What is Airtime?
Q: Can you give some background about Airtime?
A: My co-founder and I started Airtime last April. I’m serving as the CEO, and my long-time friend Marton is our technical co-founder. Airtime is a user engagement platform designed for small and medium-sized tech companies. Our platform enables these companies to validate user needs in just a few days.
At Airtime, we enable companies to mobilize their users. If a company has a web application or platform, they often need quick product feedback from relevant users. Airtime provides a widget that companies can integrate, allowing them to target users based on their behavior within the platform.
This ensures they’re reaching out at the right moment to gather product feedback. Once this feedback is collected, we automatically analyze it. So, when a product manager logs into Airtime, they’re presented with the latest insights from written feedback and user interviews. While users can delve deeper into the feedback themselves, Airtime offers a layer of automatic analysis for incoming data.
The Choice Behind Techstars
Q: Why did you choose to apply to Techstars?
A: When evaluating the landscape of accelerator programs, Y Combinator stands out prominently, but Techstars is right up there with it. In Airtime’s early stages, we participated in an accelerator, so I had an inkling of the benefits we could derive. My perception was that among the many accelerators, Techstars could offer something truly valuable to us. This value lies in collaborating with seasoned, intelligent individuals who are hands-on and committed to enhancing our product.
I wasn’t seeking basic lectures or introductory content on product development. While I acknowledge there’s much I need to learn, at my current career stage, I saw greater value in engaging with specialists, like fractional CMOs or sales experts, who could assist in refining our sales process and strategies in a practical manner.
Techstars Application Process
Q: Can you describe the application process for Techstars?
A: I applied to Techstars last November. The process involved submitting a profile and, at the final stage, choosing three upcoming Techstars programs to apply for. Some programs have a specific focus, like e-mobility or clean tech. Given that Airtime is a B2B SaaS platform, I sought more general programs, selecting Tel Aviv, Stockholm, and New York in that order. The online application includes several questions.
You’re asked to succinctly describe your product, its significance to customers, details about the competition, and market differentiation. I believe there was also a segment for a team video. After this initial screening, successful applicants are invited for interviews. We underwent five interviews in total, progressively narrowing down the applicant pool. These interviews were conducted by various Techstars personnel, from investment managers to technical experts, each assessing different facets of our business.
Q: Did you have any traction when applying, and is it a vital criterion for acceptance?
A: Traction is indeed a significant factor that most investors focus on nowadays. During our application to Techstars, we were running a closed beta program and had users actively using our platform. But traction isn’t just about user numbers; it’s about demonstrating demand and potential growth. Our content strategy, including webinars and articles, played a pivotal role. The caliber of guest speakers we attracted and the quality of registrants we drew shed light on our brand’s strength and establishment. All these factors serve as validation points. Especially for startups in their nascent stages or those that are pre-revenue, it’s crucial to present evidence that there’s a genuine demand for what you’re offering or planning to offer.
Inside Techstars Program
Q: What happens after acceptance into the program?
A: Upon acceptance, Techstars offers a standard deal, which is publicly available on their website. They provide a mandatory $20,000 convertible equity and an optional additional $100,000 convertible loan. This means you could potentially receive up to $120,000, though the latter portion is discretionary. Acceptance also comes with an invitation to a three-month acceleration program. Participation in this program is mandatory for those accepting the investment. The nature of the program—whether in-person, hybrid, or virtual—varies, but all demand dedication over the three-month duration.
Q: How is the Techstars program structured in terms of expert involvement?
A: In the program’s initial phase, there’s a segment termed “mentor madness.” Over approximately a week, Techstars brings in 12-14 experts each day. Participants have 15 minutes with each expert to present their product, gather feedback, discuss potential collaborations, or simply brainstorm. This means that in just over a week, you engage with around 100 influential figures from the startup ecosystem. The goal is to identify a few with whom there’s mutual interest and potential for a deeper partnership. When such a match is identified, Techstars fosters a mentor-mentee relationship that lasts throughout the program and can even extend beyond it. I personally maintain regular contact with two of our mentors.
Q: Does the program have a rigid structure, or is there room for flexibility?
A: The program certainly offers flexibility. While “mentor madness” is a structured part, participants can also take a proactive approach. For instance, if I wanted feedback from someone at a specific company, like eToro or monday.com, I could approach the Techstars team for an introduction. However, this requires initiative and clarity on whom you wish to meet and the purpose of the interaction.
The Biggest Benefits of the Program
Q: Beyond funding, what was the most valuable advantage you gained from Techstars?
A: If I had to narrow it down to one primary benefit, it would be access to industry experts. Having the opportunity to sit with product and sales professionals who dissected our roadmap, reviewed our demo scripts, and analyzed our engagement strategies was invaluable. This level of expertise and hands-on feedback is challenging to find outside of an ecosystem like Techstars. Additionally, there’s an intangible benefit of credibility. Being associated with Techstars acts as a trust seal. When I interact with professionals or potential partners and mention our Techstars affiliation, it provides a level of validation. Techstars is one of the most recognized investors globally, and their endorsement indirectly signals that we’re a legitimate business with a clear vision and direction. So, while you asked for one, I’d say these two benefits stood out the most for us.
Q: Did you experience any unexpected or enlightening moments during your time at Techstars?
A: Absolutely. One standout moment for me was a seemingly casual conversation with a fellow founder from another startup in our co-working space. He was curious about how I conducted our webinars and my overall content strategy. What started as a simple inquiry transformed into a comprehensive one-and-a-half-hour discussion on our respective approaches to content. It highlighted that learning within Techstars isn’t limited to interactions with the program’s mentors or experts. The diverse group of startups present provides a wealth of knowledge and experience. Engaging with other founders, sharing insights, and seeking feedback on various aspects, be it content strategies or cold email campaigns, became an unexpected yet invaluable part of the journey. It underscored the importance of the community within the accelerator, a facet I hadn’t anticipated emphasizing so much when I initially joined.
After the Accelerator
Q: How is Airtime progressing currently and what are your immediate plans?
A: We released our MVP and opened our product for the public at the end of September. This means anyone visiting www.airtimeux.com is able to create an account and directly immerse themselves in the Airtime experience. On top of that, there are several exciting developments. I’ll head to San Francisco next week for TechCrunch Disrupt, where Airtime has been shortlisted for the Battlefield 200. This recognition allows us to set up a booth and pitch our product onstage. Drawing from advice from a Y Combinator partner, our primary focus remains on two core activities: engaging with customers and enhancing our product. That’s the path we’re rigorously following.
Q: Apart from content, have you explored other growth channels to boost traction?
A: Currently, my primary focus is on a robust content strategy. Within the realm of content, I’ve diversified our approach to cater to varying audience preferences and attention spans. We host webinars with live audiences, featuring prominent figures in product and user research leadership. For those interested in audio content, we have a podcast. Additionally, I maintain a blog on Medium. The intent behind these channels is to offer content of varied lengths. If someone has a short attention span, they can peruse the blog. For a 20-minute engagement, they can tune into the podcast, and for a more in-depth, 45-minute session, our webinars are ideal. This way, we ensure that regardless of how much time a visitor has, there’s relevant Airtime content available for them.
Advice for Founders
Q: Do you have any advice or insights for founders considering Techstars?
A: One significant aspect to consider when applying to Techstars is the time investment. The program can be intense. For instance, there are days filled with back-to-back discussions, followed by processing the insights and reaching out for follow-ups. There were moments when I felt stretched thin, juggling the program’s demands while ensuring Airtime’s business progress remained on track. I won’t deny that it was a demanding period.
However, in hindsight, every minute invested in Techstars translated to invaluable returns. The program helped refine our value proposition, streamline our messaging, and craft a compelling narrative for investors. While I had initial reservations about the time commitment, the benefits far outweighed the challenges. My advice to prospective applicants would be not to let these concerns deter them. The time and effort put into Techstars will undoubtedly yield long-term dividends for your startup.