Introducing Jordan and Shipbubble
Q: Can you briefly introduce yourself?
A: Yes, my name is Jordan Ajibola. I’m the co-founder and CEO of Shipbubble, which is based in Nigeria. Our focus at Shipbubble is to assist businesses in managing and streamlining their delivery operations. We take a growth-oriented approach, transforming businesses from manual processes to a platform where they can connect with multiple sales channels and fulfillment partners, enabling them to expand their e-commerce reach globally and increase revenue.
Q: How did you come up with the idea for Shipbubble? Was it based on personal experience or a life event?
A: The idea originated from my time working at Amazon fulfillment in the US. Upon returning to Nigeria, I observed the poor experience with fulfillment – difficulty tracking goods, scarce logistic partners, and expensive deliveries when buying from vendors. Shipbubble’s initial goal was to make delivery fees more affordable to enhance the overall customer experience and help businesses grow. Over two years, we evolved our mission to address a broader challenge: assisting businesses in leveraging logistics for growth. Today, logistics poses a significant challenge for businesses, and Shipbubble aims to transform it from a nightmare to a growth enabler, providing businesses with the prospects to expand and thrive.
Why Startup Wise Guys?
Q: What motivated you to join Startup Wise Guys?
A: Shipbubble chose Startup Wise Guys because they were the first international accelerator focusing on African startups. The accelerator actively sought out African ventures, and during the application process, discussions with GPs Petra and Francesca revealed a shared interest in critical metrics like revenue growth. There was a mutual understanding that logistics presented a significant problem, and solving it could yield substantial benefits. Shipbubble saw the opportunity to contribute to addressing this challenge, focusing on Africa, and Startup Wise Guys believed in their potential to create something impactful.
Q: Did the accelerator influence the logistics vision for Shipbubble?
A: No, our initial focus was solely on reducing delivery fees. However, during the course, we recognized that solely addressing this problem wasn’t economically viable. The Startup Wise Guys program prompted us to reevaluate our logistics vision, encouraging us to offer more comprehensive solutions. This shift allowed us to attract a broader customer base, subsequently increasing our revenue.
Q: Could you walk us through the Startup Wise Guys application process?
A: The application involves signing up on the platform and submitting your application. There are two rounds of interviews. In the first round, you pitch your idea to a group and face questions. If you qualify, you move on to the second interview. This stage consists of multiple meetings with heads of various accelerator programs and departments. They thoroughly scrutinize your idea, asking pertinent questions. The final step involves a negotiation meeting with the GP to discuss the terms of the deal. Once finalized, you sign the agreement and officially join the program.
A Day in the Accelerator
Q: What’s a typical day like once you’re in the Startup Wise Guys program?
A: The program is highly engaging, with a structured daily schedule. Throughout the week, you engage with mentors, typically one or two per day, covering crucial aspects of business that founders might overlook. Topics include fundraising, financing, legal considerations, marketing strategies, market analysis, pitch framing, public speaking, and product development. With a duration of six months, the program’s intensive classes, spanning four or five months, reshape your perspective on various business aspects. For Shipbubble, it transformed our approach to problem-solving, emphasizing the importance of becoming a viable business rather than merely addressing a challenge. This shift in focus, instilled by the program, proved instrumental in setting goals for revenue growth and overall business viability.
Q: Could you elaborate on the funding process within Startup Wise Guys, including the amount offered and the equity arrangement?
A: During our time, the funding was around 65k, distributed in tranches, with the specific amount per tranche, perhaps 20 or 25k. However, please note that the details might be outdated, and the current information suggests they offer 100k. The funding is structured as a convertible note, meaning it converts to equity at a predetermined point.
Shipbubble’s Post-Accelerator Journey
Q: Reflecting on your time in the accelerator, do triumphs or moments stand out?
A: Looking back, achieving the set targets was a significant triumph. Despite facing challenges like election issues in Nigeria, we consistently met and exceeded our goals. This success led to us receiving an award for being the fastest-growing company in their West African portfolio. This recognition marked a turning point for Shipbubble, as the focus instilled by the program allowed us not only to grow but become the fastest-growing company in the region after its conclusion.
Q: Regarding challenges, were there particular hurdles that stood out?
A: The main challenge was the intensity of the program. Juggling the accelerator’s demands alongside the business’s day-to-day operations was incredibly intense. However, these moments are inherent in the entrepreneurial journey despite the challenges. Many founders, including myself, often navigate intense learning and adaptation periods. It’s about pushing through, putting your head down, and getting the work done, regardless of the challenges that may arise.
Q: What’s the current status of Shipbubble?
A: Pre-program, our monthly revenue was below $1,000. We’ve experienced remarkable growth post-program, surpassing 15 times that initial figure. We remain in the pre-seed stage, continually refining and expanding our value proposition. We’ve also secured additional funding to support our ongoing development. The journey ahead is extensive, but we’re committed to our vision. Startup Wise Guys has been integral to our progress, providing ongoing support, connections, and challenges that keep us pushing boundaries. The ecosystem remains a valuable resource, offering insights, introductions to investors and customers, and a supportive community that is always ready to assist when needed.
Insights on Applying to Startup Accelerators
Q: What advice do you have for those applying to startup accelerators?
A: The key is understanding that what you get from the accelerator directly correlates to what you put in. It’s a reciprocal relationship. Put in the work, connect with the right people, and reach out proactively. While joining an accelerator doesn’t guarantee success, it provides invaluable enlightenment about what you need to know. Being open and receptive to the intense experience is crucial. Prepare your mind for the intensity, be proactive in your engagement, and recognize that your success as a founder is ultimately in your hands and that of your team.