Techvibes attended FounderFuel Spring 2012 Demo Day this week. The room was full with 800 visitors. For some observers, the quality of the startups making their 20 minute pitches in front of investors has improved significantly this year.
According to a FounderFuel partner, tech entrepreneurs need three things in particular:
1. To have T-shirts with the name and logo of your startup.
2. To build something that people want by using resources available—like in Montreal, the huge creativity available—and present it in a magical way.
3. To capture the imagination of the market.
“I learned to focus on doing one thing very well for my start-up," one entrepreneur in the program said. "You learn in three months stuff that otherwise, may take two to three years to learn by yourself. You have to get out of the valley of death where you got all that important positive and negative feedbacks from the mentors to continue the vision, or make profound changes and pivot the business model.”
FounderFuel has over 120 mentors. Yes, entrepreneurs get funding for up to $25,000 in exchange for a 6% stake in the startup, but they also access to the strategic network of FounderFuel’s mentors.
Three startups in particular seem to have a viable business model and have already attracted some funding before Demo Day. These firms are Notesolution, which raised $400,000 in funding, Appifier, and Epilogger. These three startups also have a decent number of customers and revenue growth established.
We will cover in more details those firms in future articles by interviewing the CEOs.