Introducing Ilaria and Roundabout
Q: Can you tell us about yourself and your startup?
A: Absolutely! Our startup is in the influencer marketing sector. We’ve developed a platform that aids marketers in two significant ways. First, we assist them in locating targeted creators from over 100 niches. Second, we help activate these creators in campaigns, which saves marketers approximately 90% of their time. We launched in Italy, collaborating with notable customers like Italy, Virgin Active, and Martini. We began expanding our services globally in late September, focusing on Europe and the U.S.
Q: What inspired the creation of your startup?
A: Yeah, the idea for our platform emerged from the professional experiences my co-founder Antonio and I shared. We worked at various communication agencies about six years ago, a time when influencer marketing wasn’t a widespread component of marketing strategies. Our primary role was to assist small and medium businesses find local and targeted customers for their marketing campaigns. As influencer marketing started to gain traction professionally, we saw an opportunity. The concept was straightforward: create a user-friendly, easy-to-set-up, and comprehensible tool that matches businesses with influencers. This idea led to the creation of our platform, which aims to simplify and optimize influencer marketing for businesses.
Choosing Startup Wise Guys
Q: Why did you decide to join Startup Wise Guys?
A: Well, the decision came about in late 2020 when our team sought our first investment. We applied to various programs, mainly in Italy, where we were already established with a platform, an app, and customers. However, we needed to refine our pricing model, sales strategy, and product. We were considering Startup Wise Guys and another accelerator in Italy then. We chose Startup Wise Guys because of their people-centric approach and their lived and practised vision that helps founders evolve into entrepreneurs. Their vast international network appealed to us, too—it spans not just Europe but also the U.S. What sealed the deal was their fair and straightforward agreement, which was open to negotiation without any complexities or fine print. We appreciated their transparency and straightforwardness.
How a Founder Gets In
Q: Can you describe the application process at Startup Wise Guys?
A: The application process was remarkably quick and straightforward. We only had to pitch once during the final selection round, which put us directly in front of their investor community. We moved swiftly to due diligence, wrapping everything up within a month. I appreciate that they’re very direct at Startup Wise Guys; there’s no beating around the bush. As for the competitiveness, although I don’t recall the exact number of startups in the funnel, about 20-30 made it to the final pitch. From these, only 8 to 10 were chosen for the program. So, it was indeed a selective and competitive process.
The Daily Grind at Startup Wise Guys
Q: What was a typical day in the accelerator like for you?
A: Our experience was entirely remote because we joined in late 2020. The program lasted five months and started with an intensive two-month period where my team dedicated full-time to attending workshops. These workshops covered key areas such as sales, marketing, and product development, pushing us into a learning phase to re-evaluate our processes. In the third month, our focus shifted to applying what we learned, putting new processes and knowledge into practice. The final two months centered around preparing for fundraising and the next investment round. We also prepared our final pitch during this time, which was crucial for demonstrating our progress and achievements to potential investors at the program’s conclusion.
Funding and Equity Details with Startup Wise Guys
Q: How much funding did you get from the program, and what equity did you exchange for it?
A: We received €50,000 as an equity fund from Startup Wise Guys. We gave up 8% of our company’s equity in exchange for this investment.
Memorable Milestones and Challenges at Startup Wise Guys
Q: What standout memories or milestones from the accelerator can you share?
A: One pivotal moment for us during the program was a significant shift in our business model, including our product and sales process. The support and learning opportunities provided by Startup Wise Guys were instrumental in this transition. What stands out to me was the unwavering support from everyone involved—the managers, mentors, and the wider international network available to us. They were always ready to help, eager to understand our challenges, and to apply their expertise to help us overcome these hurdles. The availability and willingness of these skilled individuals to assist us made a notable impact and is something I’ll always remember.
Q: Could you talk about a challenge you faced and overcame with the accelerator’s help?
A: The major pivot to a Software as a Service (SaaS) model was certainly a challenge we tackled with the accelerator’s help. The process involved a testing phase to understand the need for the pivot, validate it, and then execute it across our business model, product, and sales process. The program supported us in learning about different sales channels, tools, and processes that fit our new model. We were able to test and validate these new sales strategies quickly—in about a month to a month and a half. It was a rapid yet effective transformation, significantly supported by the structured guidance and resources from Startup Wise Guys.
Roundabout’s Progress Post-Acceleration
Q: What achievements can you share about your company after the accelerator?
A: Since completing the accelerator, we’ve made considerable progress. To share some key performance indicators (KPIs), our monthly recurring revenue (MRR) has reached €10,000, our net retention rate is 400%, and our customer lifetime value (CLV) gross is €100,000. We went global in late September, which was a significant milestone for us. Over the past two years, we’ve continuously experimented and evolved our product and sales approach. We’ve had to adapt and refine our offerings in response to market changes discovered post-program. This adaptation has been an ongoing process but a fruitful one. And yes, to address the team’s size, we are currently a team of nine.
Q: What future milestones are you aiming for, and how did the accelerator prepare you for them?
A: The accelerator didn’t just prepare me; it prepared our entire early team, which has grown from three to ten members. The framework we learned for managing HR, product experimentation, and validation has been crucial. It’s given us a structure for implementing new procedures as we grow. Currently, our main focus is on ramping up international sales. We’ve been exploring inbound activities, which is a new addition to our strategy previously centered on outbound sales. Our immediate goal is to increase our monthly recurring revenue to €40,000 to position ourselves for a VC funding round next year. The accelerator’s training has been invaluable in setting the stage for these next steps.
Q: Did Startup Wise Guys help you connect with investors after the program?
A: Yes, they did. Startup Wise Guys made a follow-up investment in our company after the program’s conclusion, which was a huge vote of confidence. Alongside them, another investor who is also an advisor in our business came on board, and an introduction was made through the accelerator. They’ve been very proactive and supportive, even when it comes to managing our second round of investments. It’s clear they are committed to our long-term success and don’t just walk away once the accelerator program ends. They stay involved and available, which is incredibly valuable to us.
Advice on Choosing an Accelerator
Q: What advice do you have for startups considering applying to Startup Wise Guys or another accelerator?
A: The choice to join an accelerator, especially Startup Wise Guys, shouldn’t be solely about the funding. Although the financial aspect is fair and important, the commitment to learn, improve, and grow is what should drive a startup to apply. For those who are looking to truly evolve their business and benefit from “smart money,” Startup Wise Guys is an excellent choice. It’s all about leveraging the opportunity to its fullest potential, not just the capital. That would be my advice to any startup considering an accelerator.