays, but our market potential was evident.
Finally, we invested a lot of effort into effectively packaging and presenting our idea, which probably shone through. Many founders are in the early stages of their careers, potentially disorganized, and still figuring out their direction. In contrast, we are three professionals with 20+ years of experience each. This experience allowed us to organize and put together a presentation that was coherent, compelling and clearly showcased our potential.
Inside MassChallenge Program
Q: Once accepted, what does the MassChallenge program entail?
A: The MassChallenge program is dynamic and constantly evolving, so our experience might differ from others. Initially, there was a pre-work phase involving online classes and assignments. This phase laid the groundwork for the program. The program officially began with an in-person session in Dallas, which lasted a few days. After that, we embarked on a three-month cycle filled with various activities. This included a curriculum of lectures taught via Zoom and supplementary sessions. These sessions offered diverse experiences like guest speakers, forums, pitch practices, and an elevator pitch competition. These activities ensured regular engagement with MassChallenge.
Toward the end of the program, we participated in Startup Boston Week, a conference here in Boston. Although not run by MassChallenge, they encouraged all participating companies to attend. This event included lectures and events and served as a wrap-up for the program. Post-graduation, we were introduced to the alumni program, a network of MassChallenge alumni. We also applied for cash prizes that are awarded at a closing banquet in February, which we’re looking forward to.
Q: During the program, did you have access to dedicated mentors?
A: Yes, MassChallenge provided us with access to a mentor portal. Through this platform, we could reach out to potential mentors, and likewise, some mentors reached out to us. This system enabled us to connect with several interesting and valuable mentors.
Q: Have you received any funding through the program, or was it all independent?
A: No, we managed our funding independently. We raised friends and family funding, some of which was acquired before we joined MassChallenge, and some afterward. We didn’t receive or raise any funding through the MassChallenge program itself.
Q: Does MassChallenge facilitate connections with investors?
A: The investors we engaged with were connections we already had, independent of MassChallenge. However, being part of MassChallenge definitely served as a form of validation. When we discussed our business with potential investors, the fact that we were scrutinized and accepted by the serious judges and mentors at MassChallenge added credibility to our venture. This acknowledgment helped convince investors of our commitment and potential. Although we didn’t secure any funding directly through MassChallenge, the trust and confidence gained from our association with the accelerator were instrumental in our discussions with investors.
Achieving Milestones and Overcoming Challenges
Q: What significant milestones did you achieve during the MassChallenge program?
A: Our major milestones during the program included signing an alpha partner and launching our first product with them. These achievements actually occurred independently, we had started down the path prior to our involvement with MassChallenge. Additionally, we closed our fundraising round during the same period. The branding from MassChallenge may have contributed a bit, but it wasn’t a significant factor in these accomplishments.
Our current focus is on acquiring paying customers. This is a milestone we’re still working towards. MassChallenge’s emphasis on refining our unique value proposition has been useful in helping us position ourselves more effectively for potential customers. As a small, lean software company, development takes time, and we’re not quite there yet. But we’re making steady progress towards this goal.
Q: Did you encounter any challenges during the MassChallenge program?
A: I wouldn’t say challenges, I would say it forced us to work some new muscle groups. Our technical co-founders were more accustomed to focusing on the technical aspects of our business. MassChallenge pushed them towards adopting a more business-centric, strategic, and sales-oriented mindset. For example, Dave, our founder & CEO, is a mathematician and usually works with engineers. He went to a pitch contest and had to present an elevator pitch in front of hundreds of people at the MassChallenge office. This task of convincing others to take an interest in our company was new for him. Being at the forefront and representing the company as a CEO is a crucial part of a founder’s job, and MassChallenge really emphasized this aspect, pushing him into new and unfamiliar territory.
Q: How did your team manage to overcome the challenges of pitching and presenting?
A: We tackled these challenges through extensive practice. MassChallenge created numerous forums for us to hone our pitching skills. We worked diligently on developing the right approach for different types of pitches. This included mastering the “7-word handshake pitch”, which is a concise explanation of what we do, the 30-second elevator pitch for brief encounters, and the more detailed 2-minute pitch for scenarios where you have a bit more time. These exercises were crucial in teaching us how to effectively communicate about our company in various scenarios.
Current Status and Future Goals of ImprezzAI
Q: What is the current status of ImprezzAI and what are your goals for the upcoming year?
A: Currently, we’re in a strong position with our product. We’ve developed a product that our design customer not only appreciates but also finds valuable in their operations. A significant part of our progress in our first year has been due to our focused market research, a strategy strongly recommended by MassChallenge. Instead of just pitching our product blindly, we spent a considerable amount of time interviewing potential customers and prospects. This approach has been enlightening, helping us understand what needs to be built and how to make our product marketable.
Financially, we’re in a healthy place as well. We have a good amount of funding still in the bank and are managing our burn rate efficiently. So, looking towards the next year, we feel we’re in an excellent position to start actively selling our product, generating revenue, and ideally, experiencing significant growth.
Final Advice for Prospective MassChallenge Applicants
Q: Do you have any advice for founders considering applying to MassChallenge?
A: MassChallenge is particularly beneficial for founders who lack extensive background or experience in startups. The program’s academic component is akin to a condensed startup MBA. It offers a wealth of knowledge and insights that can be immensely valuable for those new to this journey. However, for repeat founders or those who have been involved in venture capital work and have seen multiple startups grow from stages zero to one and beyond, the program might not be as crucial. The time investment required for this part of the program might not yield as much value for those with substantial experience. But for anyone for whom this world is relatively new, MassChallenge can offer significant learning and growth opportunities.
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