Meet Michael Kadish from Incentivize
Q: Could you introduce yourself and tell us about your startup, Incentivize?
A: Absolutely. I’m Michael Kadish, the founder and CEO of Incentivize. Our platform is designed to connect U.S. consumers with various rebates and tax credits for electric vehicles (EVs), EV chargers, and a range of other energy-efficient and renewable energy products. We’re focused on making it easier for people to access these incentives, ultimately promoting greener choices and sustainable living.
Q: What inspired the creation of Incentivize? Was it driven by personal experience?
A: Yes, the idea for Incentivize really stemmed from a combination of personal and professional experiences. My co-founder, Matthias, and I were motivated, especially post-COVID, to embark on something new that would make a significant impact, particularly in helping people take actionable steps toward climate change in their own lives. Professionally, I spent the last decade running a nonprofit that installed solar panels on the homes of low-income families and worked closely with government programs. Through this, I realized the need for a more efficient system. There’s ample funding available, but the process of distributing these resources is often slow and cumbersome.
The government can be good at identifying problems and allocating funds at scale, but the actual implementation and distribution of these funds can be challenging and often fails to meet expectations. This realization led me to wonder if there was a way to bridge this gap from a private sector standpoint. The goal of Incentivize was to create a platform that could swiftly and efficiently connect people to these government programs, thereby maximizing the impact and making it easier for individuals to participate in sustainable and energy-efficient practices.
Choosing MassChallenge for Incentivize
Q: What factors influenced your decision to join MassChallenge?
A: There were several reasons behind our decision to join MassChallenge. Firstly, I’m involved with an incubator in Rhode Island called RI Hub, which has connections to MassChallenge. This relationship naturally led us to consider MassChallenge. Additionally, in my research, which started about a year ago, I compiled a list of different programs, weighing the pros and cons of each. Our primary goals were to seek validation for what we were doing, establish connections within the community—including investors, mentors, and fellow startups—and gain valuable knowledge and insights.
We also decided against joining a program that would require giving up equity in our business.
Another key consideration for us was evaluating the likelihood of acceptance. In the startup space, some accelerator programs can feel like quite a long shot to get into, requiring extensive work for a very slim chance of getting in, so we were cautious about not investing our time in applications where the chances of acceptance were too slim. Instead focused on quality programs that were competitive and prestigious while representing good expected value for the time put in on the application.
MassChallenge stood out as a program that met all these criteria and had a big New England presence, which appealed to us as a Rhode Island-based business. It seemed particularly strong in providing the kind of network and learning opportunities we were looking for. After attending a presentation about the program, I applied and we were fortunate enough to get accepted. We had a positive experience. The program aligned well with our needs and expectations, especially in terms of networking and content.
How a Founder Gets In
Q: Can you describe the application process for MassChallenge that Incentivize went through?
A: The application process for MassChallenge was pretty straightforward and well-organized. It started with creating a profile online and then filling out an application specific to the program, which in our case was for early-stage startups. The process required us to detail our business plan and product.
After the initial application, the next stage was an interview with a few different people such as mentors and partners, from the program. This interview is a significant milestone – being invited to interview means you’ve passed the initial screening, but there’s still the hurdle of the interview itself.
Key Factors That Helped Incentivize Stand Out in MassChallenge
Q: What aspects of Incentivize do you think contributed to its selection for MassChallenge?
A: I believe a few key elements set Incentivize apart and contributed to our selection for MassChallenge. Firstly, I think we successfully articulated a clear growth strategy. Additionally, our business model had several appealing aspects. It’s a climate-related business, which is a significant area of focus globally and for them as an accelerator. Our foundation in software also makes us relatable to investors in the startup world, where software-based businesses are common and well-understood. Furthermore, Incentivize has a fintech aspect, which aligns well with the interests of MassChallenge, especially since they have a separate accelerator for fintech-focused startups.
While we did receive some feedback from judges during the process, pinpointing the exact reasons for our selection isn’t straightforward. However, I believe that the judges saw the merit in our idea. It might not be a radical, game-changing concept, but it’s very practical and makes sense. Our approach is more about refining and improving existing processes to make them more efficient and user-friendly rather than introducing a completely novel technology. It’s grounded in common sense and is easy for people to understand and relate to. Unlike businesses that are based on groundbreaking scientific advancements, Incentivize is rooted in a more policy and implementation-oriented approach, reflecting my background in public policy. Perhaps this practical, down-to-earth aspect of our business resonated with the selection committee.
The Structure and Learning Journey within MassChallenge for Incentivize
Q: Can you describe the structure and organization of the MassChallenge program once you were accepted?
A: Once accepted into MassChallenge, the program kicked off with some preliminary work before the official start. This was followed by an in-person orientation in Dallas, Texas. A significant part of the program revolves around mentorship in various forms. One of the key features this past year was the incorporation of the LeanStack curriculum, which is a more recent evolution of Alexander Osterwalder’s business model canvas and other startup theories. The program includes weekly readings and tasks on an online platform, offering a comprehensive learning experience.
Participants are grouped into cohorts based on their business focus, and in my case, it was climate-related businesses. Each cohort has a mentor; interestingly, my mentor was from Greece. In addition to this, there’s a mentor-matching process where you can connect with experts in specific fields. For example, I worked with a marketing expert from Massachusetts, who was incredibly helpful. We had regular discussions throughout the summer, focusing on various aspects of business development, including surveying for product feedback.
The program also included a few events and sessions on pitching. The LeanStack curriculum was particularly intensive and informative. It’s almost a full-time commitment to get the most out of it, but the learning experience is invaluable. The program allows for a degree of personalization as well. For instance, the marketing mentor I found was through MassChallenge, but the mentorship was tailored to our specific needs and questions.
Q: How frequent were the check-ins during the program?
A: The check-ins with the LeanStack mentor were either weekly or bi-weekly, and they covered a wide range of activities, from customer discovery interviews to mapping out the business model. The program used a version of the business model canvas called the Leanstack canvas, which is an iteration of the traditional model, tailored to the unique needs of startups.
Funding Opportunities and Financial Aspects of Participating in MassChallenge
Q: Did Incentivize receive any funding through MassChallenge?
A: No, we didn’t receive any funding through the MassChallenge program. While there are opportunities for a small number of companies to receive prizes, it’s not a primary feature of the program and wasn’t a major motivator for us. We approached the program with different objectives in mind, focusing more on the learning, networking, and development opportunities it offered.
Q: Does MassChallenge take equity or charge a fee for participation?
A: MassChallenge does not take any equity in the companies nor do they charge a fee for participation. This equity-free and fee-free approach is quite appealing, as it allows startups to benefit from the program without sacrificing a portion of their business or incurring additional expenses. This aspect of MassChallenge is especially beneficial for startups looking to maximize their growth and learning opportunities without financial constraints or obligations.
Key Achievements and Opportunities for Improvement in MassChallenge
Q: During your time in MassChallenge, what significant milestone did Incentivize achieve?
A: A major milestone for us during the MassChallenge program was the refinement and pivoting of our business model. We were able to clearly articulate our business model, which was a significant step forward. This development was largely influenced by the curriculum and the feedback we received from our mentors. The program’s structure, which emphasizes rigorous analysis and mentorship, played a critical role in guiding us toward this achievement. Another major milestone is that we finished the beta version of our product during Mass Challenge and will be demonstrating it at their winter event this February in Boston.
Q: Was there anything you felt was missing from the program, or any aspect you wished had been handled differently?
A: Overall, I think the program was well-structured. However, one aspect that could be enhanced is more curated matchmaking with potential investors and partners. While MassChallenge does facilitate some connections, there’s always a benefit from having more. I understand that in other MassChallenge programs, such as their FinTech accelerator program, there is a much bigger emphasis on working with partners…It’s important to have targeted opportunities for startups to connect with relevant investors and partners because this kind of networking is so beneficial for early-stage startups looking to establish strong foundations and accelerate growth.
Current Progress and Future Goals of Incentivize
Q: What is the current status of Incentivize and what are your goals for the near future?
A: Currently, we’re on the brink of launching the beta version of our product, which is a significant step for us. Alongside this, we’ve set up a pilot project in Los Angeles. These developments are in line with the goals we set during the MassChallenge accelerator program. For this year, our primary objective is to conduct a soft launch of the beta version, followed by a full national launch. In parallel, we’re aiming to raise a seed round of funding. This capital will be crucial for us to effectively market our platform and encourage more people to use it, particularly for connecting them to electric vehicle purchases. The focus is not just on launching the product but also on ensuring its market penetration and user adoption. We’re looking forward to seeing the impact our platform can have in facilitating more environmentally friendly choices, like purchasing electric vehicles, by making it easier for consumers to access the necessary rebates and credits.
Exploring Growth Strategies and Partnership Opportunities for Incentivize
Q: Have you begun experimenting with any growth strategies or channels for Incentivize?
A: Yes, we’ve already started to implement our growth strategy. This includes initiating conversations and setting up potential collaborations. A key part of our early growth efforts involves forming partnerships. We’ve established a partnership with EnergySage, a company that connects people with solar energy solutions. This collaboration aligns well with our mission and business model, as it taps into a network of environmentally conscious consumers who might be interested in our offerings related to electric vehicles and energy-efficient products. We also have an exciting partnership with the US Green Building Council’s Los Angeles affiliate to provide our tool on their platform for local LA residents. Exploring these kinds of synergistic partnerships is an integral part of our approach to growth and market penetration.
Final Insights for Founders Considering MassChallenge
Q: What final advice would you offer to founders thinking about applying to MassChallenge?
A: My advice to founders considering MassChallenge is definitely positive – I would recommend it. The program is well-run, and it had a real impact on my thought process and approach to my business. I particularly appreciated the curriculum they offer. One thing I would say would be to make sure you have the bandwidth to fully engage and derive the maximum benefit from the experience. Overall, MassChallenge offers valuable resources, mentorship, and learning opportunities that can significantly influence a startup’s trajectory, so I highly recommend it to other founders.