Introducing Nishant Tomar from DigsFact
Q: Can you briefly introduce yourself and your startup?
A: I’m Nishant Tomar, founder and CEO of DigsFact. We specialize in AI and computer vision to revolutionize the property claims and restoration process. Our focus is on speeding up restoration and claims for both residential and commercial properties while also enhancing the experience for homeowners and policyholders, so the repair work can begin ASAP. However, we do warn our customers that using our product WILL result in side effects like cost savings and lower CO2 emission!
Q: How did you come up with the idea for DigsFact?
A: The idea for DigsFact originated from a personal experience. Back in 2017, right before Thanksgiving, I had a fire in my house. I’ve never been good at handiwork, so for even minor tasks, I’d use apps like Angie, HomeAdvisor, Thumbtack, or TaskRabbit to find local handymen and get quotes. This process was always slow and frustrating, often taking weeks to get estimates from different contractors.
The real catalyst, however, was dealing with the fire claim. It resembled the process of getting repair estimates but was even more challenging. Adjusters needed to estimate the repair costs for the claim, which, in my case, took an agonizing 17 days with no actual repair work happening. During this time, my family, including a five-year-old and a one-year-old, had to live in a small hotel room.
This ordeal highlighted the lengthy and painful process of getting estimates, but it was this particular experience that truly sparked the idea for DigsFact. We wanted to address these inefficiencies. After moving back into our house in March 2018, I incorporated DigsFact in June of the same year.
Why Plug and Play?
Q: What motivated you to join Plug and Play?
A: The main attraction of Plug and Play was their model, which focuses on working with corporate partners to facilitate Proof of Concept (POC) projects. For most startups, especially in the early stages, opportunities to engage directly with corporates for POCs are incredibly valuable. This aspect set Plug and Play apart from many other accelerators.
In my view, Plug and Play’s approach is a significant differentiator. They offer a platform where founders can gain vital corporate introductions, which can lead to POC projects. Successfully meeting the Key Performance Indicators (KPIs) in these projects opens the door to potentially securing full-scale contracts with large enterprise customers. This opportunity is something most founders, including myself, highly value and seek out, particularly in the early phases of our startups.
How to Get In
Q: Can you describe the application process for Plug and Play?
A: From what I recall, the application process for Plug and Play involved submitting an online form. I don’t remember the specific details, but it was quite similar to what you’d find with other accelerators. Generally, these applications ask for information about yourself and your startup. Many accelerators also require a video pitch, usually around two to five minutes long, though I can’t recall if Plug and Play specifically asked for this as it’s been some time since we applied. But, that’s the gist of what I remember about the process.
Funding and Traction through Plug and Play
Q: Did you receive funding as part of the Plug and Play program?
A: We didn’t receive direct funding from Plug and Play, but our participation in the program led to funding from another venture capital firm. Plug and Play didn’t directly connect us with this VC; instead, they provided us with Proof of Concept opportunities. This traction was instrumental in attracting VC interest. It’s often the case that if a startup can show real traction, securing VC funding becomes much more feasible. So, in our case, the traction we gained through Plug and Play’s POCs played a crucial role in securing that funding.
A Day in the Life at Plug and Play
Q: What was a typical day like in the Plug and Play program?
A: A typical day at Plug and Play involved a mix of familiar startup support activities and some unique opportunities. Like many accelerators, they helped us refine our pitch deck, messaging, and overall presentation skills. What set them apart was their online platform for company profiles. This feature allowed us to connect with corporate partners. These partners would review our startup profile and, based on their interest, schedule one-on-one meetings with us.
This ongoing interaction with corporates was a distinctive and beneficial aspect of the program. Although I can’t recall the exact term they used for this process, it was incredibly useful. The program, which lasted about three months, culminated in a pitching event in Silicon Valley. This event was a significant networking opportunity, attracting corporate partners, investors, and a mix of current and alumni startups. It provided an excellent platform for showcasing our product and startup to a large audience, further enhancing our visibility and connections.
Exciting Aspects of the Plug and Play Experience
Q: Reflecting on your experience, what aspects of the Plug and Play program were most exciting for you?
A: The most thrilling part of the Plug and Play experience was definitely the opportunity to connect with corporate partners for Proof of Concept projects. This aspect is always exhilarating for any startup founder. The ongoing matchmaking process, where our startup was introduced to potential corporate partners, was particularly stimulating. Beyond the matchmaking itself, the feedback we received was invaluable. The program participants, including corporate partners, would review our pitch deck, profile, and overall messaging, offering insights on how we could improve. This process of continuous feedback was crucial for our growth.
Additionally, understanding why a corporate partner might have shown interest but ultimately decided not to proceed was also enlightening. Determining whether it was our product, the way we delivered our message, or some other factor, helped us refine our approach. This kind of feedback loop, combined with the excitement of potential partnerships, made the program a deeply enriching experience.
Valuable Lessons from Plug and Play
Q: Looking back, what lessons from the Plug and Play program do you find most valuable?
A: Reflecting on the program, the main lessons revolve around the delivery and presentation of our pitch. With hindsight and experience, I realize that there’s always room for improvement. I believe our pitch could have been more compelling, our messaging stronger, and our pitch deck more visually appealing.
These are standard lessons that many founders learn over time. Even if I had the chance to do it all over again, without this knowledge, I would likely be the same founder. But acknowledging that there were areas where we could have improved, especially in how we delivered our pitches and communicated our message, is an important takeaway from the program. It’s these nuances in presentation and communication that can make a significant difference in how a startup is perceived and can influence its success.
Navigating Challenges in the Hybrid Program
Q: What challenges did you face during the Plug and Play program and how did you overcome them?
A: The primary challenge we faced was the hybrid nature of the program, combining virtual and in-person elements. I participated in a hybrid format, where most of the activities were conducted virtually, except for the final presentation in Silicon Valley. Virtual components present unique challenges, especially in terms of networking and building relationships. It’s much harder to connect with program staff and other startup founders in a virtual setting. The immediacy and richness of in-person interactions can’t be replicated online. In a face-to-face setting, you can ask questions directly, receive immediate responses, and build personal relationships that are difficult to establish over Zoom calls. We managed these challenges by focusing on maximizing the value of the in-person elements. The final presentation, where I flew from Chicago to Silicon Valley, was particularly beneficial. It’s clear that in-person participation offers greater advantages, especially in terms of relationship-building and immediate interaction. The personal connections you make in these settings are invaluable and often have long-lasting impacts. While we adapted to the virtual format, the in-person components were definitely more advantageous for us.
DigsFact’s Progress Post-Accelerator
Q: What’s the current status of DigsFact since completing the accelerator program?
A: Since completing the accelerator program, DigsFact has made significant progress. We’ve raised $340,000 in funding and are gearing up for our seed funding round in the first half of next year. We’ve established several partnerships, but two stand out as particularly strategic: CoreLogic and Verisk Analytics. Both partnerships are set to go live in the coming months, with planned joint go-to-market press releases and marketing campaigns — CoreLogic in January 2024 and Verisk in February 2024.
These partnerships are crucial because most insurance carriers use products from one of these two companies. We’re integrating our solution into Verisk’s product – Xactanalysis and Xactimate, allowing carriers to benefit from our proprietary solution without needing separate integration. Similarly, with CoreLogic’s WorkSpace (formerly known as ClaimsConnect), carriers can seamlessly access our product. These integrations significantly enhance our market reach and accessibility, making it easier for insurance carriers to adopt our solution.
We have also gained customers (P&C Insurance Carriers) outside the United States, particularly in Europe and Australia. We have a very strong pipeline of customers who are interested in working with us, which is why we are raising more funds, so we can grow our team to meet the growing demand of our product. We are very excited about the future and grateful to the Plug and Play program for helping us get this far.
Future Milestones and Program Impact
Q: What are DigsFact’s next milestones, and how has the accelerator program prepared you for these?
A: For 2024, our primary goal is to exceed $1 million in Annual Recurring Revenue (ARR) by the end of the year. Additionally, from a product perspective, we’re excited about launching new critical features using AI, which will be announced in due time. The Plug and Play program has been instrumental in shaping our approach, much like how a bachelor’s degree provides foundational knowledge. The program has profoundly influenced our product development strategy and how we approach our customers. It has consistently guided us to improve and become more efficient and effective in our business development efforts.
Moreover, the insights gained from the program have been crucial in formulating our Proof of Concept strategies. This foundational learning and experience have been key in preparing us for our future milestones, helping us set clear goals and strategies for reaching them.
Advice for Aspiring Accelerator Participants
Q: Do you have any advice for those considering applying to Plug and Play or other accelerators?
A: For anyone looking to apply to Plug and Play or similar accelerators, my key piece of advice is to ensure your Minimum Viable Product (MVP) is ready. This readiness is crucial because if a potential customer shows interest and wants to see a demo, but you’re unable to provide it, you’ll miss a significant opportunity and the momentum that comes with it. Besides having your MVP ready, remember that what you get out of an accelerator is proportional to what you put into it. The more effort, engagement, and dedication you invest, the more benefits and value you’ll derive from the program. This principle holds true for Plug and Play and virtually any other accelerator program. So, be prepared and actively participate to make the most of these opportunities.