Introducing SkillMapper, Mario and Victor
Q: Can you tell me more about your company and what you do?
A: We’re in the HR tech and tech space. We started about two to three years ago in France. Both Victor and I, the founders, are Peruvian, and we met in France. We wanted to change the way people learn and speed up knowledge acquisition. So, we began creating a mix of an AI co-pilot and a curated marketplace. This aids employees in companies to boost their learning and also empowers them to select the best options for upskilling. From our interactions with various companies, they often say they have a learning budget but are uncertain about where to invest. When they leave this choice to employees, these employees often lack guidance. That’s where we come in. Through AI, we offer guidance by showcasing them in this curated marketplace. Plus, we also promote a community of knowledge sharing and peer-to-peer recommendations. Think of it as Pinterest but solely focused on upskilling.
Q: Is your platform only for companies, or can individuals also access it?
A: Initially, we wanted to primarily assist people in navigating through various learning contents, like online courses, YouTube, and other sources of learning material. Our aim was to create the ultimate search engine solely for online courses. Thus, we started with a more consumer-focused approach. However, while we’ve pivoted more towards a B2B or employee-centric approach now, we still maintain a consumer interface.
Q: Why did you decide to join Techstars?
A: We started in France, but we faced challenges there since we weren’t native French speakers and weren’t French either. About 18 months in, we began exploring other hubs in Europe. We stumbled upon Techstars in Stockholm and decided to apply. Techstars is renowned for being a top-tier accelerator, and we’ve observed many companies benefit immensely after joining them. They’ve redefined their positioning and honed their market strategies. Additionally, we viewed this as a chance to venture into a fresh market, which could offer us a new hub and opportunities. So, we felt this would be a fitting next step both in our professional and personal lives.
How a Founder Nails the Application
Q: And what was the application process? What did it include?
A: The process involved a form that covered the basics of our company, the problem we aimed to solve, our unique solution, and our progress up to that point. Techstars understands that many startups are in the early stages, but they expect evidence of your groundwork. They want to see if you’re addressing a real problem or creating a solution in search of an issue. After the forms, we had several interviews. It was clear from these interactions that Techstars had a structured approach to evaluating startups. As long as you’ve done your homework and are genuinely solving a significant issue, the process is smooth yet insightful.
Q: And regarding traction, did they search for something specific? What was the status of SkillMapper during that time?
A: What seemed to appeal to Techstars was our existing market presence. We had a consumer product with around 50,000 monthly website visitors. We were candid in our discussions, emphasizing that while we had a consumer-facing product and significant traction, we recognized the need for a pivot. We needed to shift our focus from individual consumers to companies for a more sustainable business model. This transparency, combined with our proven capability to build and attract users, made us a good fit for their program. They also recognized our technical prowess, acknowledging our ability to develop quickly.
After Getting In
Q: How does the program look like?
A: It’s a three-month program where you go through different stages. Initially, there’s a week of onboarding, team introductions, and understanding expectations. Afterwards, there’s mentor matching, where depending on your goals and what you’re building, they match you with suitable mentors. In some programs, there’s a “mentor madness” where you meet over 50-60 mentors briefly, then choose the top five you want to work with based on mutual interest. The following weeks involve building and understanding your product’s target audience and preparation for the pitch event or ‘pitch day’ – a closing ceremony where startups present to investors and the broader startup community.
Q: Did you get any funding through the program?
A: Yes, the program invests by taking 6% of equity for $25k. Additionally, they offer $100k of investment for a valuation of $3 million. If you take the full $125k, you give away between 10-12% of your company to the accelerator.
Beyond the Money
Q: What were the biggest benefits you got from the program besides the money?
A: Besides funding, the invaluable benefits included networking, especially for newcomers in the ecosystem. Being in Techstars provided market credibility and awareness. Moreover, the interaction with fellow startups was enriching. We met driven individuals from other startups, and some became lifelong friends. Another significant advantage was mentorship. The mentors, very knowledgeable in their domains, offered insights, international perspectives, and guidance.
Q: Did you have any “aha” moments during the program where you felt surprised or inspired?
A: A standout moment was our interaction with Lars Perkins. Despite initial impressions, once he started talking, it was evident he was very knowledgeable, having worked with tech magnates like Sergey Brin and Larry Page. When someone like Lars validates your idea, it’s a huge boost in confidence. Another notable feedback was from a director who emphasized our product should not just look like a startup but reflect a $50 million company. This was a wake-up call to improve our UX/UI to match the standards of established Nordic brands like Spotify and Klarna.
Life Afte the Accelerator
Q: And what’s the company’s status today?
A: Many companies looking to optimize their learning and development budget find us to be the right solution. We curate the best learning experiences, ranging from books to MOOCs to podcasts, both free and paid. Our interface offers a pleasant UX and UI, and it’s easy to implement. Typically, our target companies range between 300 and 1000 employees. Our main aim now is to deploy these pilots, grow them, and by the end of this year or early next, raise a seed round of 1.5 million.
Q: And have you tried any growth channels? How do you attract potential customers?
A: Initially, we began with outbound calls. Gradually, we’ve been considering inbound for lead generation. Being present at events, especially in the HR tech space, is crucial. References also play a big part. Your initial clients often come through your network. For us, leveraging Techstars, which houses over 2000 companies, is beneficial.
Tips for Future Applicants
Q: Do you have any advice for founders considering applying to the program?
A: Showcase what you’ve built. Any traction, as long as it’s moving in the right direction, is valuable. Accept that the future is uncertain, but always have a clear vision. Our unwavering belief is in changing how people access high-quality education. We initially targeted consumers but are now shifting to companies as a distribution channel. The vision remains unchanged. Stay steadfast in your vision but be flexible about the means to achieve it. Demonstrating this during application and interviews can go a long way.
Q: Víctor, any additional insights?
A: Being humble is invaluable in the program. There’s so much to learn, even from startups in different markets. Everyone brings a unique strength to the table – while we excelled in technology, others were stellar in sales. This diverse environment fosters mutual growth. Accept that there’s a vast world out there with endless learning opportunities.