Introducing Scott Gillam from PF Nexus
Q: Could you introduce yourself and tell us about PF Nexus?
A: I’m Scott Gillam, co-founder and CEO of PFNexus. We’ve positioned PFNexus as a marketplace in the renewable energy space, focusing primarily on renewable energy projects, portfolios, and investment partnerships. Given that renewable energy is a capital-intensive industry, our role is crucial in bridging the gap between the need for substantial investment and the available capital sources. This connection is fundamental for enabling the construction and development of these renewable energy projects.
Q: What inspired the creation of PF Nexus?
A: My background in the industry played a pivotal role. Initially, I worked in infrastructure, later shifting to renewable energy, a subset of infrastructure. During this time, I observed the rapid growth and constant evolution of the industry. Smaller players were being acquired by larger ones, and new entities were emerging frequently. This dynamic environment highlighted a significant gap: there was a lack of clarity on who to approach for investment, both from the perspective of those supplying projects and those with the capital to invest. Recognizing this problem, I saw the potential for a marketplace solution – that’s how the idea for PF Nexus was born.
Why Rockstart?
Q: Why did you choose to work with Rockstart for PF Nexus?
A: Rockstart actually found us first. What stood out was the scarcity of venture capitalists, accelerators, and investors with a deep understanding and focus on the energy sector, despite it being one of the largest industries globally. When Rockstart approached us, we were impressed by their unique approach. They offered a combination of venture capital support, a well-structured accelerator program, a group of established Investor Advisors, and quality program materials. This blend of resources and expertise was exactly what we needed at PF Nexus.
How a Founder Gets In
Q: Could you walk us through the application process for Rockstart?
A: Our journey with Rockstart began a little before last Christmas. We were first contacted by Navo, one of their investment analysts. This led to a couple of introductory calls to gauge compatibility. Following this, we entered a more formal application process, involving second and third-round discussions with Gem, another associate from their team. We submitted the necessary documents and eventually participated in a pitch process before their investment committee and senior team members. It was a highly competitive arena, with thousands of startups applying and only about ten, including us, making it through to the end.
Q: Was it challenging?
A: Indeed, it was. But what really impressed us was Rockstart’s professionalism. They ran a very tight ship – our calls were precisely on time, and the overall level of organization was impressive. This efficiency and attention to detail gave us a very positive impression of the accelerator.
Inside the Rockstart Accelerator
Q: What was a typical day like in the Rockstart program?
A: The structure of the Rockstart program was quite intensive. It’s structured to be a full-time commitment for one week per month. During this period, they cover a wide array of topics, ranging from defining our value proposition and identifying the Ideal Customer Profile (ICP) to exploring investment opportunities and establishing long-term strategic partnerships. The program is comprehensive, covering various aspects crucial for startup growth and development.
Q: Did Rockstart provide funding as part of your admission? Was the investment from Rockstart in exchange for equity in PF Nexus?
A: Yes, definitely. When we were offered a place in the cohort, it came with an investment, which was a part of our seed funding round. While I can’t delve into specific details, I can confirm that there was an equity exchange as part of the investment arrangement with Rockstart.
Reflecting on the Impact
Q: Beyond the financial aspect, what made the Rockstart program especially valuable for you?
A: One standout aspect of Rockstart’s program was the physical intensive weeks in Amsterdam. This setup was invaluable as it allowed us to step away from the daily grind and immerse ourselves fully in the program. Being physically present in a different environment enabled us to concentrate on tackling bigger issues and strategic thinking, which often gets sidelined in the routine of running a startup.
Additionally, the quality of the program’s materials exceeded our expectations. Initially, we were somewhat skeptical about accelerators, but Rockstart changed our perspective. The program covered a broad spectrum of topics essential for startup founders. Another unique feature was the customization of materials. We had the opportunity to request a focus on specific areas, and the program was tailored accordingly to address these preferences.
Q: What challenges did you encounter during the Rockstart program, and how did you address them?
A: Throughout the program, we consistently pushed beyond our comfort zones in various areas, which was both challenging and beneficial. It’s through these challenges that you gain knowledge, skills, and broaden your capabilities as a founder. One area that was particularly impactful was the focus on the Ideal Customer Profile (ICP) and refining our value proposition. This helped us sharpen our approach, understand our clients better, and communicate our message more effectively. Another significant aspect was adopting metric-based approaches like OKRs (Objectives and Key Results). Prior to the program, I had some knowledge of OKRs but didn’t fully grasp their potential. The program provided a clear and effective way to understand and implement them. Now, OKRs are a fundamental part of how we run PF Nexus, guiding our monthly operations and long-term strategy.
PF Nexus’s Growth Post-Rockstart
Q: How has PF Nexus progressed since completing the Rockstart program?
A: Our time with Rockstart had a significant and positive impact on PF Nexus. A key outcome was establishing a ‘hero metric’ for the company. Although we had considered this concept before, it was through the program that we fine-tuned and committed to a specific metric. We set and achieved our yearly targets for this metric, which brought a heightened focus to our operations.
Our growth has been remarkable since then – we now have about 5,500 users from around 3,000 companies on our platform. We regularly see engagement from some of the world’s largest energy investors. This growth is a testament to the effectiveness of the strategies we honed during the accelerator. Looking ahead, we are preparing for our seed extension round, and we hope to see Rockstart participate in this next phase of our journey. The accelerator program has been instrumental in shaping our current success and future direction.
Q: How has participating in Rockstart expanded PF Nexus’s professional network?
A: Joining Rockstart, an Amsterdam-based accelerator, significantly expanded our network, especially as a UK-based company with international operations. This experience opened up new connections throughout Europe, a region we previously had limited access to. Another key aspect of the program was the opportunity to connect with an extensive network of advisors. We’ve maintained these relationships post-program and now engage with some highly capable advisors from Rockstart on a monthly basis. This expanded network has been invaluable for our growth and development in the renewable energy sector.
Future Milestones for PF Nexus
Q: What are the upcoming milestones and targets for PF Nexus?
A: Our initial focus at PF Nexus was on establishing connections and relationships central to facilitating deals. Moving forward, we are shifting our attention to understanding how these individuals fit within their respective organizations and teams. Additionally, we aim to delve deeper into the specifics of the transactions themselves, rather than just fostering connections between interested parties. This evolution in our approach is aimed at enhancing the depth and quality of our service in the renewable energy market.
Q: Has the Rockstart accelerator contributed to the realization of PF Nexus’s vision and growth?
A: Definitely. The Rockstart program played a crucial role in helping us understand and articulate the stages of our growth. It brought clarity to our objectives and allowed us to focus on our current position and priorities. This approach enabled us to break down our growth trajectory into manageable steps, facilitating a more structured and effective growth strategy.
Advice for Prospective Accelerator Participants
Q: What advice would you give to someone considering Rockstart or any other accelerator program?
A: My key piece of advice is to research the accelerator you’re considering thoroughly. Each one is unique in its approach and offerings. With Rockstart, I made sure to connect with at least a dozen people who had completed the program. I had video calls with each of them to gather their insights and experiences. Positive and responsive feedback from alumni is a strong indicator of a program’s value. That was my experience with Rockstart. Conversely, if you find a lack of responsiveness or negative feedback, it might be a sign to reconsider your options.