What is FLEXTHOR?
Q: Can you briefly introduce yourself and your startup, FLEXTHOR?
A: I’m Mohammad Meraj Alam, the co-founder of FLEXTHOR. I got interested in entrepreneurship and innovation since the days of my Ph.D. as I had always this zeal to do something different for society. Thanks to my family and friends who identified a leader in me and motivated me to pursue my dreams.
Our startup is centered around energy integration and transition, particularly focusing on battery storage, specifically in the “behind the meter” segment. This includes areas like residences, businesses, and factories, where we aim to enhance the value derived from energy assets, mainly in the combination of battery and solar power.
Q: What inspired the idea behind FLEXTHOR?
A: A startup has always been a rollercoaster ride and as an entrepreneur, I often got pushbacks and rejections. At the same time, I have to believe in my idea like a religion. Each rejection has been the basis of accepting criticism and adapting our work towards improvement.
The idea behind Flexthor was a personal experience, particularly related to the challenges of integrating solar power. The issue we noticed was that during sunny periods, especially in summer, solar panels generate a significant amount of electricity, often more than the demand. This leads to a waste of solar power. We identified a need for a storage solution to retain this excess energy, and naturally, batteries came to mind. However, batteries are expensive, and their high cost is a barrier to widespread adoption.
Why Startupbootcamp?
Q: What motivated you to join Startupbootcamp?
A: We were first intrigued by Startupbootcamp in 2022, learning it was akin to renowned accelerators like Y Combinator in the USA. The program’s focus on energy particularly fascinated us, prompting our decision to apply. However, the path to joining was challenging. Over 10,000 applications were initially scrutinized, followed by multiple stages of interviews and a final pitch before judges. Making it to the top 10 wasn’t easy. What really motivated us were the personalized mentoring sessions, the tailored coaching, and the support specific to our startup’s needs.
One of the standout aspects of Startupbootcamp was their personal involvement with each startup. They didn’t just perform day-to-day activities; they actively engaged with our challenges and successes. Their approach to problem-solving and their dedication to understanding and alleviating our pain points were remarkable. This personal touch is, without a doubt, one of the best things that happened to FLEXTHOR.
Startupbootcamp Application Process
Q: Can you describe the application process?
A: The application process included several interviews and pitching stages, and yes, it was highly competitive. What set us apart, I believe, were three key aspects: Firstly, our team. We are three co-founders, each bringing unique skills in technical, management, software development, marketing, and sales. This diversity strengthened our application. Secondly, the clarity of our idea – understanding our market, customers, and product. Thirdly, we were beyond the idea stage; we had a working prototype and MVP, which added credibility to our application. These factors, especially our cohesive team, played a significant role in our acceptance into the program.
Inside Startupbootcamp Program
Q: Can you describe what the program looks like once you’re accepted into Startupbootcamp?
A: Getting accepted into Startupbootcamp was a moment of triumph for us! The program officially lasts three months, preceded by a month of preparation. This preparatory phase involves legal work, paperwork, and scheduling for upcoming events and meetings. So, in total, it’s a four-month commitment, structured as three months of intense activity plus one month of preparation. Initially, we received capital, mentoring, and crucial software support. However, as the program progressed, it became increasingly intense. It’s rightly called an acceleration program, condensing what would typically be achieved in a year or more into just three months. The mentors and coaches warned us to be ready for hectic days, sleepless nights, and hard work to prepare for meetings with mentors, colleagues, and investors.
One key aspect of Startupbootcamp is providing startups with access to industry mentors. Whether we needed expertise in technical aspects, marketing, investment, strategy, or product development, we could request specific industry experts. The program facilitated meetings and exchanges with these mentors, allowing us to ask questions and clarify doubts.
Q: How has your relationship with the mentors from Startupbootcamp evolved, even after the program?
A: We’ve been incredibly fortunate to have such dedicated mentors from Startupbootcamp. Even now, six months post-program, they continue to support us with regular meetings. This ongoing mentorship has been vital in our growth as individuals, as a team, and as a company. It’s helped us align our goals and make the right decisions. I strongly recommend co-founders to seize such opportunities if they arise.
Q: Did you receive funding support from Startupbootcamp?
A: Upon acceptance into Startupbootcamp, we received 15,000 euros, which is publicly listed on f6s.com. But it’s important to note that the value of the program extends far beyond this monetary amount. The intensive coaching, mentoring, and efforts in refining our ideas, pitches, and pitch decks were invaluable. Startupbootcamp facilitated networking with investors, which would have been challenging otherwise. The support went beyond monetary funding; it was about making valuable connections and receiving guidance that is hard to find elsewhere.
The primary role of Startupbootcamp is to introduce startups like FLEXTHOR to both angel investors and venture capitalists. They organize special events and sessions during the three-month program for one-on-one discussions with these investors. This early-stage interaction helps build relationships, share updates, and discuss milestones, potentially leading to future investments, collaborations, or partnerships. However, securing investment is not linear; it varies based on the startup’s idea and the specific investor involved.
Achieving Milestones during the Startupbootcamp Program
Q: Can you recall any significant milestones you achieved during the Startupbootcamp program?
A: First, streamlining our pitch deck was crucial. The Startupbootcamp team helped us create a clear, visually appealing deck, which became a fundamental tool for communicating with partners and investors. Second, we refined our go-to-market strategy and financial modeling, gaining clarity on what and how to pitch to investors. Lastly, we were introduced to potential customers, leading to meaningful discussions and even acquiring paying customers. These three aspects were pivotal achievements for FLEXTHOR during the program.
FLEXTHOR Current Status
Q: What is the current status of FLEXTHOR?
A: Post-Startupbootcamp, we’ve focused on two main aspects. Firstly, acquiring paying customers. We’ve engaged with five B2B businesses and are in the process of converting pilot customers to paying ones. Two installations are planned for this month, with another slated for January. Secondly, we’ve initiated a partnership with another startup from our batch at Startupbootcamp. Additionally, we were selected as one of the top 10 teams to pitch at the prestigious TechBBQ event, a significant milestone for us at this early stage.
Final Advice for Startupbootcamp Applicants
Q: Can you share some advice for founders considering applying to Startupbootcamp?
A: I would like to add here for all those who are struggling with whatever goals they are chasing to develop a NEVER GIVE UP attitude. As long as you believe in yourself and your dreams, you need to persevere and improve, no matter how harsh the feedback is.
Also, I encourage founders worldwide to consider applying to Startupbootcamp. The program is inclusive, catering to diverse themes like renewable energy, fintech, fashion, and more. Check their website for details and apply for programs that align with your startup’s theme. Secondly, when applying, use f6s.com to provide comprehensive information and supporting documents, demonstrating your seriousness.
Finally, during the first round of interviews, bring your entire team. Startupbootcamp values team synchronization and strength. Remember, being a leader is about knowing the way, going the way, and showing the way to success. This program is an excellent opportunity to develop and showcase these qualities.