Nicole Glaros, Cody Simms & Alex Iskold
Techstars
Discussion
M
Nicole Glaros
@nglaros · Managing Director, Techstars
Hi All, Nicole, Alex and Cody here from Techstars. Techstars is a global ecosystem that helps entrepreneurs build great businesses. We're excited to be here today to answer your questions about how the vast Techstars network works, as well as anything to do with startups, product, venture, and more. Fire away!
upvotesharetweet・
Corley
@corleyh · COO @ Product Hunt
Hey all - thanks for joining today! What is something counterintuitive you've observed / learned as part of working with so many startups?
@corleyh for me the counter-intuitive thing about working with so many startups is that you often hear there are only so many ideas out there...but i'm always amazed by how many new ideas I hear about every day. The thing that separates the magic from everyone else is the team. A mediocre team can take a great idea and make it a problematic company. A great team can take a mediocre idea and make it great.
Ryan Hoover
@rrhoover · Founder, Product Hunt
So, you're stranded on a desert island and you can only choose one Techstars-incubated product to take with you. Which one is it?
M
Alex Iskold
@alexiskold · Managing Director, Techstars NYC
@rrhoover Homemade, from the latest Techstars NYC class. www.gethomemade.co Not sure how they will be able to deliver delicious home made food to a desert island, but since this is a hypothetical question ;)
M
Nicole Glaros
@nglaros · Managing Director, Techstars
Holy cow, lots of questions already!
Emily Hodgins
@ems_hodge · Community and Marketing, Product Hunt
Hey everyone! Thanks for joining today :) What is the best thing about working at Techstars?
M
Alex Iskold
@alexiskold · Managing Director, Techstars NYC
@ems_hodge The best thing for me is to be able to help amazing founders build solid, lasting companies.
Ryan Hoover
@rrhoover · Founder, Product Hunt
Hey, Nicole, Cody, and Alex! What's the biggest misconception about Techstars?
M
Nicole Glaros
@nglaros · Managing Director, Techstars
@rrhoover Hi Ryan. ;-) Probably that "you're too far along" for Techstars. Because we are not a curriculum driven program, rather a mentorship driven program, the things we focus on during the program adapt and change to the needs and stage of each company. Our goal is to drive huge value to each company, regardless of the stage. And we have a healthy distrubution of companies at various stages within each program. From the expected idea phase, all the way up to raised over $10M in funding, selling hundreds of thousands of units. Our model adapts to each company. ;-)
Erik Torenberg
@eriktorenberg · Former Product Hunt
How do ya'll position yourself relative to YC? Why should a founder choose ya'll instead?
M
Nicole Glaros
@nglaros · Managing Director, Techstars
@eriktorenberg I think YC is an amazing program and is excellent for startups in the valley that a) don't want to move and b) don't need anything else other than a microphone. Techstars is pretty great at developing not only the startup, but the founders as well. We have a saying here - #TechstarsForLife - meaning we want to support you not only in this business, but the next one, and the one after that. So if you're looking to build a billion dollar company, and want people that have your back for the rest of you're life - we're a pretty good option.
Alex Carter
@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
YC has announced plans recently to evolve their model and footprint. What big opportunities do you see for the evolution of accelerators generally? Do you anticipate groups moving upstream of accelerators? Incubating and developing talent as maybe an alternative to college? Do you anticipate alternative programs where people are directly funded, rather than startups?
M
Nicole Glaros
@nglaros · Managing Director, Techstars
@alexcartaz I think most accelerators only address one general time period in the life of a company, and there are still many time periods to address. We think about the whole entrepreneurial journey, and how to address needs from idea (hence the UpGlobal acquisition) to IPO. And I LOVE the notion of supporting people, rather than just startups. Most companies die b/c of founder and people issues, so working that out would be a huge advantage. There is still a ton of room for innovation here... we're just scratching the surface on how to help people and companies be more successful.
Ben Tossell
@bentossell · Community Lead, Product Hunt
What are 3 top qualities you look for when assessing TechStars submissions?
@bentossell TEAM! At Techstars the three most important qualities are all team. It's about half of what matters to us. Does the team have good chemistry together? Do they have the right skillsets for the problem they care about? And most importantly, do they seem to have the amazing attitude they'll need to knock down all of the walls and hurdles that get in their way as they face so many unforeseen challenges along the journey. Startups are hard. The team needs to be amazing. Beyond team, we look at market, progress, and the idea/product itself.
Adam Corey
@frumpy
@codysimms what does it take for you to get confidence that the team is right? Founder interactions during meetings? References from prior employers or investors? Customer feedback? Hearing the passion in how they discuss their biz? It's a qualitative measure and thus hard to know for sure. Any tips?
@frumpy @bentossell yeah it is in fact mostly qualitative. we do our best to have numerous interactions with our top candidates during the application review process. Each Techstars program handles it a little differently but typically there isn't one single do or die interview for Techstars...rather it's a handful of small interactions over a multiple week period where the MD and team are getting to know the founders and learn about who they are, what drives them, how they relate to one another, and how well the respond to feedback.
Phillip Yang
@geekyyang
Hi guys. Thanks so much for doing this. What are your thoughts on a non-technical founder? If they have the ability to lead, drive their vision, and have formulated a strong team - would that account for their lack of technical aspects? Thanks!
M
Alex Iskold
@alexiskold · Managing Director, Techstars NYC
@geeky_yang Hey, so there is a misconception about this. The conversation is not about non-technical founders but rather about ability to execute on the business and make progress. As an example, a restauranteur isn't technical but can create a business. Or another example, more relevant, neither founder at Plated, a Techstars company, is technical, but they have the skills to execute the business. So really the question is -- are you the right person to start and execute on the specific business. It is not just about the business idea, but rather about business execution.