Introducing Olga Dogadkina from Emperia
Q: Could you introduce yourself and tell us about your startup?
A: I’m Olga Dogadkina, the co-founder and CEO of Emperia, an immersive commerce platform. We collaborate with brands, retailers, creators, and 3D studios to develop virtual stores and immersive worlds, enhancing E-commerce engagement, ROI, and sales. My journey began in the fashion industry, where I spent around seven years in various roles. This experience led me to realize the need for a better online shopping experience, which was the catalyst for Emperia. We started in 2019 and have grown rapidly. Just last year, we raised a Series A funding of $10 million led by Base10. Currently, we’re a team of nearly 40 people, making significant strides in the E-commerce space.
Why Plug and Play?
Q: What motivated you to join the Plug and Play accelerator?
A: Joining Plug and Play was a strategic decision, especially since we were bootstrapped for the first couple of years and hadn’t raised any capital until late 2021. As a first-time founder with limited networks in startups, VCs, and brands, I recognized the need to establish connections in these areas. My background in fashion was helpful, but navigating the startup world was new to me.
The major factor that differentiated Plug and Play from other accelerators was its non-equity demand. Many accelerators sought a significant equity stake, which didn’t seem justifiable for a short program. Plug and Play, however, offered a unique proposition – no equity requirement and a strong focus on virtual and retail sectors, perfectly aligning with our goals. We participated in their brand and retail program in Paris, which opened doors to precisely the audience we wanted to reach.
The potential for business development through the accelerator was substantial, thanks to their reputation and connections with high-level brands and corporate partners. This made Plug and Play an irresistible option. Although we didn’t get in on our first application, our persistence paid off the second time around.
The Application Process
Q: Could you describe the application process for Plug and Play?
A: The application process for Plug and Play was quite straightforward. It involved filling out an online form about our company, followed by a video submission. Additionally, there was a demo day for live pitching. During the COVID period, all these activities were conducted virtually, including the demo day, which was traditionally held in person in locations like Paris or Silicon Valley.
A crucial aspect of the application process is alignment with the accelerator’s focus. Plug and Play, regardless of the vertical, collaborates with corporate partners who have specific innovation challenges they wish to address. In 2021, the focus was heavily on digital experiences, omnichannel experiences, and consumer journeys, which perfectly aligned with what we offered at Emperia.
The selection process is a joint effort between the accelerator and its corporate partners. The accelerator presents companies to these partners, who then select the ones that best address their challenges. This pre-vetting process is quite effective. If a company doesn’t get selected, it’s likely because their offerings didn’t align with the current needs of these partners. However, it’s important to remember that there are other ways to reach these companies outside of the accelerator program. The main advantage of being selected is that it indicates a strong mutual interest and potential for collaboration.
Daily Life in Plug and Play
Q: What was your daily experience in the Plug and Play accelerator like?
A: At Plug and Play, the focus isn’t primarily on refining your business model, although that’s a part of it. Most sessions were conducted in collaboration with one of the corporate partners. For example, a company like Lacoste might present their innovation process, current challenges, and what they’re looking for in startups. This is akin to a reverse pitch, where they outline their needs and processes, allowing startups to understand and tailor their proposals accordingly.
These sessions were crucial for exploring the needs of corporate partners and were often followed by general workshops and mentoring opportunities. Startups could engage with industry experts weekly or bi-weekly to gain insights tailored to their expertise. The participation level in the accelerator was directly proportional to the benefits gained. Being proactive and fully engaged was key to leveraging the resources provided.
As for funding, Plug and Play’s accelerator program doesn’t inherently include funding. They may prefer companies that have gone through their accelerator for future investments, but it’s not a given. For Emperia, our interaction with Plug and Play Ventures for our Series A was a separate conversation, not directly linked to our participation in the accelerator. The program was more about mentorship, networking, and development rather than immediate financial investment.
The Value of the Plug and Play Program
Q: Reflecting on the program, when did you realize the Plug and Play accelerator was truly valuable?
A: I found the Plug and Play program valuable throughout its duration, primarily because of its strong focus on business development. Unlike other accelerators that might concentrate on early-stage aspects like business modeling or customer profiling, Plug and Play requires participants to have these elements mostly figured out. Their target is not the super early-stage startups.
The most significant value lies in the exposure it provides to brands and corporates, which are often challenging to access at the early stages of a company. As a startup with a product just entering the market, having this level of access is incredibly beneficial. For instance, Lacoste, now one of our clients, was a connection made through Plug and Play.
The program’s benefits extend beyond its duration. They consistently provide opportunities by connecting you with brands that have relevant briefs, which leads to tangible deals. The ongoing lead generation support, where they match you with potential projects and clients, is invaluable. They continue to feed opportunities, like projects for companies in Germany, and facilitate RFP participation. Therefore, Plug and Play’s core value lies in its ability to open doors for business development and sustained lead generation long after the accelerator program ends.
Overcoming Challenges with Plug and Play’s Support
Q: Can you share some challenges you faced during the Plug and Play program and how it helped you overcome them?
A: Certainly, there were several challenges, some of which were quite unexpected. For instance, we found ourselves in the same cohort as our direct competitor, which initially was a bit shocking. However, this was indicative of the high demand for our type of solutions among the accelerator’s corporate partners.
One of the main challenges we and our peers encountered was testing our foundational assumptions. In the early market stages, startups often operate mainly on the founder’s vision and beliefs. The opportunity to test these ideas with potential customers, provided by the program, was invaluable. It was a real-world litmus test for our strategies and assumptions.
Another significant challenge was the exposure to complex RFP (Request for Proposal) processes and the experience of pitching in executive rooms, especially for large enterprise B2B deals. This exposure was crucial for understanding and navigating the dynamics of high-stakes business environments.
Additionally, Plug and Play offered substantial support in branding and promotion. They included us in their newsletters, talks, and events, providing visibility and networking opportunities. Post-accelerator, I’ve spoken at multiple panels organized by Plug and Play, which has benefited our brand’s visibility.
In summary, the program helped us test our assumptions in the real market, exposed us to critical business processes, and provided ongoing support in branding and promotion. These aspects were instrumental in navigating the early challenges of our business.
Emperia’s Progress Following the Accelerator Program
Q: What is your company’s current status after completing the Plug and Play accelerator?
A: We’ve made significant strides since the completion of the accelerator program. Most notably, we successfully raised our Series A funding last year, which has been a major milestone for us. This achievement has put us in a strong position moving forward.
Q: Do you think the Plug and Play accelerator influenced your startup’s growth?
A: It’s always challenging to pinpoint the exact factors that contribute to a company’s success. Many variables are at play – market conditions, team dynamics, right investors, and so on. However, reflecting on whether the accelerator was a significant factor in our growth, I would say yes, absolutely. The value and reputation of Plug and Play are well-earned, and I don’t believe their usefulness is overstated.
Participation in an accelerator like this requires full commitment to reap the benefits. Our involvement with Plug and Play brought us significant results, including introducing us to big-name clients and continually promoting our business. They have proven to be a long-term partner, providing ongoing support and opening up their network to us, all without holding any equity in our company. This kind of support and exposure has undoubtedly been a factor in our growth trajectory.
Emperia’s Long-Term Vision and the Role of Plug and Play
Q: How has the accelerator influenced your long-term vision for the startup?
A: Our long-term vision for Emperia is to be the leading platform in 3D commerce, a key player in the next frontier of e-commerce. This vision was firmly in place even before our participation in the accelerator. It’s crucial to have a clear, unwavering vision, especially if it’s not a pivot point.
While Plug and Play didn’t directly influence this overarching vision, they have certainly played a role in our journey towards it. An accelerator’s role is akin to a guide on the path to your North Star. It’s about making those small yet significant steps toward the ultimate goal, which in our case, is a decade-long journey.
Plug and Play helped us advance several steps along this path. Their support in gaining more corporate clients and continuous assistance has been critical. They provided a platform for validation and growth, helping us to accumulate the small victories and achievements necessary to progress towards our long-term goal. So, in this sense, the accelerator has indeed been a valuable part of our journey towards realizing our vision.
Advice for Accelerator Applicants
Q: Do you have any advice for startups looking to apply to Plug and Play or similar accelerators?
A: One key piece of advice is understanding the difference in pitching to VCs versus corporates, which is especially relevant for Plug and Play. In the early stages, many founders get so accustomed to the VC pitching style that they forget how to communicate with corporates effectively. Corporations are less interested in your vision or background; they want to know the immediate value proposition of your solution, its impact on their business, and its cost-effectiveness.
When applying to Plug and Play, it’s essential to tailor your pitch to appeal to the corporate audience you’re trying to attract. While details about your company and goals are important, your approach should differ from a VC pitch. Focus on how your solution drives value for the target customer that you aim to connect with through the accelerator. This perspective shift in your application and pitch could make a significant difference in resonating with the corporate audience and ultimately succeeding in your application.