Introducing ECGO and Ryan
Q: Can you tell us a bit about ECGO?
A: ECGO is a mobile app that leverages AI to identify whether an item is recyclable based on your location. I joined as the CTO and co-founder last year to evolve what was a basic MVP app into the comprehensive platform we offer today. Since hopping on board, we’ve been part of three accelerator programs, including Techstars. Our user base has grown from a modest few hundred to several thousand. On top of that, we’re in discussions with some leading U.S. universities about pilot programs for the upcoming year.
Why Techstars?
Q: Why did you apply to Techstars?
A: My co-founder and I are both Atlanta natives, and were keenly aware we would struggle to obtain pre-seed investment from south east investors, especially on account of Nicole being a young Black woman freshly out of college as of 2022. The harsh reality is that Black women founders are severely underfunded, making up just a quarter of a percent of all funding in the U.S. Knowing this, we saw Techstars Atlanta Impact as a golden opportunity. With its well-established network and resources, we believed it could give us a significant advantage in securing a pre-seed funding round.
The Techstars Application
Q: Can you describe the application process for Techstars?
A: Sure, my co-founder was the one who initially applied. As far as I know, the application is pretty standard across different Techstars programs, and it’s all outlined on their website. You can always reach out to Techstars staff for specific details.
My role in the pitch began when we got a callback for a five-minute interview post-application. The structure was simple: a 30-second elevator pitch to introduce ourselves, followed by a few minutes of customer discovery questions. Then we spent a minute or two talking about our competitors and wrapped it up by discussing our traction so far.
Insights on What Techstars Looks For In Traction
Q: Is Techstars focused on specific traction metrics for acceptance into the program?
A: That’s a tough one because the companies in our program ranged widely. Some were still in the beta phase, while others already had over 10,000 downloads. So, it’s not just about numbers. Our program, being an impact program, weighed heavily on the story behind the startup.
It wasn’t so much about the traditional Total Addressable Market (TAM); it was more about the Total Accessible Impact—how impactful could your idea be? For instance, we had Good Agriculture, which focused on sustainable farming, and Branch, which provided non-biased local election information. They were on completely different spectrums in terms of app development and engagement, but both fit into the program.
The Initial Weeks After Acceptance Into Techstars
Q: What happens after getting accepted into the Techstars program?
A: Once you’re in, they flood you with all the nitty-gritty—schedules, office rules, parking, you name it. But the real action starts with what they call “mentor madness.” This is a two-week marathon of back-to-back interviews with various Techstars mentors. In our case, it filled up nearly 80 working hours across 10 business days.
It felt a bit excessive at the time. While we did end up with a strong mentor relationship, the sheer volume of interviews seemed overkill. It’s a shotgun approach; you meet every available mentor in a mandatory, no-filter process. That’s why I recommend that only one leader from each startup attend these interviews. Otherwise, if you are in the middle of product development, it can really slow down your progress. I hope they consider changing in the future.
The Reality of Mentorship at Techstars
Q: How does mentor selection and interaction work in the Techstars program?
A: The mentor selection process starts with a Google form where you indicate your level of interest in working with each listed mentor. At the end, you pick your top five choices. Now, your picks may not exactly line up with who you get. For us, two were already our advisors, so not much was gained there. Two others didn’t quite fit our needs. But we did strike gold with one, Andrew, who’s been super engaged and helped us navigate some tough business challenges.
The mentors bring diverse expertise to the table. For instance, Andrew is a former founder with tons of B2B experience. Mark, another mentor, is a managing partner at a VC firm and gave us insights on what investors look for. Jennifer helps us connect with Atlanta businesses to understand their recycling challenges. Stephanie specializes in digital ads and Meredith, now Senior Director of Sustainability at Cox Enterprises, has been a valuable connection for us in the sustainability space.
So, you get a range of mentors, each offering a different slice of wisdom. You may not use all of it immediately, but having that broad network is great.
Funding Opportunities in Techstars
Q: Did your startup secure any funding through the Techstars program?
A: Yeah, when you join Techstars—at least in our experience—you initially receive $20,000 through a safe agreement, and that’s for 6% equity in your startup. On top of that, there’s an optional convertible note agreement, which is an additional $100,000 investment for another 3% in equity. There are more specifics to these agreements that I couldn’t dig up before this chat, but that’s the general gist of it. It’s a significant boost to your funding pool right off the bat.
Non-Monetary Benefits from Techstars
Q: What value did you get from Techstars beyond the financial investment?
A: We went into Techstars with specific expectations, like securing a pre-seed round and connecting with local VCs who had a mission of funding disadvantaged founders. That particular goal didn’t pan out. But what we did walk away with is invaluable in its own right. We gained an amazing advisor, Andrew, who’s been instrumental in guiding our business decisions. In addition, the community of techstars has proven to be an incredible resource. Other founders in the sustainability space are not just inspiring; they’re super helpful. If someone has cracked a problem you’re still struggling with, it’s super easy to reach out. Shoot a message on Slack, drop an email, and you’ll get a helping hand.
“Aha Moments” and Learnings from Techstars
Q: Did you have any aha moments during the program?
A: Accelerators are a fast-paced whirlwind, right? You’re in there and you’re out before you know it. It’s like a pressure cooker for startup ideas. We had some moments that felt like aha moments at the time, but startup life is all about iterating and rethinking. So some of those initial epiphanies have been refined or even replaced with better insights.
But if I had to pinpoint something, it’d be the whole thing around our rewards program. We gained real clarity on how to structure the business model for that. Also, Nicole, my co-founder, got a ton of help in financial modeling. We came out of Techstars with a robust plan for evaluating our cash flows, planning for the future, and understanding how each decision affects our runway. This is gold for us, something we didn’t quite get from our time with the Amazon Accelerator. So yeah, not an ‘aha’ moment in the traditional sense but definitely invaluable learnings.
The Current Status of ECGO
Q: Can you update us on where your startup is right now?
A: We’re pumped about what’s happening with our Georgia Tech partnership. We did a pilot in the spring, nailed our targets, and now we’re rolling out a full campus license for the fall and the coming spring. So the heat is on to take what we’ve learned about fitting our product and communication style to their campus culture and scaling across the whole Georgia Tech ecosystem.
We’re diving deep into what strategies and features are driving that growth. The aim is to package all those golden nuggets of insight so we can pitch them to other universities. We want to tell them, “Look, if you go full campus with us, expect this kind of magic to happen if we activate strategies X, Y, and Z.” The wheels are in motion and we’re learning a ton.
Team Size and Responsibilities
Q: Can you shed light on your team size and what everyone is up to?
A: Our team’s been evolving, but let me give you the lay of the land as it stands. On the business and sales end, Nicole’s the go-to person. She’s got the reins and we’ve also just onboarded a user acquisition manager starting next week. Add in a couple of student interns lending a hand with boots-on-the-ground stuff like putting up flyers, and that’s her crew.
On my side, I’ve got a data annotation intern who’s branching out into quality assurance. He initially cut his teeth on annotating images for our app and crunching some data. Now, he’s also quality-checking new features we roll out. Devs testing their own stuff can be like marking your own homework. That independent perspective is gold.
Then there’s our front-end Flutter developer in Uruguay. The guy’s in his senior year of school but has already killed it in development. He and I have pretty much built the whole thing.
As for me, I juggle everything from the backend—from cloud infrastructure and API development to fine-tuning our AI models. It’s a packed house, but we’ve got the bases covered!
Growth and Traction Strategies
Q: Have you tried any growth channels?
A: Growth is always a journey of discovery. But here’s what we’ve gleaned so far. We started off doing tabling events where Nicole would pitch the app in exchange for a free donut or a plant. What we found was eye-opening: users who got onboarded through these events recycled four times less than those who were referred by a friend already using the app.
So that data point was like, “Hold on a sec, let’s rethink this.” We pivoted from tabling to really enhancing our referral system. We’ve incorporated deep linking for smooth app downloads and even streamlined the signup process with social logins via Google and Apple. And it’s been working; we’re seeing better traction this semester with these changes.
Up next is waste zero parties! We’re in talks with Georgia Tech’s Sustainability Department and various student organizations. The plan is to sponsor parties where everything’s recycled—right from the get-go, no waste headed for the landfill.
We’re still in the testing phase, but that’s where we’re heading, and I can’t wait to share the results at the end of the semester.
Final Thoughts for Aspiring Techstars Founders
Q: Do you have any tips for founders aiming to get into Techstars?
A: Getting into Techstars—or any accelerator—isn’t just a numbers game. It’s not like, “Hey, if I’ve got this much recurring revenue or this many users, I’m in.” Nah, it’s way more nuanced than that.
What you really need is a compelling story. Your pitch has to ignite excitement around your vision. You’re not just selling your current state; you’re selling the future state of what your company can become. Techstars is about early-stage investment; they’re buying into your vision, not just your present-day metrics.
So if you’re struggling to get people pumped about your idea, that’s your homework. Work on crafting a narrative that irresistibly showcases your vision. The metrics are part of it, but the soul of your company, the why behind it, that’s the golden ticket.