Inside Techstars: everything about our acceleration journey
Building a tech startup demands expertise and will. The challenge of establishing a new company from scratch and making it succeed with great partners, staff, and clients is as demanding as it is rewarding. Keeping that in mind, we have worked hard to develop a top-notch product that allows companies of all sizes to create personalized user experiences. We challenged ourselves to build a platform that helps growth professionals own their websites by taking advantage of advanced segmentation, real-time data, analytics, and AB testing.
With such a wide range of great CMS and personalization platforms out there, it wasn't easy to design a product that differentiates itself from competitors. We are truly proud of what our team has built so far, and our clients reinforce this to us every day.
That's why we applied for the Techstars Boulder startup acceleration program in late 2023. We got into their last cohort in March 2024 and are excited to share our experience.
Table of contents
- What is an acceleration program?
- Why we chose to apply
- The application process
- What happens during the program
- Data room preparation
- Pitch intensive preparation and Demo Day
- What happens after the program
- Was it worth it?
What is an acceleration program?
An acceleration program is designed to support early-stage startups by providing resources, mentorship, and funding opportunities to help them scale quickly. The most famous programs are Y Combinator and Techstars. These programs are highly competitive, with acceptance rates typically around 1-2%. They offer invaluable networking opportunities, guidance from experienced entrepreneurs and investors, and a structured environment to fast-track growth.
While Techstars and Y Combinator are both renowned acceleration programs, there are significant differences between them.
Y Combinator
Based in Silicon Valley, Y Combinator follows a more rigid three-month program that culminates in a Demo Day. It offers a standard deal of $500k in exchange for 7% equity. It emphasizes a founder-friendly environment, access to a vast alumni network, and intensive weekly dinners with successful entrepreneurs.
They usually have two cohorts per year, with around 300 startups per cohort.
Techstars
Techstars, on the other hand, operates multiple programs globally and provides more personalized mentorship, with each program tailored to specific industries and locations. Techstars also offers up to $120k in funding for 6-9% equity and is known for its deep focus on mentorship through Mentor Madness and ongoing support beyond the program's duration.
The cohort size varies between locations, and Techstars Boulder, the original one to which we were looking to apply, had 12 startups per cohort.
Why we chose to apply
Croct was born in Brazil just because its founders happen to be Brazilian. We built the company focusing on the global market since the first line of code — we don't even have a Portuguese version of the website, documentation, or platform — and the idea has always been to start with the US market. Because of that, an accelerator like Techstars looked like a promising source of help with branding, connections, and networking with potential customers, mentors, and investors. The allure of being associated with a globally recognized program and the potential to scale our startup rapidly were compelling reasons for our application.
Although, in our case, it seemed to be a very simple and straightforward decision, it really wasn't. By the time we decided to evaluate the programs, our ARR was $250,000, and the dilution seemed a little expensive for our stage. To clear our thoughts, we reached out to 30 founders who participated in both Techstars and Y Combinator to do our diligence. It was a great decision, and we encourage everyone to do the same.
The application process
Applying to Techstars was a rigorous yet enlightening experience. The application required us to articulate our vision, market potential, and unique value of our product. We also had to showcase our team's strengths, resilience, and ability to execute our business plan.
The process involved multiple rounds, including the written application and some interviews, during which we demonstrated our product, market traction, and growth strategy. Our goal was to ensure that our application reflected our company's mission and global potential, ultimately leading to our acceptance into the program.
If you need a detailed overview of their process to nail your application, we suggest you look at this post. It really helped us with this.
What happens during the program
The Techstars program lasts intense three months. It starts with the "Mentor Madness" week, during which startups are matched with mentors. During prep for Demo Day and fundraising, we had mentorship and masterclasses on several startup topics.
Our program was hybrid, meaning we had to be in Denver, Colorado, for the first and last weeks. However, since we were all in about the shift to the American market, we decided to move to Denver and spent the whole period working from their office.
Making the most of networking with the program team, the mentors, and our fellow founders in the cohort made all the difference, and we highly recommend doing that if you can.
Mentor Madness week
During the first week, known as Mentor Madness, we met with almost 50 mentors to find the best fit. It was, indeed, a crazy week since each meeting lasted only 20 minutes, with 5-minute breaks between them 🥵
After this week, we could select from 3 to 5 mentors to work with throughout the program. We selected only 3 of them — from sales, fundraising, and technical backgrounds — to ensure we would have more time to focus and really get the most out of this opportunity.
One of these mentors was so helpful and provided so much value to our team that we ended up working with her after the program ended.
Workshops and masterclasses
In addition to the mentorship, we participated in workshops covering critical topics for early-stage startups, such as fundraising, cap table management, financial modeling, pitching, finding product-market fit, customer discovery, go-to-market strategies, and sales processes. These sessions happened once a week and were invaluable in equipping us with the knowledge and skills needed to navigate the next steps of our growth.
Also, we must mention the meetings we had with other founders. Although these meetings weren't meant to cover a specific topic, they were the best ones in the whole program.
Data room preparation
They also help those looking to raise funds prepare a data room and all the other materials they should have before starting the fundraising process.
We used Techstars' networking and resources to put together an investor pipeline of more than 200 people and organized all necessary documents and information to present a comprehensive and professional case to them.
Although we have done it before when we raised our pre-seed round, this time, we could do it more professionally and leverage their feedback before actually sending it to investors.
Pitch intensive preparation and Demo Day
In the last month, we were mostly focused on refining our pitch. We practiced intensively, receiving feedback from mentors and peers to ensure it was compelling and investor-ready.
The program culminated in a Demo Day, during which we presented our startup at Boulder's theater to almost 500 investors, industry leaders, and potential partners. This pivotal moment opened numerous doors for our fundraising.
What happens after the program
The support doesn't end after the program. Even though we've participated in the last cohort from Boulder's program, we continue to have access to the Techstars network, including alumni, mentors, and investors, who continue to support us.
Besides Techstars, these three months were essential for starting our go-to-market strategy in the US, and we always ensured to stay in contact with every mentor and founder we met during the program. Of course, deciding to stay immersed in the Colorado startup ecosystem also helps us navigate challenges, find new opportunities, and continue growing our business.
Was it worth it?
Being a member of this community means much more than access to its investor network: it's about being mentored by the world's top tech experts and exchanging experiences with other remarkable startups. And, of course, we know that it all means stepping out of our comfort zone — but also revolutionizing the way we do business.
Reflecting on our experience, we can confidently say that participating in Techstars was incredibly valuable and game-changing. The mentorship, resources, network, and friends we made have been instrumental in our growth. The structured environment helped us focus and accelerate our progress, and the connections we fostered gave us new opportunities.
Startup founders considering an accelerator should evaluate their specific needs and goals. If they're looking for intense support, mentorship, and networking opportunities, an accelerator like Techstars can be a game-changer. However, they should be prepared for the intensity and commitment required. In conclusion, our journey with Techstars has been transformative, and we are excited about the future. To all the founders out there, if you're ready to take your startup to the next level, an accelerator might just be the boost you need.
PS: if you need more testimonials and points of view about their programs, these blog posts have helped us build a clear picture when we were evaluating our options:
- I used to be a skeptic, but the first two weeks of Techstars Boulder have blown my mind
- Is Techstars worth it, and when not to join an accelerator – answered in many aspects
- Techstars Accelerator: A Founder’s Perspective
- Is a Startup Accelerator really worth it?
- How to get into Techstars, direct from the founders who did it