Introducing Marco Pavan and 3D Viewer Online
Q: Can you introduce yourself and your startup?
A: I’m Marco Pavan, CEO and co-founder of 3D Viewer Online, an innovative platform transforming how 3D models are handled in the manufacturing sector. Roughly 70% of manufacturing companies use 3D models at the initial stages of product development, but sharing these models poses significant challenges. Traditional methods require specific software and hardware, plus the technical know-how to use them effectively.
Our solution is a browser-based platform, eliminating the need for software installation. Users can easily view, share, and discuss 3D models with team members and customers. This issue isn’t confined to small companies; large corporations struggle too. The idea dawned on me while working at Airbus, where 3D designers struggled to share models with managers. They resorted to sending screenshots or videos, a highly inefficient process. If a giant like Airbus, investing billions in IT, grapples with this, it’s clear the problem extends to smaller businesses too. That’s what led to the inception of 3D Viewer Online: a streamlined, accessible approach to sharing 3D models.
Why Startup Wise Guys?
Q: Why did you choose Startup Wise Guys for your company?
A: Startup Wise Guys stood out to us for a few reasons. We had previously participated in other programs and incubators, like one in Birmingham, but found that they often offered very general advice. These programs focused on basic aspects like identifying problems, creating solutions, and developing pitch decks. While helpful, this wasn’t exactly what we needed.
What set Startup Wise Guys apart was its specialization in software as a service (SaaS) businesses. This specialization aligned perfectly with our company’s nature and needs. Many accelerators and incubators cater to a broad range of startups, but the focused approach of Startup Wise Guys on SaaS was a key factor in our decision. It provided targeted support and insights specific to our industry, which we found invaluable for the growth and development of 3D Viewer Online.
How a Founder Gets In
Q: What was your application process for Startup Wise Guys like?
A: Applying to Startup Wise Guys wasn’t overly difficult in terms of assembling the proposal, but the intensity of the process was quite challenging. A particularly tough part was the boot camp day. It was an exhaustive day filled with numerous meetings where we had to demonstrate our product and discuss various aspects of our business – technical, business, and legal.
This comprehensive approach starkly contrasted to other programs where interactions might be brief, lasting only 10-15 minutes. Startup Wise Guys demanded a deep dive into different facets of our business, requiring extensive knowledge and preparation. It was an intense experience but also incredibly beneficial. The exercise is invaluable even for companies that don’t make it through this process. It forces you to gain a deeper understanding of your business.
Whether successful or not, every application to an accelerator contributes to your business development. You gather more data, refine your ideas, and understand your business better. Regardless of the outcome, the thoroughness and intensity of the meetings at Startup Wise Guys are immensely valuable for any entrepreneur.
Q: How intense was the application process?
A: It was indeed a trial by fire. The process wasn’t just about pitching our idea; it involved thoroughly examining every aspect of our business model. Since we’re a SaaS company, they delved into our technical infrastructure, our team’s capabilities, and our overall business strategy. The process required us to provide detailed information, making it quite challenging but ultimately rewarding.
Q: What was a typical day like once you joined the program?
A: The program was intense and comprehensive, lasting several months with full weeks of activities. Some days involved activities for four hours or more, along with the option for one-to-one meetings. They were mindful of our responsibilities as entrepreneurs and the need to continue running our business alongside the program. This balance was demanding but crucial for the growth and development of our venture. The time and effort invested in the program were highly beneficial.
Funding and Value Gained from Startup Wise Guys
Q: How much funding did your startup receive from the program?
A: We received an investment of 55,000 euros, significantly boosting our product development. This funding allowed us to make substantial improvements to our product. However, the monetary aspect wasn’t the most valuable part of the program for us. The true value lay in the program itself, which was immensely beneficial.
Startup Wise Guys provided us with extensive training and sessions in sales and marketing, which were crucial in refining our business proposition. They assisted us in articulating our value to potential customers and investors effectively. Throughout our journey, we’ve had to pivot occasionally to stay aligned with market trends.
When we first presented our pitch deck, it was quite disorganized and unclear. But by the end of the program, we had made remarkable progress. Our final pitch deck was sharp, focused, and clearly communicated our objectives and strengths. The skills and insights we gained from the program far outweighed the financial investment we received. The program’s impact was pivotal in shaping our business’s direction and success.
Equity and Convertible Note Details
Q: Did Startup Wise Guys’ investment involve exchanging equity?
A: We utilized a convertible note for the investment, which is indeed a form of equity exchange, but not in the immediate sense. A convertible note means that the equity is not granted straight away but is contingent on future developments. It’s designed to convert into equity during subsequent funding rounds.
This approach allows for a more accurate valuation of the company at a later stage. When the company’s value is more clearly established, it becomes easier to allocate equity based on the initial investment made by Startup Wise Guys. The convertible note is a flexible financial instrument that aligns with the evolving nature of startups, enabling both the investor and the startup to defer the valuation decision until a more mature phase of the business.
Reflections on the Accelerator’s Impact
Q: Looking back at your experience with the accelerator, what stands out as a significant achievement or turning point?
A: One of our most significant outcomes was gaining clarity in our communication. Being able to clearly articulate what we do is crucial, especially in networking and building relationships. I remember, particularly towards the end of the program, after one of our pitch sessions, people approached me saying they finally understood our business. This clarity wasn’t just about others understanding us; it also helped us internally.
At the start, our business idea was clear in our minds, but communicating that effectively to others was challenging. The program helped us refine our messaging, making it more comprehensible to outsiders. This clarity was probably the most valuable aspect for us and something I deeply appreciate about the program.
Q: Did this newfound clarity help solve problems or refine your business strategy?
A: Absolutely, it was immensely helpful. When you have a clear idea and can effectively communicate it to others, your own vision becomes clearer. This clarity aids in focusing on specific goals rather than spreading efforts too thinly across multiple objectives. A more focused approach enabled us to achieve our desired results more strategically and efficiently. This improvement in communication and clarity of vision was instrumental in many other aspects of our business.
Overcoming Challenges in the Accelerator Program
Q: What was one of the hardest challenges you faced during the program, and how did you overcome it?
A: The biggest challenge for me, and I noticed this for others in the program too, was the sheer commitment and time required. The program can be incredibly intense. There are weeks filled with activities like market engineering, which demand extensive work over two to three days straight. Balancing this with running a business is not a small feat. It requires long hours and significant dedication.
Finding the time to devote to these activities while still managing our business operations was a constant struggle. You might spend almost an entire day engaged in program activities, only to start your regular work afterward. This often meant working an additional four to six hours or more. The challenge intensifies, especially for smaller teams.
When we joined the program, our team comprised just two people, making it difficult to delegate tasks and share the workload. As the team size increases, it becomes easier to manage these demands. By the end of the program, our team had grown to three, but the journey wasn’t easy. Despite these challenges, the effort and time invested were worth it for our growth and progress.
Achievements Post-Accelerator Program
Q: Reflecting on your journey post-accelerator, what would you say are your key achievements?
A: Post-accelerator, one of the standout achievements for us was the adoption of valuable tools and tips, particularly in the realm of software, marketing, and sales. These tools, suggested during the accelerator, have been instrumental in improving our marketing strategies and increasing our conversion rates. They help us understand customer interactions with our app more effectively, enhancing both our inbound and outbound marketing efforts.
This guidance has propelled us in the right direction, leading to increased traction and improved key performance indicators (KPIs). While we didn’t directly acquire customers through the accelerator, its impact has been profound in other ways. It provided us with valuable investor connections and set us on a path to seek additional funding for further development.
Another significant outcome has been the professional evolution of our business. Before the program, our approach was somewhat unstructured, but the experience helped us transition into treating our venture as a proper business. This change has brought our operations a more organized structure and a professional outlook. The accelerator has improved our tactical skills and overall business mindset and approach.
Q: Looking ahead, what are your next milestones, and how has the accelerator equipped you for these goals?
A: Our immediate next milestone is fundraising. The accelerator provided extensive training and sessions on becoming investment-ready, detailing what is necessary to secure further investment. The connections I made during the program are proving invaluable; they are actively assisting us in finding potential investors.
This upcoming investment is crucial for us. It will enable the development of new features within our product and facilitate overall growth. With additional funding, we can focus on expanding our capabilities, increasing revenues, and acquiring more customers. The accelerator hasn’t just prepared us in terms of practical knowledge and skills; it has also provided a network of contacts that continue to support our journey. This combination of training, mentorship, and networking has set us up for success in our fundraising endeavors and beyond.
Advice for Aspiring Accelerator Applicants
Q: Do you have any advice for those considering applying to Startup Wise Guys or other accelerators?
A: Definitely. First and foremost, ensure that your business aligns with the specific focus of the accelerator. Not every business fits every program. As a B2B software as a service (SaaS) company, Startup Wise Guys was a perfect match due to their specialization in this area. You’ll derive the most value from an accelerator that aligns closely with your business type and needs.
In terms of preparation, knowing your business inside out is crucial. Understand your basic metrics, like traction, conversion rate, churn rate, and so on, especially if you’re a SaaS business. These numbers will likely come up during the interview process, so being well-versed in them is important.
Also, be clear on the problem you’re solving, your solution, what sets you apart (your unique selling proposition), and why you’re better than the competition. It’s one thing to have these elements clear in your mind, but another to articulate them effectively. Practice explaining your business to others, ensuring what’s clear in your head is just as clear when you communicate it. Often, what we think we’re conveying isn’t what others perceive.
So, clarity is key. Engage with fellow entrepreneurs, discuss with your team, and refine how you present your business. The clearer you are, the easier it will be for others, including potential investors and accelerators, to understand and appreciate the value of your business. These tips should help you make a strong case for your application.