With the plethora of incubation and acceleration programs out there and the questions already raised about a possible “accelerators bubble“, it’s always interesting to listen from the people that actually are taking part in those programs.
Startupbootcamp is the biggest network of accelerators in Europe, partnering in 7 programs in 5 different countries. Up until September 2013, Startupbootcamp network had accelerated 70 startups, with 85% of them still alive and 70% of them having gotten funded (with the majority receiving their funding within 3 months of their Demo Day). Funifi is a startup coming from Cyprus that was included in the last batch of Startupbootcamp Mobility Copenhagen’s accelerated teams and graduated a couple of weeks ago.
After intense 3-month business acceleration, the program culminated in an investor day with approximately 150 – 200 angels and VC investors, along with the Mayor of Denmark, Crown Princess & Minister of Foreign Affairs.
“The whole process was an experience we would not change for the world. As a team we have grown stronger and smarter, we have saved our selves months of time & energy by following lean methodology and have been opened up to a network of fellow entrepreneurs, mentors and investors that will be providing value to our team way after the program has ended“, Andrew Michael tells EMEAstartups.com about Funifi’s experience in Startupbootcamp Mobility Copenhagen.
Funifi started as an idea to create an app and a “LOOP” hand bracelet that motivates you to do boring household tasks, such as mopping and sweeping, while giving the chance to consumer brands to access targeted audience that perform household actions related to their products. During Startupbootcamp, Funifi pivoted one time or two and has developed a fun application to motivate kids to get their chores done, by earning points and converting them to rewards. Parents create task lists; their children complete them and earn points, which they can convert into rewards. According to the company, Funifi’s platform offers children incentives to complete their everyday tasks, such as making their beds, studying or exercising, while it teaches them to be independent and responsible.
Right now, Funifi app is in closed beta with more than 300 families having expressed to test the product. Public launch is scheduled for end of January, with big plans moving through 2014 as the team expands on the Funifi vision of becoming the trusted family network, as A. Michael puts it for EMEAstartups.com.
But, what about the acceleration program itself? Funifi was so excited about becoming members of one of probably the world’s top accelerators that they even put together a video blog series taking viewers through their experience at Startupbootcamp in Copenhagen through the 87-day program. You can check their Day #1 video below and find every video they shot during their stay in Copenhagen, clicking here.
And what about the “backstage”, how does an acceleration programm really works? “The program was very well structured and broken up into three phases“, Andrew Michael informs.
Phase 1 was called Shape: There Funifi and the rest of the teams work intensely going through lean workshops defining their value proposition and clearly identifying the problem they are trying to solve.
Phase 2 was Build: Michael describes it as an opportunity to take the learnings from the first month and implement them into the product development to ensure they built a product they knew consumers wanted/needed rather than building a product they thought consumers would need.
And, finally, phase 3 was Sell: The final month is spent fine-tuning the product along with introductions to potential partners and investors to start selling.
“All in all we would recommend this experience to any new startup wanting to get ahead and serious about execution“, concludes A. Michael when EMEAstartups.com asked him to describe the experience of participating in a startups accelerator.
Check below Funifi’s Demo Day pitch, the result of their 3-month intense training and let us know if your startup would participate in an accelerator, commenting on our Facebook page.
