Introducing Rian from FloVision Solutions
Q: Can you introduce yourself and your startup?
A: I’m Rian McDonnell, the CEO of FloVision Solutions. Our startup specializes in the food analytics space, with a keen focus on optimizing the protein supply chain. At FloVision, our approach involves installing advanced sensors and cameras in protein processing facilities. These technologies enable us to assess and improve parameters like yield change, quality control, and staff proficiency. We aim to streamline these processes, enhancing efficiency, boosting yields, and minimizing waste.
Q: What sparked the idea for FloVision Solutions?
A: The concept for FloVision Solutions developed gradually. Our initial focus was the food service industry in 2020, where we were driven by a commitment to sustainability and reducing the carbon impact of industries. Throughout 2021 and by early 2022, our attention shifted to the protein processing sector. This industry stood out due to its significant carbon intensity and the high value of its products. This shift in focus was a strategic move, aligning with our mission to target an industry that made business sense and aligned with our sustainability goals.
Why Rockstart?
Q: Why did you choose to join Rockstart?
A: Thanks to one of their outreach campaigns, we first learned about Rockstart about four or five months before joining their Fall 2021 program. Initially, I was skeptical about needing an accelerator, thinking perhaps we were beyond that stage. However, after a few interviews, my perspective changed, especially after meeting Mark and Matthias from the agri-food division. Their honesty and openness about their goals and how they could assist us resonated with me. Another appealing aspect of Rockstart was its unique program structure. Unlike typical accelerators that rush through the process, Rockstart’s program was spread out over six months, with one intensive week each month. This format allowed us to focus on different problems each month and make consistent progress with sustained support from their team.
The Application Process
Q: What did the application process for Rockstart involve?
A: The application process for Rockstart was fairly standard at the beginning, involving an initial application form followed by a series of interviews. The second interview, particularly with Mark, gave us a clearer understanding of our chances and the program’s details. After progressing through these stages, we presented to a selection committee, which consisted of six advisors or mentors plus the management team. This stage involved pitching our idea, answering questions, and delving into the specifics of the post-program expectations. It was a thorough and enlightening process, giving us a good sense of what joining Rockstart would entail.
A Day in the Life at Rockstart
Q: What was a typical day like once you were admitted?
A: The aspect I appreciated most about Rockstart was its spread-out nature. Being based in the US, while most Rockstart companies are in Europe, meant some early mornings for us, but Rockstart was flexible with scheduling. The program included six deep dive weeks, approximately one each month. Most were virtual, with one or two in-person sessions. The virtual sessions were effective for getting to know others, especially during peak Covid times.
The in-person sessions included a deep dive with a presentation and a demo day. Our day-to-day was quite standard, focusing on our startup work, with occasional mentor sessions and check-ins during the deep dive weeks. Each week was centered around a specific business topic, tailored to the needs of each startup.
Q: How much funding did you receive from Rockstart, and can you share any significant milestones or learnings from the program?
A: Through Rockstart’s accelerator investment, we received an investment, part of which covered a service fee for running the program. Concurrently, we were raising our pre-seed round, and Rockstart also invested in that. Two significant aspects of the program stand out.
Firstly, Rockstart was instrumental in helping us focus on the food service and protein processor markets. They guided us in defining our key metrics, particularly with Matthias’ help, to measure progress effectively. Secondly, their insights were valuable in team management. As we were closing our pre-seed round and hiring our first engineers, the skills and tips we learned for employee feedback loops were immensely beneficial and are practices we still use today.
Q: What challenges did you face during the Rockstart program, and how did you overcome them?
A: Looking back, the challenges we faced in 2021 during the Rockstart program seemed substantial at the time, though they may appear smaller in hindsight. Our primary challenge was deciding where to focus: between the food service and protein processing sectors.
Rockstart provided us with diverse mentors and advisors, spanning various fields from grocery retail to genetics and food service. This wide range of expertise allowed us to delve into each sector and assess their potential impacts on our primary market. While we didn’t finalize our decision during the cohort, the insights and external viewpoints we gained were crucial in our decision-making process.
FloVision’s Progress and Future Milestones
Q: Can you share the current status of FloVision Solutions and your future milestones?
A: FloVision Solutions has made significant strides since our time with Rockstart in 2021. We closed our pre-seed round, raising 1.2 million dollars in November 2021. We recently completed the first tranche of our seed round, adding another million dollars, and are planning for a second tranche post-Christmas. Our team has grown from two to seven members.
Currently, we have $360k in installed annual recurring revenue and $440k in signed annual recurring revenue, aiming to surpass $500k by this year’s end. Our target for next year is to reach $2 million in signed total cumulative revenue, setting the stage for a potential Series A funding round. Rockstart played a significant role in this growth, particularly in their approach of not micromanaging but providing valuable connections and feedback when needed, respecting our autonomy and decision-making process.
Founder’s Advice
Q: Do you have any advice for someone considering applying to Rockstart or another accelerator?
A: Accelerators are incredibly beneficial, especially if you’re at the right stage. If you’re unsure whether you’re at the right stage, you probably are. Rockstart, focusing on food and agriculture, provides immense value due to its industry-specific network and connections. These resources are useful for initial growth and invaluable when expanding into other areas within your sector.
The connections you make can be crucial even years later. I would definitely recommend Rockstart. They have been one of our top investors in terms of both the relationship and the follow-on investments. They’ve fulfilled all their commitments over the past two years. In summary, if you find the right accelerator where there is mutual trust and a good relationship, it can be a game-changer for your startup.