What is SignTracker?
Q: Could you introduce yourself and your startup, SignTracker?
A: I’m Joe Arenella, co-founder of SignTracker. We’re a small B2B SaaS company that assists sign shops in managing their workflow and quotes.
Q: What inspired the creation of SignTracker?
A: The concept for SignTracker originated from my own experiences. I owned a couple of sign shops in the nineties, a time when online SaaS platforms were non-existent. Everything was managed on local servers or machines. Faced with these limitations, I developed my own system for my shop. This system, initially named JobTracker, caught the attention of my peers in the industry. They often inquired about my job organization methods and the tools I used, leading to their interest in purchasing it. This demand encouraged me to transform JobTracker into SignTracker, initially a local install product in the early 2000s. Post selling my sign shop, I shifted focus to developing it into a SaaS product.
Why MassChallenge?
Q: What led you to join the MassChallenge accelerator?
A: During the early years of the pandemic, I was running a second sign shop with my daughter while working on SignTracker part-time. My business partners and I maintained our day jobs, but as SignTracker started gaining traction with more sign shops signing up, it became challenging to support both businesses. Eventually, my daughter and son-in-law took over the sign shop, allowing me to focus on SignTracker, especially when I started working from home during the pandemic.
At that time, the SBA was offering support for small businesses, including EDIL loans and other resources. They recommended that I join a tech accelerator, specifically pointing me towards MassChallenge. Following their advice, I applied to MassChallenge and was thrilled to be accepted into the program.
The Application Process
Q: Can you describe the application process for MassChallenge?
A: The application process for MassChallenge involved detailing our company’s background, growth trajectory, and potential within our industry. It was quite comprehensive, requiring an explanation of who we are and our vision. The pitch was presented in front of a committee via Zoom, not just a one-on-one interview.
Q: Was it difficult to get accepted into MassChallenge?
A: It wasn’t easy to get into MassChallenge. Sometimes, I still find it amusing, as I was among a group of individuals working on large-scale projects, like biotech engineering and rocket science, and then there was me, “Joe the sign guy.” My background as a veteran might have played a role in my acceptance. Additionally, SignTracker already had a product with some growth and traction, which I believe made them see the potential in helping us grow further.
MassChallenge Program Structure and Experience
Q: What was the structure of the MassChallenge program like?
A: The MassChallenge program was well-structured, involving weekly meetings and participation in a smaller cohort, akin to a mastermind group. These groups were diverse, encompassing various types of businesses and industries. We attended several meetings a week and classes, where a significant focus was on refining our pitch. The goal was to prepare us for pitching beyond MassChallenge, even though there was a competition for grant money at the program’s end.
While it wasn’t a full-time commitment, to reap the maximum benefits, one had to dedicate around 20-25 hours a week. It was worth the effort.
Q: Can you tell us about the mentorship and support you received in MassChallenge?
A: The mentorship was significant. The mastermind group was very helpful, and there were mentors overseeing several of these groups. We had opportunities for one-on-one interactions with mentors to discuss business progress. They also provided coaching for preparing the pitch deck. MassChallenge culminated in a ‘pitch day’, a crucial part of the program.
Q: How do companies get selected for the MassChallenge pitch day?
A: The selection for pitch day at MassChallenge is overseen by their committee. The committee members decide among themselves, essentially voting to choose which companies will participate.
Throughout the MassChallenge program, there’s a close observation of each company’s progress. By the end of the program, every participant in the cohort gets a chance to pitch. There are different rounds of pitching – everyone starts with an initial pitch, and then some move on to a second round, which I was excited to reach.
Although I didn’t make it to the final round, where only a few companies compete, I did receive some grant money for reaching the second round. However, the real value of MassChallenge was beyond just pitching. It was about learning to run a SaaS company effectively and preparing to pitch to the right kind of VC firm or accelerator program. Their guidance was instrumental in our success afterward, as we went on to pitch to another organization with thousands of applicants and were among the few selected. I believe we wouldn’t have achieved this without the insights gained from MassChallenge.
Milestones Achieved and Challenges Faced
Q: What was the most significant milestone you achieved during the MassChallenge program?
A: For me, the most significant milestone was the shift from a brick-and-mortar mindset to understanding tech and software development. Having owned three traditional businesses, including a janitorial company and sign shops, I was accustomed to a completely different way of thinking and organizing work.
MassChallenge provided the time and direction I needed to deeply understand the tech business. They prepared me to connect with the right people, which was crucial for taking SignTracker from where it was to getting acquired last year. They offered comprehensive guidance, covering aspects like hiring, marketing, client acquisition, retention, and prioritizing development goals.
Q: Was there anything in the program that didn’t meet your expectations or that you were dissatisfied with?
A: Honestly, no. The program was gracious, not taking any equity position since it’s a nonprofit. The people involved were passionate and generous, both with their time and knowledge. Their support was invaluable in helping me grow my business. I’m extremely grateful for the opportunity they gave to SignTracker and the path they set us on.
Current Status of SignTracker
Q: What is the current status of SignTracker?
A: After graduating from MassChallenge, I used the pitch deck they helped me refine to pitch to TinySeed, a B2B SaaS accelerator focused on startups with some revenue. TinySeed did invest in us, taking a small equity position. Their focus on B2B SaaS filled any gaps left post-MassChallenge. In less than two years, we nearly tripled our business and were then acquired by a larger software company in our industry. They were more print-oriented, while SignTracker focused on signage. This acquisition has been a tremendous success, allowing us to expand our customer base significantly.
Final Advice for Prospective MassChallenge Applicants
Q: Do you have any final advice for founders considering applying to MassChallenge?
A: Do it. It’s worth every effort. If you’re fortunate enough to get in, make sure to fully apply yourself. The learning and impact on your business will be substantial. It’s an opportunity that can truly transform the course of your startup.