What is Gymble
Q: Can you describe what Gymble does?
A: My name is Akim Mitchell, and I’m a co-founder of Gymble, which is a business management platform specifically designed for personal trainers and athletic facilities. We initiated our journey in 2020 with a passionate team of three co-founders, including myself. Presently, we’re refining the second version of our product, and it’s this version that got us a spot in the Techstars Winter 2023 cohort. We had an exhilarating run from January to April of 2023 with them. As we step into 2024, we’re gearing up to unveil our very first wholly Gymble-owned product and platform. It’s an incredibly thrilling phase for us.
Deciding on Techstars
Q: Why did you choose to apply to Techstars?
A: We recognized early on that we needed guidance in truly understanding what it takes to operate a scalable business. While Devon Oakley, our CEO had corporate experience, the startup world was a new terrain for him. As for Trey Phills, another co-founder, and myself, our backgrounds are primarily athletic, so business acumen wasn’t our forte. The decision to apply to Techstars was born from this recognition – we needed expertise to navigate the complexities of starting and running a successful business.
Techstars’ Application Process – Persistence Pays Off
Q: How did you find the Techstars application experience?
A: Our journey with Techstars was quite a rollercoaster! We initially applied to Techstars in the summer of 2022 but didn’t make the cut. Unfazed, we gave it another shot with Techstars Boulder, advancing to the final interview but still falling short of an acceptance. Interestingly, just as winter was setting in, the Techstars Anywhere cohort reached out. They had an open slot, and the Boulder community had put in a good word for us. So, for the third time, we went through just one final interview. About a week later, we were elated to hear that we had secured a spot in the Techstars Anywhere Winter 2023 cohort.
Q: Any advice for the application process for those looking to apply to Techstars?
A: First off, each interaction is a learning playground—take it seriously, but don’t forget to be yourself. Your company isn’t just about revenue numbers or customer stats; it’s a living, breathing story. Make that story sing.
What you’re solving is at the core, right? Don’t just talk about the “what,” delve into the “why.” That’s the essence, the emotional hook. When you’re filling out that application, let this authentic enthusiasm pour out. Make ’em feel it!
Once you step into that interview room, remember: You’ve got this. Be the calm, confident, authentic you who wakes up every day to make this startup a reality. The end game here is to show not just why you’re an awesome fit for Techstars, but also how you’ll enrich the startup ecosystem despite its challenges.
See, it’s about weaving your narrative seamlessly, from the application to the interview, while staying true to your core values. In our world, it’s all about people helping people, right? Let your story do just that.
Q: What do they look for in terms of company traction during the application?
A: Techstars is thorough—they asked about our month-over-month growth, revenue, product iteration, customer growth, and success stories. But more than metrics, they’re keen on understanding a founder’s mindset. They do ask for numbers, but they also probe your strategy. For instance, how do you plan to grow from $1,000 to $20,000 a month? They’re keen on evaluating determination, creativity, and your approach, whether you’re targeting B2B, B2C, or B2B2C.
Inside Techstars Accelerator
Q: How is the Techstars program structured?
A: Right after our acceptance, things picked up speed. We got the confirmation call and a follow-up email with what was next on the agenda. Our cohort was introduced to us, and by January, we were diving into the Techstars Anywhere program. It was a blend of anticipation and adrenaline, with a packed itinerary awaiting us.
The Techstars Anywhere curriculum is far from basic—it’s thorough and well-structured. We had three in-person meetups over four months—San Diego, Boston, and Chicago. Between these gatherings, we soaked in wisdom from guest speakers, who were successful startup vets and Techstars alumni. Topics covered ranged from goal-setting and team-building to mentor engagement, storytelling, and, crucially, fundraising in the current competitive climate. These in-person meetups, in particular, nurtured deeper connections within our cohort.
And let’s not forget, that Techstars backed us with a $120,000 SAFE (Simple Agreement for Future Equity) as soon as we joined the program.
The Real Benefits of the Program
Q: What were the other significant benefits of being part of the program, besides the monetary aspect?
A: Interestingly, the monetary support isn’t what I’d highlight most. The network and relationships formed through Techstars are invaluable. Being part of the program gives you access to a vast network of like-minded individuals from different Techstars cohorts across various locations. Moreover, the bonds forged with peers from my own cohort are profound—we’ve become close friends, supporting one another through the startup journey. These peers and mentors are essential sounding boards, providing day-to-day advice and insights, regardless of where you are in your startup phase. Furthermore, the knowledge and foundational understanding of running a successful company that Techstars imparts are indispensable.
Q: Do you maintain contact with mentors and the Techstars team post-program?
A: Absolutely. We’re in constant touch with mentors, and we even have text message group chats with my peers. Techstars also introduces us to “EIRs” (Entrepreneurs-In-Residence), who remain just a phone call or email away, always ready to provide guidance. While the cohort’s duration is limited, the relationships built during that time can last a lifetime, contingent on how one nurtures them.
Q: Did you experience any breakthrough or “aha” moments during your time in the program?
A: As someone who leads our sales push, I was previously using a rather unstructured approach. However, during Techstars, I observed another company in our cohort and their meticulous method of tracking sales metrics. This observation was transformative for me. I adopted their template, and it has proven invaluable. This “aha” moment underscored the importance of learning from peers, adapting best practices, and iterating for one’s unique context. The resulting improvement in our sales process stands testament to the immense learning and growth opportunities that Techstars offers.
The Current State and Future Plans of Gymble
Q: What is the current status of Gymble, and what are the company’s upcoming milestones?
A: We are gearing up for the launch of our new platform and product, scheduled for January. The aim is to create a robust pipeline for new customers, franchises, and significant sports entities to form partnerships. As of now, we’re actively engaging in customer discovery to optimize our existing platform. The soon-to-launch in-house product will be easily modifiable, allowing us to make quicker decisions and enhance scalability. Our primary focus leading up to January is to bolster our pipeline, ensuring a solid start to 2024 and leveraging that momentum for the entire year and beyond. As of the team, our team consists of eight members: three co-founders, two additional leaders (our COO and CPO), and three dedicated developers.
Q: Have you already started generating revenue, and which growth channels have you explored?
A: We’ve begun generating revenue. Regarding growth channels, Trey Fields, our chief marketing officer, has experimented with paid advertisements, such as T-MAX. While this particular growth channel didn’t yield the desired results, we continue to leverage platforms like Instagram, which provides a cost-effective outreach strategy.
Q: Is Gymble’s focus restricted to New York or does it encompass a broader geographical scope?
A: While we initially received advice to focus predominantly on the US due to currency considerations and other factors, Gymble, as a SaaS platform, isn’t bound by specific geographic constraints. Currently, our strategy is to assist businesses across different regions. Once we identify areas with significant traction (“hotspots”), we plan to concentrate our efforts there. As of now, we’re actively reaching out to a diverse clientele to identify these hotspots and gather invaluable feedback. Presently, Gymble operates in eight states, serving 33 clients.
Final Advice
Q: Do you have advice for founders contemplating applying to Techstars?
A: Go for it. Techstars is transforming its cohort structure, increasing the class size from 12 to 24 participants. My experience with Techstars was transformative, providing not just valuable business insights but life-altering experiences. While it’s a challenging journey, the rewards in terms of learning and networking are unmatched. I eagerly await to learn about the innovative ideas and ventures of future Techstars participants.