Introducing Kursad from VenueX
Q: Could you briefly introduce yourself and your company?
A: Sure, I’m Kursad, an engineer with over 17 years of experience providing retailers with digital solutions. My latest project is VenueX, a recently funded startup. At VenueX, we focus on enhancing the online visibility of brands’ physical stores across various maps, search, and social media platforms like Google, Meta, TikTok, and Apple. Our service is not just about improving visibility but also bridging the gap between digital advertising and physical store sales. For example, consider a brand like Nike running a digital campaign. Not everyone who sees or clicks on these ads ends up buying online. Many visit a nearby store to purchase the item. Traditionally, this offline impact of online ads wasn’t tracked. But now, with VenueX, we help brands not only boost their online presence but also measure the effectiveness of their digital ads in driving physical store sales.
Q: How did you come up with the idea for VenueX? Did personal or professional experiences influence it?
A: My idea for VenueX actually stemmed from my professional background in retail and digital solutions. During the early days of the pandemic, when physical stores were closed, retailers reached out to me seeking ways to enhance their online presence. The shift towards e-commerce was significant, and these retailers wanted strategies to bring shoppers back to their physical stores that have higher revenue efficiency than e-commerce visits. They were also keen to understand how their digital ad spending, on platforms like Google, Meta, and TikTok, was influencing in-store traffic and sales. This need from our clients was the real catalyst for VenueX’s inception.
Q: Did the pandemic, particularly the need for businesses to pivot online, play a role in VenueX’s creation?
A: Absolutely, the pandemic was a turning point. When the stores closed, I was approached by brand owners and managers who were anticipating a future where people would return to physical shopping. They wanted to prepare for this by finding ways to redirect the now predominantly online shoppers back to their stores. This challenge posed by our clients during the pandemic was the key inspiration behind VenueX.
Choosing Plug and Play for VenueX’s Growth
Q: What influenced your decision to join Plug and Play?
A: My journey with Plug and Play started somewhat serendipitously. Two years ago, I was at the Consumer Electronics Fair in Las Vegas, where I visited their large booth. I introduced myself and my idea, which piqued their interest in potentially investing. Our initial discussion revolved around investment opportunities. However, we already had commitments at that time. But this led to an invitation to join one of their retail batches, it was batch 17, in Silicon Valley. It was a hybrid program, sessions were online, and then I visited the Plug and Play Tech Center in Silicon Valley for a week to pitch my idea in person at the PnP Expo.
The reason for choosing Plug and Play was multifaceted. They have a robust network of corporates who might be interested in our solution, and they offer access to numerous mentors. Mentors provided invaluable insights into understanding the problem, refining our solution offering, and strategizing our market approach. Specifically, my goal with Plug and Play was to develop a solid go-to-market strategy for the U.S. market. Their platform presented an excellent opportunity for us to learn, network, and grow in a vibrant and supportive ecosystem.
How a Founder Gets In
Q: Could you describe the application process for Plug and Play?
A: Yes, I recall the application process quite clearly. It all began with a guy named Ryan who I met at the exhibition in Vegas. He personally invited me to apply for the batch. The application was an invitation to the program, conducted online. They asked me several questions, which I responded to, and then there was a pre-selection day followed by a selection day. The process was competitive, with thousands of applicants. Initially, you complete an application, similar to filling out a type form, providing answers to their questionnaires. Following this, applicants are invited to their selection day to present a pitch. We went through this stage and were fortunate to be accepted.
Exploring a Typical Day at Plug and Play
Q: What was a typical day like for you once you joined Plug and Play?
A: Initially, I had certain expectations about the program, particularly in terms of collaboration and engagement with other participants. I was looking forward to exchanging ideas and learning from others, considering the diverse group from places like Spain, Portugal, and the United States, each bringing their unique market knowledge. However, this aspect of collaboration didn’t quite materialize as I had hoped.
In terms of the actual program structure, it was primarily online at first. We had a scheduled series of sessions, usually one or two hours long, a couple of times a week. These sessions varied in content and speakers. Sometimes, we would interact with executives from corporations, market experts, tech specialists, or professionals with insights into go-to-market strategies. Each week consisted of a few meetings with the program managers, mentors, and contributors. The program was structured to provide us with diverse insights and expertise, although it differed from my initial expectations of participant interaction.
Reflecting on the Value of Plug and Play’s Program
Q: Looking back, what aspects of the Plug and Play program do you remember most fondly or find most valuable?
A: Reflecting on the program, I think its real value lies in the unique opportunity it presents for startups to directly engage with corporate partners. Corporations come to Plug and Play with specific challenges, seeking startups that can offer solutions. We were one of those startups. My advice to future participants would be to actively seek more engagement with these corporates. It’s crucial to utilize Plug and Play’s resources to facilitate introductions, idea exchanges, and more frequent meetings. Especially important are opportunities to demonstrate proof of concept with these corporate partners. The key is to be proactive and ask for help. Plug and Play staff are eager to assist, as creating successful collaborations and case studies is beneficial for everyone involved. It’s a win-win situation. When startups and corporates succeed together, it not only showcases the effectiveness of the program but also encourages more corporates to participate in future sessions. This symbiotic relationship is what makes the program worthwhile and successful.
Challenges and Opportunities within the Plug and Play Program
Q: During your time in the program, did you encounter any significant challenges?
A: Actually, I didn’t face any major challenges during my time with Plug and Play. The experience was very positive – the staff were always friendly and helpful. About one and a half years ago, I had the opportunity to visit their tech center in Palo Alto, in Silicon Valley. I even got the chance to pitch to thousands of people at their headquarters. My memories of the program are overwhelmingly positive.
Q: Reflecting on your experience, would you go through the Plug and Play program again?
A: Definitely, I would. However, I would choose to participate in a different batch next time. For instance, while we were placed in a brand batch initially, I would consider joining an advertising or measurement batch if I had another opportunity. The specificity of the batch is crucial – it’s important to be in a batch that aligns closely with your startup’s focus area. For example, a startup focused on advertising and measurement might not benefit as much from a retail-focused batch. This is because the mentors and contributors in each batch have specialized knowledge and expertise in that particular area. Being in the right batch ensures that you receive the most relevant and effective guidance and support.
VenueX’s Progress and Status Post-Accelerator
Q: Could you share an update on VenueX’s current status following your participation in the accelerator program?
A: Since completing the accelerator program, VenueX has made significant progress. We successfully secured funding, which has been a major milestone for us. Currently, we are actively engaged in the next round of fundraising. On the operational side, we have paying customers, which is a testament to the market’s acceptance and need for our product. Our product is not only live but also functioning effectively, serving the needs of our clients. This phase of growth and expansion is quite exciting for us as we continue to build and scale our services.
Evaluating VenueX’s Growth Trajectory Post-Accelerator
Q: How has VenueX’s growth trajectory been impacted since completing the accelerator program? Did you notice any correlation between program completion and growth?
A: Yes, there has definitely been an impact on our growth trajectory post-program. One of the key realizations was our readiness for the US market. Through our experiences and learnings in the program, we understood that expanding into the US market prematurely wouldn’t be beneficial for us. The program underscored the importance of establishing a strong foothold in our local market first. The US market is highly competitive, and entering it without a solid foundation in our home market could be detrimental. So, the accelerator program helped us refine our strategy: to first excel locally before venturing into more challenging markets like the US. This strategic shift has been pivotal in our growth journey.
Q: Has your participation in the accelerator expanded your professional networks?
A: Absolutely, my professional network has significantly expanded as a result of participating in the accelerator. One tangible example is my LinkedIn network. I now have connections with individuals whom I can approach for insights and advice about the US market. This network isn’t limited to just the people from Plug and Play; it also includes professionals from various corporates and fellow participant startups. These connections are invaluable, offering a wealth of knowledge and diverse perspectives that are crucial for understanding different aspects of the business landscape, especially in new and challenging markets.
Setting Future Milestones Post-Accelerator Experience
Q: What are your upcoming milestones, and how has the accelerator experience prepared you for these?
A: The experience with the Plug and Play accelerator, along with other accelerators we’ve joined, has been instrumental in shaping a growth-focused and entrepreneurial mindset, particularly in facing investors. Before these programs, if I had to converse with investors, I might not have been as prepared. These programs equipped me with essential skills and knowledge, such as understanding investor expectations, crafting an effective pitch deck, and developing a robust go-to-market strategy. Running a traditional digital solutions company could be a lifelong endeavor, but if you’re aiming for larger-scale growth and expansion, showcasing potential future growth is crucial. The accelerators were pivotal in helping me gain the knowledge and skills necessary for investment rounds – from understanding the nuances of fundraising to honing the growth mindset. Looking ahead, our next phase involves seeking further funding. Last year, we successfully raised $750,000 in a pre-seed round. Now, we’re gearing up for a seed funding round and are currently in discussions with potential investors. This step marks a significant milestone for us as we continue to grow and scale our business.
Key Advice for Aspiring Accelerator Participants
Q: What advice would you offer to those considering applying to Plug and Play or other accelerators?
A: The most crucial piece of advice I would give is to carefully evaluate your readiness before applying to an accelerator program. I’ve observed that sometimes applicants, even if accepted, are not fully prepared in terms of their business model or mindset for an acceleration program. These programs offer valuable resources like mentors and coaches who can guide you in understanding growth strategies, investment intricacies, and more. So, it’s important to thoroughly assess your own business and determine if it aligns with what the program offers.
Being accepted into an accelerator is beneficial, but it’s more important to feel ready and prepared for the experience. If you’re unsure, applying can still be a learning opportunity. However, you should have clear expectations of what you want to gain from the program and have enough time. Do your homework, understand the program’s offerings, and ensure that your business model is suited for that specific accelerator environment.