What is Merry Pop-In?
Q: Can you describe your company?
A: Merry Pop-In is all about bringing the shopping experience home. We’re a platform that links up hosts, local businesses, and communities for home-based shopping events. Think of it like this: Airbnb turned homes into hotels. Well, we’re turning homes into local shopping spots. It’s all about adding a commerce twist to the sharing economy.
We’ve had a blast doing this. So far, we’ve organized over 100 events where multiple businesses come together under one roof, hosted by someone in their local community. It’s not just a shopping event; it’s a whole experience.
And this isn’t just for kicks; it’s making a difference. Small businesses that might be having a tough time online or don’t have a physical store can get in on the action. They team up with hosts who are down to throw a shopping party and invite their community. It’s like the old-school Tupperware parties, but we’ve modernized it to help out the little guys who need it the most. It’s a win-win for businesses, hosts, and shoppers.
Why Efrat Chose Techstars
Q: Why did you decide to apply to Techstars?
A: Running a startup is a whole different ball game than just running a business. I had my own PR and marketing event planning business for over six years. Plus, I’ve been in the PR, marketing, and event planning space for more than 17 years. So, I know a bit about running businesses, but startups are a different beast altogether. The tech aspect, the explosive growth you need—it’s a lot.
I realized we needed guidance to hit the next level, especially since we’re aiming for that kind of mega growth. And let’s face it, in the startup world, you’ve got to raise money to fuel that growth engine. That’s where Techstars came in. They not only provide a top-tier accelerator program but also invest in startups they accept. That’s the kind of backing we were looking for. It’s like a stamp of approval, especially when you’re trying to win over other investors down the line. There are many great accelerator programs out there, but Techstars had that unique combo of mentorship and funding that we were after.
Navigating the Techstars Application Process
Q: How did the application process look?
A: First you fill in a form which will take you 30 to 45 minutes. They’ll ask standard stuff: who you are, what’s your traction, who’s on your team, and what problem you’re solving. But the trick is to align your answers with what the specific Techstars program can offer you.
The first time we applied, we got turned down because we lacked a tech aspect. We didn’t even have a CTO. So, we spent a year learning tech talk, diving into a vertical we knew zilch about, just so we could level up for the next round. The second time, we went through seven stages, and it was no walk in the park.
What tipped the scales in our favor was our vision and our proof of concept. We weren’t just in love with our solution; we were committed to solving a problem. We’d done 100+ events, had a community of over 2000 people, and had a clear grasp of our business and operational sides. Techstars saw that we knew our market and that we were more than just a cool idea. So, after surviving all seven stages, we got the call: we were in.
Q: If you have to suggest any tips for the application process, where would you focus?
A: The first thing is to get real about who you are in this startup game. Whether you’re in it for the money, the impact, or the fame, you gotta be clear about it because this journey ain’t easy. Be humble, but also be flexible, especially with your solution. It’s cool to have a killer product, but if you’re not solving a real problem, then it’s not scalable and you’re missing the point of building a startup.
You’ve got to demonstrate that you understand the problem and the market that’s facing it. Show that you’re not just pushing a product but are genuinely passionate about solving issues. For us, we wanted to solve a massive problem for micro-small businesses: they have almost no visibility online and literally have to become influencers to reach enough people to grow their sales. On the other hand, they have zero to no opportunities offline to interact with potential shoppers. Our solution keeps on evolving thanks to the fact we are focused on the problem.
Be ready to learn and adapt because you’ll have to move faster than you ever thought possible. The key is authenticity. Show them you’re willing to roll up your sleeves and get to work. That’s what will make you stand out
The Day-to-Day Experience Inside Techstars
Q: What does a typical day within the program look like?
A: Once you’re in, it’s like stepping into a whole new world. First off, you’re in a shared space with other startup founders. This is important because you’re not just learning from mentors or program staff; you’re also learning from each other. In our case, we had a couple of other founders who were also focused on AI, but we all had different approaches. This made for some really useful conversations and sharing of ideas.
The most intense part of the program is what they call “Mentor Madness.” Imagine having back-to-back 15-minute meetings with almost a hundred different mentors for three whole weeks. You’re pitching your startup idea over and over again, with no breaks, and each time you do it, you get immediate feedback. It’s tiring but very useful. We met more than 100 potential mentors during this phase, and from them, we chose the ones who got what we were trying to do.
This part of the program was also great preparation for what came next: fundraising. Meeting so many people in a short period taught us how to get our message across quickly and effectively, which is a key skill when you’re trying to get investors on board.
Q: How did mentorship work for you during your time at Techstars?
A: Mentorship at Techstars was pretty flexible or as they like to call it: “an all-you-can-eat buffet”. We didn’t have a fixed schedule for it, but it’s always there and it’s up to you to understand your weak areas and work with a mentor who’s a domain expert on what you’re lacking. Initially, we connected with a few mentors, and over time, we added more who became our regular go-to’s. These mentors covered a range of areas, including finance, operations, technology, and even some guidance on marketing for specific campaigns. What made it even better was that our mentors were always there for us, 24/7.
Techstars also gave us the freedom to choose our own mentors. We could pick the ones that best matched our specific needs and goals. With around a hundred on-site mentors to choose from, we had plenty of options, allowing us to get the help that suited us perfectly. This flexibility was a real plus during our time in the program.
Q: Did the program provide you with funding?
A: Techstars provides startups with $120,000 in investment. Upon acceptance, you receive $20,000, and then you have the option to choose a $100,000 investment at a $3 million cap through a convertible note. The majority of startups in the program opt for this funding structure.
The Greatest Benefits of the Program
Q: Besides the financial support, what were the most significant advantages you gained from the program?
A: Beyond the funding, the network was a game-changer. The people you meet through Techstars are invaluable. The program staff was incredibly supportive and attentive. They had this uncanny ability to understand how to help us even when we weren’t entirely sure what we needed. Sometimes, you find yourself stuck, and you know you need assistance, but you can’t pinpoint exactly where. That’s where Noya, the program manager, and Guy the MD came in. They were fantastic at connecting us with the right people and providing guidance. They never gave up on us, even when we felt like saying, “We’ll tackle that later.” They encouraged us to tackle the most challenging tasks first and leave the rest for later. It was a tremendous motivator.
I genuinely enjoyed the program. The network of people who can guide you is perhaps the most valuable thing that Techstars has to offer. I wholeheartedly recommend the Tel Aviv program. Tel Aviv is a vibrant city with a lot to offer, even though we spend most of our time in front of computers in the office. When you do get out, you realize how alive the city is, and it’s a lot of fun. The people we met were simply amazing.
Q: Can you share a “aha” moment from the program?
A: One of the most remarkable moments for us was when my co-founder and I got accepted into Techstars without having a Chief Technology Officer (CTO). We both played dual roles – I was the CEO handling marketing, and my co-founder was the COO. It was a defining moment because, at first glance, two women running shopping parties might not strike you as a mega startup. But Techstars saw beyond the surface, understood our vision, and believed in us.
In this crazy world, when you meet someone who looks into your eyes and says, “I believe in you, and I’m here to help,” it’s incredibly powerful. That was the pinnacle of our journey, and it’s been a 180-degree transformation from where we started before the program.
Progress and Growth Post-Accelerator
Q: How is your company doing today?
A: After the program, we’ve made significant strides. We’ve successfully launched in the US and are actively hosting events, generating revenue, which is a major achievement for us. Perhaps the most exciting development is that we now have a dedicated CTO who has fully joined our team. Our team has expanded from just the two of us to four members, including a UI/UX product manager, the CTO, my co-founder, and myself. This all happened within a few months of the program’s conclusion, and it’s been incredibly rewarding.
Q: In terms of growth, have you discovered any channels that have been effective for your company?
A: When it comes to growth, it’s all about owning your strategy. For us, that meant focusing on hyperlocal growth. We realized the importance of connecting local businesses with local hosts to avoid the need for travel. Interestingly, even though we had businesses from Florida and South Carolina attending events in Atlanta, our hyperlocal approach was the cornerstone of our growth. Our strategy involved signing up businesses from Georgia and the surrounding areas and then expanding from there.
The best approach, in my opinion, is to stick with what’s working and accelerate it. If you’re successfully signing up a hundred businesses each month, that’s a clear indicator that it’s working. Instead of changing course, consider doubling down on your investments in campaigns or resources to capitalize on your successes.
I’m not one to say we should learn from our mistakes. I prefer to grow from our successes. Mistakes will happen, but the key is to continuously focus on building upon what’s already working.