Introducing PropTexx and Stefan
Q: First, can you share a little background about your company?
A: I’m Stefan Gunnarsson, and I started PropTexx in 2020, right before the onset of Covid. Our main challenge was addressing dirty data in real estate listings – inaccurate or missing information.
Back in 2020, the technology trend was blockchain and crypto, but today it’s all about AI. We brought together a skilled team of engineers to develop in-house AI models that could refine listings, ensure compliance, and aid agents, brokers, and homeowners. Our AI capabilities extend to adjusting, furnishing, or even renovating property through images. This is our core focus today.
Why Techstars?
Q: Why did you decide to apply to Techstars?
A: The North American market was our primary target since most of our growth was happening there, largely due to its regulatory environment. Originally, we started in Singapore, which is an unregulated market. To smoothly transition into North America, we sought partners and naturally gravitated towards Techstars because of its reputation and vast network. Joining Techstars has been an incredible experience. I’ve relocated from Asia to Toronto, and we’ve been building our team here with the guidance and support from connections made through Techstars.
How a Founder Gets into Techstars
Q: Can you describe the application process?
A: The application process for Techstars started online. Interestingly, Techstars reached out to us first; we didn’t apply initially. We went through a high-level application and then followed it up with two or three more interviews. The final interview was with the managing directors of Techstars LA, where we had applied. The managing director, Matt Kozlov, was present in the last interview. Shortly after that, we got the approval.
Q: Do you have any tips to share for the application process?
A: For anyone applying to Techstars, the program primarily looks at the founder. While they do consider the product and its potential, they place significant emphasis on understanding the resilience of founders. They’re keen on how founders approach challenges. Given the numerous companies they’ve invested in, they realize that startups often pivot or face challenges.
The key is how the founder and the team address these issues. Will they see challenges as opportunities or be overwhelmed by them? Additionally, the cohort structure of Techstars is unique. Unlike other accelerator programs, Techstars is onsite and very team-centric. Having compatible teams within a cohort where companies can support and elevate each other is crucial.
Q: You mean like the peer support?
A: Exactly. It goes beyond just having a co-founder. It’s about the inter-company dynamics within a cohort. If you have a group of 10 or 12 companies, it’s essential for these companies to support and help each other grow. The synergy and collaboration between different companies in a cohort are honestly impressive. It’s not just about sharing ideas but genuinely uplifting each other.
Inside Techstars Program
Q: What happens after one gets accepted into the program?
A: Once you’re accepted, there’s preparation for the program focusing on what’s coming. You need to be physically present, especially if you’re from abroad. The program emphasizes mentorship. There are hundreds of high-caliber mentors for short meetings to determine how they can assist. The principle is “give first.” Once in, it’s about giving and naturally receiving from these mentors.
Q: Is it an ad hoc program where you find mentors to work on your plans, or is it structured around themes?
A: It’s always about your company and your own pace. Typically, companies in a cohort are at similar stages. The ultimate goal is the demo day at the end of the program. Throughout the three months, the aim is to track progress or make necessary pivots. Post-program, many mentors become friends or even investors. It’s all about community and connections.
Q: What about networking opportunities?
A: Networking is immense. Even months after graduating, I still receive new connections weekly. The program provides continuous leverage and connections; it’s not just a one-time thing.
Q: Did you get funding for the program?
A: We’re still getting funded now. I don’t think I’m allowed to disclose the amounts. It would be only upon announcement that I could do that.
Biggest Benefits of the Program
Q: What are the biggest benefits you got from the program?
A: I would say networking, insights, and support, naturally. And the brand itself, I mean, being backed by the brand, is good.
Q: Can you share a story that you find yourself surprised or inspired during the program?
A: Yeah, well, this is not my first rodeo, so I think, you know, going into a program after the number of years that I’ve been in the back and forth in startups, you think you know a lot, but in fact, you don’t know anything. So once you go into a program like that, keeping an open eye and an open mindset, I think that was the first thing that surprised me initially. You keep taking in, you keep learning.
Life After the Accelerator
Q: What are you focusing on now?
A: We are still finding our way, naturally, I mean, we are a young startup. So, I think the path right now is just to grow, grow, grow, grow.
Q: Are you operating out of Singapore and North America as well?
A: Currently, we’re primarily operating from North America, although we have clients in Asia and continue to onboard more. Recently, we signed enterprise contracts that span several countries in Asia. Our global outreach, being based in North America, makes operations smoother. This region is our main market.
Q: Are you going through an experimentation process, testing different segments to see what works and what doesn’t?
A: We know what works and what doesn’t. We know the customers, we know the customers’ needs, we have contracts already signed, and we have others in drafting. It’s more about working with the customers. We’re in AI, and at the beginning of the year, there are a lot of clients out there who are waking up, trying to understand what happened. And us being there with off-the-shelf AI for these customers, it seems like the moment is becoming right.
Q: Are you planning to expand the team as well?
A: Yeah, we are expanding the team. Currently, we are around 16 full-time and expanding, especially on the customer integration, customer support, and customer nurturing side. We are getting a lot of inbound requests, which is a good thing, so customer-related roles are needed.
Tips for Techstar Success
Q: Do you have any final tips to share for founders considering applying to Techstars?
A: Any founder thinking about or wanting to go into Techstars, I’d highly recommend it. But it’s going to depend on them. The application process is tough, and few get in. But once you’re in, it’s a life-changing opportunity. It’s transformative. But remember, accelerators aren’t for everyone, and just because you get into one doesn’t mean your journey is set.