Introducing Linkstar
Q: Can you introduce yourself and your startup?
A: ‘I’m Aizaz Nayyer, CEO of Oliv, the UAE’s largest youth recruitment platform, and also the co-founder of Linkstar. Our journey with SOSV actually began with Linkstar, a digital storefront for freelancers and creators to sell their services and products directly to customers. This platform wasn’t just about transactions; it offered payment integration, invoicing, and a portfolio website—essentially everything a freelancer needs in a digital store. We expanded our ecosystem by adding learning modules and business projects, creating a comprehensive environment for freelancers. This is important because a lot of freelance work comes from outside traditional marketplaces, often through social media and referrals.
When we approached SOSV for our pre-seed funding round, it was an interesting time for Linkstar. We had an idea and some early user traction. Despite we were the youngest founders in our batch which included serial entrepreneurs, some of whom had decades of experience with startups, SOSV saw potential in us. This initial leap of faith from SOSV was crucial for us, setting the stage for further developments, including the acquisition of Oliv.
Q: How did you come up with the idea for Linkstar?
A: The idea for Linkstar evolved from our initial venture, Savvy, a freelance marketplace tailored for Pakistan, similar to Fiverr. This project was a collaboration with two of my closest friends. My own freelancing experience during university, coupled with the challenges I faced later in the marketing field, particularly the delays from agencies citing resource constraints, highlighted the potential efficiency of freelancers.
This insight led us to create Savvy, where we first noticed the need for a significant volume of transactions to sustain the marketplace, requiring substantial investment. We quickly realized that a majority of freelancing work was conducted outside traditional platforms, often within social media and professional networks. This observation sparked the idea for Linkstar: why not provide freelancers with their own digital storefront to sell their services directly? This concept aimed to empower freelancers by offering them a more direct and personalized way to conduct their business, leveraging our existing network of 50,000 freelancers.
The platform evolved to include not just service offerings but also a space where companies could post projects, thereby facilitating direct connections between freelancers and potential clients. This dual approach marked the beginning of Linkstar’s journey.
Why SOSV?
Q: What drove you to join SOSV and their Orbit One program?
A: The decision to join SOSV and their Orbit One program was influenced by several compelling factors. Firstly, SOSV stands out as one of the world’s leading accelerators, managing over a billion dollars in assets. Beyond the significant funding opportunity, which at the time was around $250,000, the structured program SOSV offered was equally appealing. This program promised access to an array of industry experts and mentors, providing a unique learning environment that we knew would be invaluable for our growth and development.
The appeal of SOSV extended beyond the immediate financial and educational benefits. What truly set SOSV apart was the enduring nature of the support they provided. Reflecting on our journey, we started the program in mid-2022, and even now, in February 2024, we continue to benefit from their guidance. Just today, I had a growth call with a mentor from the program, underscoring the ongoing relationship we have with SOSV. This long-term support network is perhaps the most remarkable aspect of joining the accelerator, offering sustained assistance that has been instrumental in our journey.
Initial Contact and SOSV’s Application Process
Q: Did SOSV only invest in you, or did you also participate in one of their programs?
A: Our interaction with SOSV began quite unexpectedly. After numerous attempts to contact William Bao Bean via LinkedIn without a response, my co-founder finally caught his attention. I was thrust into the situation to pitch our idea over the phone, leading to a 2 AM call from Pakistan. Despite the unconventional timing and the pressure of such a crucial conversation during the wee hours, the pitch went well.
Following a series of follow-up calls, we were admitted into SOSV’s program. Specifically, we were part of their inaugural Orbit One program, marking a significant milestone in our journey with SOSV. This program was not just about funding but also about mentorship, learning, and growing within a structured environment designed to elevate startups.
Q: Can you detail the application process for SOSV?
A: SOSV has an online application process. The application process is notably competitive, with an acceptance rate of less than 2%, highlighting the challenge of securing a spot in their programs. However, for those who are accepted, the reward is a lifetime of support, underscoring the significant impact of joining SOSV.
Following the application, we engaged in a series of calls with SOSV. These discussions were aimed at understanding our business model, our team, and our vision. We also shared some of our early metrics and progress. After these initial calls and assessments, we received an acceptance notification, marking our entry into their program.
Q: What do you believe set your company apart for acceptance into the SOSV program?
A: Several factors contributed to our selection by SOSV, a mix of timing, our unique value proposition, and our backgrounds. Firstly, SOSV’s investment strategy sometimes involves leveraging knowledge from previous investments in similar spaces but different markets. In our case, SOSV had experience with similar ventures in other regions, and they saw an opportunity to transfer that knowledge to help us grow within the Pakistani market, which was a target area for them at the time.
Another critical aspect is the team’s commitment and background. The venture capital world looks for full-time dedication and a proven track record. Our team was not only committed full-time to our venture but also brought relevant experience to the table. Before Linkstar, we had launched Savvy, a freelance marketplace, demonstrating our capability to execute in this space. Additionally, my personal experience in launching a regional department for Daraz, part of the Alibaba Group, and my partner’s experience at Santander, Europe’s third-largest bank, added to our credibility. This background showed that we had the necessary skills and dedication to make our startup a success.
Moreover, the aspect of being fully invested in your idea is crucial. Unlike some founders who might pursue their startup as a side project, our team’s commitment was evident through our previous ventures and professional experiences. This commitment, combined with our strategic approach to addressing a gap in the freelance market, aligned well with SOSV’s criteria for potential investments. These elements, when combined, presented a compelling case for SOSV to support our journey, highlighting the importance of timing, market understanding, team dedication, and relevant experience in securing accelerator backing.
Inside the SOSV Accelerator Program
Q: What activities and learning experiences comprise the SOSV accelerator program?
A: The program was about three months long and included a diverse group of companies from around the world, including Pakistan, India, Nigeria, and Singapore, among others. The culmination of this intensive bootcamp was a demo day in Dubai, where we, along with other startups, pitched to a gathering of investors. This event not only provided a platform to showcase our progress but also served as a bridge to the next phase of our journey, particularly our involvement with Oliv.
The SOSV accelerator program is structured around a series of comprehensive modules designed to address various aspects of startup development, from business modeling to financial planning and fundraising. At the outset, we were introduced to the business model canvas, a tool that helped us outline our business plan, define our North Star metric, and identify the key metrics we should focus on. This approach emphasized a data-driven strategy for growth and decision-making.
Weekly updates were a crucial part of the program, requiring us to report on our progress every Sunday night. These updates were shared not only with SOSV but also with current and prospective investors, fostering a discipline of consistent execution and reflection. The feedback loop created through this process helped us to sharpen our focus and accelerate our pace, ensuring that we were constantly moving towards our objectives. The program also included specific modules on finance, where we refined our financial models, and fundraising, which prepared us for pitching to investors. The fundraising module was particularly hands-on, involving several iterations of our pitch, starting from elevator pitches to presenting to fellow companies, and friendly investors, and eventually leading up to the demo day presentation.
Q: Does the program require full-time attendance?
A: Regarding the commitment required, our program coincided with the tail end of the COVID era, allowing us to have our demo day in person in Dubai—a fortunate deviation from the online formats necessitated by the pandemic for previous cohorts. The program demanded a full-time commitment, with daily sessions spanning from early morning to late afternoon. Our calendars were pre-blocked with schedules for various events and sessions, ensuring that we were fully immersed in the learning and development process. This intensive, holistic approach provided a robust foundation for our growth and prepared us for the challenges of scaling a startup in a competitive environment.
Mentoring within the SOSV Accelerator Program
Q: Can you explain how the mentoring aspect of the SOSV program works?
A: The SOSV program incorporates a structured mentoring approach, initiating weekly strategy and growth calls. These sessions serve as a platform for discussing business strategies and setting growth objectives. An invaluable aspect of this mentorship is the facilitation of connections within the SOSV network. For instance, if we were looking to expand into new markets where SOSV had portfolio companies, they would connect us with those companies, allowing us to leverage their experience and insights. This network also proved beneficial in finding new business opportunities.
Over time, the frequency of these mentorship calls can be adjusted based on the evolving needs of the startup. In our case, we transitioned from weekly to bi-weekly calls, and sometimes even to monthly calls, ensuring we maintain a connection with the mentors and the network.
Mentors are assigned to startups by SOSV, but there’s flexibility in this arrangement. Through the SOSV portal, we have the ability to request additional connections or mentorship from specific individuals within the network. This system operates both on a structured basis, with assigned mentors, and on a self-initiated basis, where we can seek out specific expertise or advice as needed. This dual approach ensures that startups receive both guided and autonomous support, tailored to their unique journey and challenges.
The Funding Journey with SOSV
Q: How does the funding aspect work within the SOSV program?
A: SOSV provides direct funding to startups as part of their accelerator program, with a standard investment ticket of $250,000. This funding is not solely contingent on the demo day; it’s part of the package when you join the program.
However, the demo day serves as a crucial platform for startups to connect with other investors. It was on our demo day that we met the principal investor behind Oliv, the UAE’s largest youth recruitment platform. This connection led to us acquiring Oliv, and expanding our business into matching interns, graduates, and freelancers with companies across the UAE.
This opportunity arose directly through our involvement with SOSV, showcasing the program’s ability to facilitate significant connections beyond the initial funding. SOSV also engages in follow-up investments, providing additional support as startups grow and evolve. This multi-tiered approach to funding and investment underscores SOSV’s commitment to the long-term success of the startups in their program, offering both initial capital and opportunities for further investment through their network.
Achieving Milestones and Overcoming Challenges
Q: What was the most significant milestone for you during the SOSV program?
A: The most significant milestone for me in the SOSV program, without a doubt, was the demo day. It’s a moment that encapsulates the culmination of all the hard work, training, and preparation we underwent during the program. Being the first to pitch, I was directly approached by the main investor behind Oliv right after my presentation. This interaction was pivotal—not only because it led to us acquiring Oliv, but also because it validated the effectiveness of the training and effort we put into our pitch.
The importance of delivering a compelling pitch cannot be overstated, as it can open doors to opportunities that have the potential to significantly transform your business. Our success in connecting with the investor and subsequently acquiring a company in the UAE is a testament to the value of the SOSV program. It showcases not just the financial support and training provided but also the invaluable networking opportunities that can lead to substantial growth and expansion. This milestone was a defining moment for us, highlighting the program’s role in facilitating key connections and enabling our ventures to reach new heights.
Q: Were there any challenges you faced in the SOSV program, or is there anything you would change?
A: Reflecting on our time with the SOSV program, I find it was exceptionally well-structured, especially considering the stage our company was at during participation. Being pre-revenue, we derived immense value from every aspect of the program, from the mentorship to the structured modules and the networking opportunities it presented.
However, it’s important to recognize that the program’s value can vary depending on a company’s stage and specific needs. For instance, companies at a later stage might not find it as beneficial if they’re primarily seeking specific types of support or connections. Similarly, startups focused on regional markets might seek more localized networks, which could affect their perception of the program’s benefits.
For us, the global reach and the ability to connect with SOSV’s portfolio companies worldwide were significant advantages. However, I can understand how a startup with a more localized focus or at a different stage in their development might have different feedback. On a personal level, I wouldn’t change anything about our experience with the program. It met our needs and exceeded our expectations, providing us with the tools, connections, and funding necessary to grow and succeed.
The Current Status and Future Goals of Linkstar and Oliv
Q: What is the current status of your company, and what milestones are you aiming for next?
A: Following the acquisition of Oliv, our focus has shifted predominantly towards expanding and solidifying our presence in the UAE. We’ve been fortunate to collaborate with several prestigious companies, including Property Finder, a $500 million enterprise, and the Kering Group, which owns luxury brands like Gucci, Balenciaga, and others. We have also launched several new features including upgrades to Olivia, our AI Recruitment Assistant who can help companies hire 3X faster with applicant scoring and ranking.
Our immediate goal is to accelerate our growth even further. This involves engaging with major universities across the UAE to onboard students and reintroduce them to our brand, ensuring that Oliv becomes a recognized and trusted name in youth and freelance recruitment. Our growth metrics have been exceptionally positive, with the company achieving over 100% growth month-on-month in the last quarter. This momentum is something we’re keen to maintain and build upon.
Looking ahead, we’re setting our sights on expanding into Saudi Arabia, identifying it as a key market for our next phase of growth. This expansion is not just about scaling our operations but also about deepening our impact and enhancing our offerings to meet the needs of a broader audience.
Advice for Prospective SOSV Program Applicants
Q: Do you have any advice for founders considering applying to SOSV programs?
A: The most important piece of advice I can offer to founders looking to join an SOSV program is to fully commit to the process. The value you derive from the program is directly proportional to the effort you put in. Our experience showed us that active participation and engagement are crucial. We were diligent in attending weekly calls, and strategy meetings, and utilizing the resources provided, which not only led to a follow-up investment from SOSV but also significantly contributed to our growth and development. It’s essential to approach the program with an open mind and a readiness to absorb and act on the advice given. This mindset can make all the difference in maximizing the benefits of the program.
Remember, it’s not just about being selected; it’s about what you do after you’re in. The program offers valuable insights and guidance, but it’s up to you to apply them. Being present, engaged, and proactive is key to ensuring you get the most out of the opportunity. So, for anyone getting into the program, my advice is to dive in with both feet, be ready to work hard, and stay open to learning and adapting based on the feedback and support you receive.