What is krita.ai?
Q: Can you tell us about your company?
A: Krita is a generative AI company. Our primary goal is to assist HR teams in attracting and retaining talent quickly. We leverage AI to aid these teams in crafting campaigns, and content, sending personalized communications, and engaging candidates. All of our efforts aim to enhance connections swiftly and cost-effectively. That’s the essence of what our company offers.
How a Founder Nails the Application
Q: How does the application process work?
A: The application process is straightforward. It’s outlined on the website. First, you select the cohort you’re interested in. Then, you complete a standard online application form. After submission, if your company is shortlisted, you’ll be notified. Following that, there are typically three, sometimes even four rounds of interviews. Each interview centers around a specific topic, like a technical deep dive, for instance. Once the interviews are concluded, you’ll find out if you’ve secured a spot in the chosen cohort.
Q: How much effort does the application process demand?
A: The effort to apply really depends on your clarity as a founder. However, overall, it’s not a tedious process. It’s quite straightforward. Typically, any company should be able to complete the online application in about two to three hours. After that, each interview lasts around 45 minutes. So, in terms of time, it’s quite manageable.
Q: Did you prepare in advance for the interviews?
A: Absolutely. Each interview had a specific focus. For instance, when we knew we’d be meeting someone diving deep into technology, we made sure our CTO was present. We also prepared relevant materials like technical architecture diagrams or details about our solution. The preparation was relatively minimal—around one to two hours to ensure we had all the necessary materials at hand. I believe most companies have this information. It’s just a matter of compiling it. Being prepared definitely gives you an edge.
What Happens After Getting In
Q: What does the program entail once you’re accepted?
A: Techstars, in my opinion, stands out as one of the best accelerators, primarily due to some exceptional components in their program. After acceptance, it’s primarily an in-person experience. In our case, my co-founder and I spent our time in Tel Aviv.
Within a week of joining, there are expert-led masterclasses and hands-on workshops that range from business planning to refining your go-to-market plan and identifying your ideal customer profile. However, what truly sets Techstars apart is their program called “Mentor Madness.” Spread over two weeks, “Mentor Madness” facilitates in-person, one-on-one meetings with nearly 100 to 105 business professionals. This direct access and connection are invaluable.
Q: Can you explain the dynamics of a typical day during the Mentor Madness program?
A: During Mentor Madness, you meet with a diverse group ranging from 9 to 14 individuals daily, each for a 15-minute meeting. This includes salespeople, CEOs, HR professionals, venture capitalists, and marketers. It’s an impressively curated group. You pitch your business to each person and receive feedback within that 15-minute window. This creates an intense feedback loop. Over the course of two weeks, it validates all your assumptions in a rapid manner.
To elaborate on why this is effective: In typical scenarios, founders receive trickle-down customer feedback over extended periods. Due to biases or the scattered nature of feedback, they might not recognize patterns or might even dismiss certain feedback. However, with Mentor Madness, there’s no time to overthink.
You’re given feedback back to back. If a pattern exists in the feedback, you’ll hear it repeatedly, ensuring it doesn’t go unnoticed. This concentrated feedback method is why I believe Mentor Madness is one of the best innovations Techstars offers. It reinforces the principle of “learn and move fast.”
Q: Beyond financial support, what were the most significant benefits you received from the program?
A: For us, the program was transformative in many ways. We validated our product, solution, and go-to-market strategy all within the program’s timeframe. Additionally, we underwent a significant pivot, decided on a brand name change, and honed in on our ideal customer profile. The overall value we extracted from the experience is immeasurable.
Memorable Moments
Q: Did you experience any significant “aha” moments that surprised you?
A: Yes, there were numerous aha moments, but they followed a pattern. A pivotal realization was when, one after another, mentors and customers during the program steered us towards addressing a larger, more crucial problem faced by our clientele, rather than a more niche concern. This consistent feedback was an eye-opener and catalyzed our decision to pivot and refine our focus.
Q: Do you maintain contact with the individuals you met during the program?
A: We stay in touch primarily through WhatsApp. We even organize monthly Zoom gatherings. The camaraderie among our batchmates remains strong, and we continually support each other in various ways.
Life After the Accelerator
Q: How many members are currently on your team?
A: We’re a team of seven. While we’re small in number, we’re a potent combination of AI engineers and linguists. It’s an exceptional team, and we believe in progressing steadily—akin to taking baby steps.
Q: What growth channels have you experimented with?
A: Our initial approach to growth, much like other startups, centers on outbound tactics—mainly cold outreach and lead generation processes. With Techstars’ guidance and connections, we’ve established strategies encompassing email, LinkedIn, and content marketing.
Additionally, we attend three to four industry-specific events to enhance our presence. While these are our current mainstays, we’re also considering exploring additional avenues in the coming year. For this quarter, our focus remains on these established strategies.
What Founders Should Know
Q: Do you have any advice or insights for founders considering Techstars?
A: Absolutely. Techstars is an outstanding program, but like any accelerator, the value you derive is directly proportional to the effort you invest. If you’re genuinely keen on garnering insights from over 100 mentors and revolutionizing your business, then Techstars is the place for you. However, if your sole aim is to secure funding, while Techstars does provide financial support, there might be other avenues where you can obtain larger funds.