Introducing Aravenda and Carolyn
Q: Can you give a brief background about yourself and your startup?
A: I’m Carolyn Thompson, founder and CEO of Aravenda. We’re a B2B SaaS catered to all types of resellers. From small businesses to big enterprises, we offer resale software globally that you can run from a phone.
Q: How did you come up with that idea?
A: I started a resale company about seven or eight years ago. Through that experience, I noticed a technological gap in the software available for the resale industry. Having previously started and exited four other businesses, I was familiar with the capabilities of modern software. I was dissatisfied with the existing options, which were full of bugs and challenges, especially for online sales, so I founded Aravenda. Today, we’re proud to have users in 10 countries.
Q: Who is your target audience?
A: We aim for those reselling products on a larger scale. Although we support many small businesses, our platform shines brightest with users who manage multiple locations, have a team, or require sophisticated tools beyond a single location setup. While we serve various clients, Aravenda is built for enterprise-level use.
Why Techstars?
Q: What motivated you to join Techstars?
A: Every accelerator offers a unique experience; we’ve even joined another one. But Techstars stands out because of its community essence. They’re building what many software companies aspire to – a vibrant, supportive community. Just last week, I attended FounderCon, where I connected with various Techstars alumni, from fresh graduates to those who’ve achieved significant milestones because of the program. With over 300 employees globally, there’s always someone from Techstars ready to help, truly embodying their motto, “Techstars for life.”
Application Process for a Founder
Q: Can you briefly describe the application process of the accelerator?
A: I had to fill in an online application and choose a location. While our company was based in Virginia, and I was considering the DC area due to its proximity, I also spent part-time in Florida, which made Miami a feasible choice. Given that our software caters to resellers, there were options like e-commerce in New York and sustainability in Paris. However, they eventually recommended Oakland, California, as the investor community there is more in tune with our kind of SaaS. So, I spent three enlightening months there.
Q: How competitive was the application process and what do you believe set your company apart?
A: The process was competitive. What possibly set us apart was my history as a multi-exited founder. We’ve also lived for three years and witnessed 300% yearly growth. We could leverage what we learned and scale further. In the program, we gained insights into investors’ expectations, effective metrics tracking, and data utilization for decision-making. A key takeaway was the significance of data perspective; for instance, viewing our progress from a fiscal year standpoint rather than just a calendar year.
Q: You said that while you were applying you had already some traction before joining Techstars. Is this something that you need to boost your application?
A: Yes, our existing traction and growth probably played a pivotal role in bolstering our application. Our journey till then demonstrated that we were primed to make the most of the accelerator program.
Inside Techstars Program
Q: Can you describe a typical day within the accelerator?
A: The first few weeks are busy. In Techstars, there’s mentor madness, where you meet around 45 people in three weeks. Mentors are chosen through a mutual selection process. It’s similar to sorority rush in college. Many of these meetings are on Zoom or ECOS, a program they use at Techstars. As a non-technical founder, I ensured my technical team found mentors. Most of our activities were in person. There were speakers, events, meetings with cohort members, investor calls, workshops, and more.
Q: How much funding did you receive from the Accelerator?
A: Funding depends on the company. Techstars provides a small award covering participation costs. Additional awards depend on the company’s size. They also offer follow-up investments, especially for those at a more advanced stage. It’s not automatic; relationships need to be cultivated.
Q: Do you still have access to the Techstars network and support?
A: Yes. There’s an online portal with “Techstars perks” which includes discounts on various tools and services. We’ve benefited from complimentary services like AWS and Google Cloud. There are also investor matching portals, staffing services, and more.
Q: Can you share a significant milestone you achieved during the program?
A: During Techstars, we launched our comprehensive enterprise go-to-market strategy. This accelerated our movement into the upmarket. Processes implemented during the program have positively influenced our progress.
Q: Did you face any challenges during the program?
A: The biggest challenge was managing expectations. The program provides a framework, but success still hinges on one’s efforts. Being a part of Techstars opens doors, but it also means many people pitch their services to you – handling these pitches politely is essential.
Current Status of the Company
Q: What’s the status of the company now post-accelerator?
A: We’re focusing on the next business level and targeting the more robust enterprise customers. Our messaging seems to be effective since our demos and calls are increasing significantly every week. We value our small business users and aim to equip them with the technology to upscale to mid-sized or even large businesses. The platform remains consistent across all user levels but is crafted to suit those aiming for larger business growth.
Q: Are you focusing on the US market or have you started exploring new markets as well?
A: We’re present in 10 countries, predominantly in English-speaking nations. We have users in Canada, Australia, the UK, and several other European countries.
Q: What are the upcoming milestones that you’re targeting and how has the accelerator prepared you for this?
A: We’re gearing up towards Series A funding and are currently in our final seed round. Our capital efficiency number is heading in the right direction to qualify for Series A, and that’s our primary focus right now.
Final Tips
Q: Do you have any tips for founders applying to accelerators like Techstars?
A: Every program is unique, although they might operate within the same framework. A crucial factor is the managing director, as their experience can shape the entire experience for the cohort. It’s beneficial to research the managing director of the specific city you’re applying to. For instance, we were the first cohort for Oakland, a brand-new program.
In contrast, cities like Los Angeles, New York, and Miami have several programs already, providing a richer local community experience. The cohort diversity is vast, with participants coming from around the globe, bringing in unique projects and perspectives. So, it’s highly rewarding, and I’d recommend founders consider applying.