Demo Day Batch X: Full Video and Snapshots

Last night, November 29th, 2018, 6 of our Batch X startups pitched to a crowd of over 200 investors, StartupYard mentors and community members, corporate executives, and journalists, among others.

You can see the whole Demo Day, including opening remarks from StartupYard CEO Cedric Maloux in the video that was streamed lived on Facebook. By the morning after the event, it had been viewed nearly 700 times already.

Watch Demo Day Batch X: As it Happened


Pictures from the Event:

Scroll right and left to see about 70 event photos, including all the startups and founders.

Intelligent Trading Foundation Team, STartupyard

Meet Intelligent Trading Foundation, Your Wealthfront for Cryptocurrencies

This week we were proud to announce the names of the 7 Batch X startups with Startupyard for our 10th round of acceleration. Traditionally this reveal is followed by a series of in-depth discussions with the founders of each company. 

We begin the series with Intelligent Trading Foundation or ITF, helmed by a team of three: Head of Engineering and Innovation Thomas Counsell, Head of Finance and Strategy Ben Lakoff CFA, and John Venport, the Head of Marketing. The team prefer not to refer to themselves as “co-founders,” and don’t assume traditional C-level roles that many startup companies assign their members. 

ITF will pitch for the first time to the public, along with the rest of the Batch X companies on November 29th, 2018, at our next Demo Day in Prague.

I caught up with the team this week to talk about their journey so far, and to get some insight into where the blockchain and cryptocurrency world is headed next. Here’s what they had to say:

Hi Ben. I think we should jump right into this conversation by first acknowledging, you’re the first startup we’ve ever taken post-token sale (or ICO). Can you tell us what that process was like for you?

Absolutely. Running a token sale turned out to be a LOT of work. Turns out the “easy way” of raising funds for a crypto project is far from easy if you want to do it right. We were terrified of being hacked, or having something go wrong with the process.

Both Tom and I were still working full time jobs at the time, so this was something we were doing (mostly) outside work hours. We thought running the token sale was hard, but the real work starts after that. You face the fact that crypto or no crypto, you’re building a real company and dealing with real company issues.

Intelligent Trading Foundation Team, StartupYard

Tom left, Ben Right

I think successfully raising funds via a token sale helped to validate our idea in our minds, but that did not eliminate the struggle to find product market fit. Like any startup, building up our tech stack does reveal potential directions and products that might work even better (not straying from the original intention of helping bring sophisticated tools to investors in cryptocurrency to make better decisions).

We raised funds by selling what’s called a “utility token,” which means that essentially the buyers of the token are buying access to the product itself, where the token can be used to transact with us and access the premium products we offer. There turned out to be a pretty big catch raising funds in this approach, and that is that many of the people who buy the token are not actually your end users, but people who want to speculate on the price of the token going up. As has happened with many, even most other utility token sales, the value of our tokens post-dropped dramatically, and suffered from low liquidity. This meanshat those who hold it are unwilling to sell it, and those who want it are unwilling to buy it at current prices.

This is predictable in a way. Although we had a working product at the time of our token sale, it was really only for early adopters and needed to be improved before reaching more users. It’s sort of like selling tokens to play in an arcade that hasn’t been built yet. There is not much reason yet for the buyers of the token to sell, and there is not much compelling others to buy it, so the market price dropped. However, there is one way to increase the demand for the token, and make the investment potentially worth it to those who have already bought in, and that is to make relevant products available, using the token as a way to access them. .

In a sense, I think one of the hardest things about a token sale is that in the end it doesn’t change the economics of human behavior in the least bit. People still behave the same way, whether a market is distributed or centralized. As a group, it is hard for people to make long term decisions about the value of things, which is what causes so much volatility in markets, including crypto markets.

The legal and ethical responsibilities for those startups who do token sales do not go away. They consume an inordinate amount of time if you approach them with the intent to do the right thing. That’s just the way it is. As much as we’d like to make it easier, our system is complex because there are many stakeholders to be considered and protected. Decentralizing technologies do not change the need to balance the interests of many players at once.

What led to the two of you working together? How did this end up as Intelligent Trading Foundation?

Tom, John, and I all met in late 2016 in Thailand through different tech conferences. It’s funny that we all met in Thailand, because we’re all from the midwest in the USA and we had all been living in Thailand for different reasons (Ben with RMA Group, John with entrepreneurial projects, and Tom consulting for startups and working at Agoda).

We immediately clicked and decided to work together in some way. What started as a “Young VC Club” – we eventually tested a couple of different business ideas that didn’t get much traction. Midway through 2017, John’s eLearning project took off and ended up being a lot larger than expected, so he was pulled away to focus exclusively on that.

In the meantime, Tom and I had been trading cryptocurrencies and were looking for a solution to make trading easier and more efficient. Classic scratching your own itch thinking. Since Tom is highly technical, he started building out a tool to help. Once people found out about the tool, we decided to do a token sale and raise money to further develop a suite a products to help investors in the cryptocurrency markets.

In September’17, we completed our token sale, raising $2 million dollars, and started building out the team. It was at this time that we opened our incubator in Prague, Blockchain Hub, to help ITF synergize with other Blockchain Startups. In February’18, John finished his eLearning project and was able to join the team as a co-founder.

Intelligent Trading Foundation Team, STartupyard

A part of the team assembled at Node5, StartupYard’s headquarters in Prague

Since then, we’ve been steadily developing our product and growing the team. Currently we have 12 members on the team, and are looking to hire more.

About Ben:

  • Head of Finance
  • Developed strong global finance experience through 10 years of international assignments in the US, Brazil, Afghanistan, Southeast Asia, Czech Republic and through the award of his Chartered Financial Analyst (CFA) certification.
  • Broad and diverse experience across various finance roles including corporate finance, mergers & acquisitions, equity markets, and banking.

About John:

  • Head of Marketing
  • Owned and sold marketing agency
  • Sold various types of digital products and software online for the past 3 years
  • eLearning project in Thailand in 2017.

About Tom:

  • Head of Technology
  • Developed commercial payment software for small business owners in Morocco while he was living there in the Peace Corps
  • Owned software development consultancy
  • Served as CTO for startups in Morocco, Thailand, and Czech Republic

How does your utility token work, and what does the product do?

ITT, our native token, is a utility token used to access premium subscriptions on the ITF platform. We’ll continue to add new products and tiers to utilize the ITT token.

The flagship product of today is a predictive alert system that keeps a trader informed about potential movements in the crypto market, and points out opportunities that the trader is likely to find interesting throughout the day. This product is targeted more for active traders. Our next product, ready later this year, will be more targeted toward retail investors, offering a simple way for everyday investors to get more involved with investing in cryptocurrencies.

ITF’s mission is to provide sophisticated tools for cryptocurrency investors, and we’re doing everything we can to simplify their investment decisions. Eventually we want to be able to offer a suite of tools that rivals platforms like Betterment or Wealthfront, but in the crypto space, where traders are able to leverage sophisticated technologies and easily get involved in the cryptocurrency markets.

Intelligent Trading Foundation Team

By having our own token we’re also enabled to do some neat things, like staking, where HODL’ers will get access to premium features just by proving that they have the tokens in their account (they keep them). We also credit any payment for our premium products toward a user’s ‘staked’ amount, which is somewhat of a ‘rent-to-own’ model.  That’s something that cryptocurrencies allow that traditional software platforms generally do not.

The ITT token is essential to access our platform, but since it suffers from low liquidity and is traded on rather difficult / non-intuitive exchanges, we’re doing our best to make it easier. We’re currently testing many assumptions with our ITT token. We’ve recently attempted to make it easier to access our services by allowing users to pay in ETH and other cryptocurrencies, and in the background we’re buying the ITT token ourselves on the user’s behalf.

This I see as one of the core problems for the whole crypto market, which is to say that low adoption rates and trading volume of many tokens creates a poor environment for actually utilizing the advantages of the token. A classic tragedy of the commons.

What would you tell another company that is thinking about going the ICO route? Would you do it again yourself?

We definitely don’t have any regrets. Raising money via a token sale allowed us to build ITF into what it is today, and dream up what we think it can be in the future. It’s a fundamentally different thing to build a product for people who have already bought into the platform, as opposed to equity investors who are buying into the business. That’s a very different kind of relationship.

If we were to do it again knowing what we know now, I would say we would work on validating the product and achieving more of a product market fit prior to doing a token sale. We had an alpha, with some early users, but hadn’t proven that there was sufficient demand to build a successful company from our original product yet. That led to the situation of low liquidity we are in now.

Let’s get deeper into what ITF is doing on the market right now. How does the technology work?

In broad strokes, we’re attempting to provide sophisticated tools for cryptocurrency investors, and we’re doing everything we can to simplify their investment decisions.

We’re moving toward two products: A Telegram bot – targeted toward crypto traders, and a Portfolio Management App – targeted toward retail investors. These two products enhance each other, allowing us to reach crypto traders where they are already communicating with others, and build our own proprietary platform where investors can access the crypto market using our technology.

Intelligent Trading Foundation Team

We have developed quite a few sophisticated technologies, including AI and Genetic Programming that we’re currently working to incorporate into trading strategies and the portfolio optimization tools we will offer. Karla, our chief PHD data scientist, has made 4 discoveries that we could potentially publish in a scientific journal.

Our Portfolio Management App can automatically execute trades on users’ behalf and rebalance their portfolio to their desired allocations or apply our machine learning algorithms to trade and optimize their returns. We already have a beta version in testing and will release a version for the public in early 2019.

Think of this as similar to Wealthfront, but for the cryptocurrency markets.

We have a clear roadmap of where we are going, and we are testing many assumptions along the way.

How do you see this evolving as a business, including monetization?

SaaS is the current business model that we are targeting.

Currently, we have over 3000 free users, and a handful of paying users for our first product’s premium plan which costs $20 per month. Our payment and checkout process has proven to be too difficult for most users because they need to use our utility token. We are reworking everything so that users can pay with more easily with different currencies. We will launch additional products later this year that will follow the SaaS model as well.

How does the fact that you’re also dealing with your own token, either compliment or complicate the development of your products?

We raised funds via a token sale by issuing a utility token, ITT. Thus, any of the funds used will be to used with the goal of increasing the value of the ITT ecosystem. You can’t do a token sale and then not have a token, in other words. That’s what the token sale contributors bought.

Currently, the token complicates things due to liquidity issues, but we’re actively working on some solutions to that and thinking about additional ways we can further incorporate the ITT token with ITF’s future products. The truth is that you just have to have a clear offering of valuable products to justify the existence and use of the coin.

Where would you like to be with ITF in 5 years? What kind of a position in the market would be most desirable?

Many may argue that the cryptocurrency industry might not be around in 5 years, we don’t agree with that opinion.

We’re bullish on cryptocurrencies, and are taking the longer approach with all of our product development. We’re committed to provide sophisticated tools for cryptocurrency investors, and we’re doing everything we can to simplify their investment decisions. Our current best-guess is with the two products we’re working on, but we will be making things incrementally better over time and keep trying out new helpful products until we find something that works.

We are here for the long term. This is something we want to build for the future.

I know you’ve explored a lot of options with StartupYard mentors over the past few months. What have been some of the most surprising insights or ideas you’ve come across? How do you think the mentoring process has shaped the company so far?

Although we have worked very hard to build a great team and culture, our number one takeaway from all of these sessions/workshops is that we need to spend more time thinking critically about the business model and strategy for the product itself – many smart startups fail as they’re married to a product idea/features.

If the features don’t sell, you don’t have a business, right? If the product isn’t compelling to your target market, then either the product or the market is wrong. That takes a toll on your ego if you’re proud of what you’ve already built. It’s hard to see good work go to “waste”, but that is the nature of early stage startups.

Now, we need to really spend some time on what the goal is. As the StartupYard team says: “how do we define success?” Who are our target customers and how do we want them to use our products?  What outcomes will they experience with us? Do we simplify their lives? Complicate them? These are questions you must have answers for.

Is it a tool that helps them make more informed decisions? How do they use it? Having a builder mindset is great for making cool things, but an explorer mindset is equally important to actually figuring out what people need and what they will respond to. That is something we have gotten from StartupYard in the past few months – that explorer mindset that says “question everything,” and then do it again, and question that too. Test all assumptions rigorously.

Then, obviously, when you’re sitting down with nearly a hundred highly experienced people from nearly any imaginable business, you are bound to find out things that you had no way of knowing.

What remains so important, I think, about the acceleration process is that it’s really the only way of getting this particular kind of feedback, and mentor-relationship with people who can really help you. You aren’t being criticized, or judged, you’re just being listened to, and being given the benefit of someone else’s experience.

There is no other medium where that can happen without any other ulterior motivations. Nobody is selling their advice. They are just giving it freely, because they want to, for their own individual fulfillment. That is so important to startups, and it’s the best part of StartupYard. The management team knows this, and they just sort of guide you through that process, and let the magic happen. It’s a great experience.

Demo Day Batch 9: Full Video and Snapshots

On Wednesday June 13th, the StartupYard Batch 9 companies pitched for a sold-out crowd of over 250 investors, mentors, media, and StartupYard community members. We can’t express our gratitude to the audience and our pride in the startups who worked so hard to get there, and did so well under a lot of pressure.

If you couldn’t make it, or if you’d like to take another look at your favorite team from the evening, we live-streamed and recorded the whole show, available right now.   

Replay the Live event on Facebook: The StartupYard Batch 9 Startups Pitch Live at Demo Day
 

 

Snapshots of the Event

Rossum Closes Seed Investment from Miton on DemoDay

It didn’t take long. Yesterday afternoon, as the StartupYard teams were relaxing and quietly gearing up to pitch at the StartupYard Batch 7 DemoDay, the Rossum team Petr Baudis, Tomas Gogar, and Tomas Tunys were signing a seed funding round.Rossum seed investment, StartupYard, Miton

A few hours later, live on stage at the biggest demo day in the region’s history, (and with nearly 1,000 tuned in live on Facebook), Rossum announced that the respected Czech investment firm Miton, had contributed seed capital to help propel the team toward global ambitions. This morning, CzechCrunch ran with the story on its front page as well.

About the Deal

The investment solidifies an existing relationship between the Rossum team and Miton, that began with Rossum’s founders consulting with Miton’s portfolio companies on machine learning projects. Miton Co-Founder Ondrej Raska had, according to the Rossum team, been looking for a way to enter the machine learning and AI field, but had so far not come across a project that was clear enough to dive into.

That changed when Rossum approached Raska and Miton with the idea of automating invoice management, along with a host of other challenges, using a unique approach to machine learning. Discussion quickly shifted to a strategic partnership and investment, with Miton to become an active part of the Rossum project, and Raska to play a day-to-day role in the growth of the startup. Rossum has already produced a proof of concept that they say can beat OCR technology, and is approaching human level accuracy: 

Co-Founder Tomas Gogar said of the investment and cooperation: “We think that Miton is an ideal partner for us. They are very active in the companies they invest in, helping to shape their products. Their history shows that this approach has paid off, and we believe that it will be a big help to us as well. For us, as a very technically oriented team, this is a new experience. We feel that we can help Miton push forward into the Artificial Intelligence playing field.”

Raska spoke to a similar sentiment, saying: “Cooperating with Rossum is a unique opportunity. They’ve built a great team, with big potential. Moreover, the timing is right, with deep neural net technology becoming a game changer.”

When asked about the role StartupYard has played in getting them to this point, Co-Founder Petr Baudis said last week: “StartupYard finally gave us the impulse to really focus on one single thing – we were busy people before, but now we had the reason to finally drop all the side projects for good.  We thought the first mentoring month would be the most intense phase, but the pace is only picking up since, and without the “little” pushing by the StartupYard team we would be much more comfortable, getting a good eight hours of sleep a night, but still at the beginning….it surprised us how eager the core StartupYard team was to help with their experience and feedback, these few people really became an important part of Rossum’s story.” 

About Miton

Miton, Rossum Seed Investment

Miton, which has backed a string of successful startup projects including food delivery startups DameJidlo (another StartupYard alum from 2012) and Rohlik, e-commerce platform Heureka, the booking platform Hotel.cz, and the popular coupon platform Slevomat, runs a portfolio of investments worth upwards of 10 Billion Czech Crowns (370m Euros).

Many of Miton’s investments are in Czech-specific consumer facing service companies, but they have lately made investments in more globally oriented projects, like innovative payment provider Twisto, the lifestyle ecommerce platforms Bonami and Biano. Rossum represents for Miton a growing interest in deep technology projects, from an investor with valuable experience in brand-building and scaling successful startups.

The feature photo for this post appeared originally on CzechCrunch

Startup Fail, StartupYard Accelerator

Pitching: Form Over Function

In the past few weeks, the StartupYard Batch 7 startups have been practicing their pitches for DemoDay. Tonight, they’ll be live online and in person at Kino Svetozor, at 18:30 Prague time.

The pitch gets a lot of attention in the startup world, but for good reason. Done well, it is an effective way of communicating your ideas, and also challenging yourself to define the problem (or problems), you’re really solving.

Form and Function

Though you do hear the stray complaint about the emphasis pitches receive in the tech world, I generally find most objections miss the point. Certainly there are bad pitches, and there are ways in which founders and investors are not served well by them.

A startup pitch is very predictable. You introduce the theme in an exciting way, framing the pitch in the broader context. Then you address the “problem” you are solving. Then you present your solution. You then talk about the competitive landscape, and why your competitors (or whatever solution your customers currently have), are silly and outdated, and then you talk about your business and your team, and maybe ask for money.

Pretty simple. And anywhere you go, the format stays the same. Investors from anywhere, going anywhere else, know with some certainty that they will hear those things. The discussion is then about whether they agree with the conclusions the startup is making.

But every round, our startups struggle with staying in those boundaries.

This is at least partly because pitching is quite unlike the other ways in which founders are asked to prove themselves. We expect startups to break rules. To get around the usual processes. To “disrupt,” as the jargon word of the century puts it. But pitching is just not like that.

It’s the Problem, Stupid

For starters, pitching is form over function. It’s a tool of rigid constraint, that is meant to contain “out of the box” thinking inside a narrative box. Consider that at StartupYard, we spend 3 months helping founders to see that the normal rules don’t apply to them. And then we insist that they follow a pretty strict set of rules in order to pitch.

But we do that because the format shouldn’t matter. The only thing that matters is the content. What is the problem being solved? What does that problem mean in a broader sense?

The format is standardized because formal variations on that standard tend to draw more attention than the content of them. Anyone who’s been forced to write a haiku in school will know what I’m referring to. Constraints can force us to be creative in ways that we are not used to. Attention getting can work, in some cases, but it also carries a different set of risks.

I can give you an interesting example: a startup I heard pitch back in 2014 at LeWeb, called JukeDeck. Now what’s interesting about JukeDeck is that they use neural networks to auto-generate music according to a few simple parameters.

Of course, if you had been at that pitch, you wouldn’t have known that, because almost all of the pitch was taken up with the whole team dancing and rapping over music that had been generated using their software. It was certainly entertaining.

I did understand from their pitch that companies would probably use such software to auto-generate background music for corporate videos, and maybe even retail environments. But I learned nothing about the current solutions on the market, the business case for this one, or the actual pain point it was solving.

JukeDeck won LeWeb. And they won TechCrunch Disrupt a year later. If it’s a competition, certainly breaking the rules can help you win. But did that pitch actually help their business? I’m really not sure. The panel’s questions following the pitch were revealing: “why would a business want to use this?” and “how much would a company pay for this software, when stock music is relatively cheap?”

The whole panel was taken up with answering basic questions about the business- questions that could have been answered in the pitch itself. That instantly puts the founders on the defensive. This exciting, crowd-pleasing pitch, which generates buzz, might not actually help people understand what you do. And while the panel asked basic questions about the business, they consequently had no time to ask questions about the underlying technology.

Boring Works

StartupYard startups have won numerous awards for pitching themselves. Not least would be companies like Gjirafa, Neuron Soundware, and Speedifly. I’ve seen our startups pitch outside our program, and heard the feedback they get. Clarity, honesty, strength. These are none of them mind-blowing, but nevertheless more important.

I can tell you one thing about all of these pitches: they are not outwardly exciting. If you were to watch them from behind a pane of glass, you’d have no idea why they win awards.

Instead, they are exciting in the sense of what they talk about, and what new ideas and thinking they illustrate. But they contain no gimmicks. There’s no real flash. The founders, too, are practiced and calm. Everything goes according to plan.

Our thesis at StartupYard, when it comes to pitching, is that your plan better be exciting and game-changing, because trying to spice it up after the fact is putting lipstick on a pig. The drama is not in the performance, but in the story itself. If you hone in on a real, emotional storyline, involving real human beings and real world customer pain, then the pitch doesn’t need bells and whistles: it’s made of gold already.

 

StartupYard DemoDay 2016 Highlights

DemoDay 2016: The Big Moments

StartupYard last night introduced its 6th cohort of startups to the world. We are extremely proud, and judging from our community’s reaction, so were you.  Thank you for supporting us and encouraging us to do what we do. Your value to our startups is truly immeasurable.

But which of the companies at DemoDay 2016 were your favorites, and why?

Click on the picture of your favorite startup founder below to tweet about them. 

(Photos courtesy of Milos Potuzak. Check out his other work on his website, or on Facebook.)

Gjirafa Founder and CEO Mergim Cahani talks about the ups and downs of founding a high growth startup.

Gjirafa Founder and CEO Mergim Cahani talks about the ups and downs of founding a high growth startup. Click to Tweet!

Jakub Ladra, of ClaimAir, talks flight compensation.

Jakub Ladra, of ClaimAir, talks flight compensation. Click to Tweet!

Ondrej Sedlacek of Satismeter talks Churn.

Ondrej Sedlacek of Satismeter talks Churn. Click to Tweet!

Pavel Konecny, of NeuronSoundware, talks about machine learning and sound.

Pavel Konecny, of NeuronSoundware, talks about machine learning and sound. Click to Tweet!

startupyard2016-4362

Alex Karadjian of Speedifly talks about social, spontaneous air travel.

Alex Karadjian of Speedifly talks about social, spontaneous air travel. Click to Tweet!

Marek Novy of Stream.Plus talks about the future of online video.

Marek Novy of Stream.Plus talks about the future of online video. Click to Tweet!

Piotr Piekos of TotemInteractive introduces the future of outdoor digital advertising.

Piotr Piekos of TotemInteractive introduces the future of outdoor digital advertising. Click to Tweet!

Karel Javurek of NeuronAd discusses adblockers and online publishing

Karel Javurek of NeuronAd discusses adblockers and online publishing. Click to Tweet!

Johanness Rohrenbach of Boatify talks about amazing boating experiences.

Johanness Rohrenbach of Boatify talks about amazing boating experiences. Click to Tweet!

Martin Cvetler of Salutara introduces the future of medical travel.

Martin Cvetler of Salutara introduces the future of medical travel. Click to Tweet!

Cedric Maloux makes closing remarks.

Cedric Maloux makes closing remarks.

The Royal, a classic venue, for a not-so-classic event.

The Royal, a classic venue, for a not-so-classic event.

startupyard2016-4509

 

The crowd at The Royal was impressive.

The crowd at The Royal was impressive.

startupyard2016-4256

Don’t forget to check out our exclusive interviews with each Startup from 2016:

TotemInteractive: Make Ads People Love

TotemInteractive, StartupYard’s first Polish startup team, came to StartupYard with a novel concept, and has executed on a broad vision to change digital outdoor advertising in a major way. The team, experienced in digital media and cloud systems, is creating a platform into which marketers and advertisers can put their creative energy to generate meaningful, lovable, interactive display ads in place of boring, old fashioned posters and billboards.

I caught up with Piotr Piekos, CoFounder and CEO at TotemInteractive, to talk about the future of outdoor digital advertising, and cloud based marketing. Here’s what he had to say:


Hi Piotr, tell us a bit about TotemInteractive and your team. How did you come up with the idea?

TotemInteractive

Pietor Piekos, CoFounder and CEO at TotemInteractive

TotemInteractive is a software platform that aims to help marketers with deployment and performance measurement of cross-platform, interactive marketing campaigns launched on electronic screens in public and in-store locations. Basically, interactive display advertising, instead of boring old posters.

The idea came from our observation of two trends: the propagation of digital screens in public spaces, and the fact that mobile devices have become an inseparable part of almost every activity that we do outdoors. TotemInteractive believes that digital advertising outdoors as often depicted in scfi movies in not just an imaginary future. We think that it is a natural consequence of the mobile and IoT revolution. TotemInteractive’s plaform aims to be among the first players on that market.

You have a background working with digital agencies. How does that help you when it comes to creating a platform for digital interactive ads?

Throughout my professional career I had seen a number of solutions aiming to resolve the problem of unified and streamlined visual communication across different devices. Some of them already succeeded in industries like gas and oil (crisis centers) or places like decision-support systems for high-level corporate executives.

Budget constraints are less of a worry for these types of businesses, allowing the vendors to reach high complexity and sophistication with the systems they deploy. I have been involved with several dozen such products. Knowing exactly what our target market (advertisers) expects, we are able to provide a lean and user friendly answer to the market demand. In short: we want to move what is already possible with multi-million dollar equipment to the world of advertising, where price is always a consideration.

What about your team? How are you uniquely qualified to bring display ads into the modern age?

To answer this question, I will first need to explain a bit about the requirements for the platform. We had composed a team with very technical specific requirements in mind: such as quality of service (your ad has to be there at all times),  and scale (platform needs to work on hundreds of screens simultaneously).

Our team consists of people who are experts in building complex, distributed systems. Michal is a system-engineer who is a specialist in cloud based deployments. Kamil and Piotr have been working on large scale deployments of tailored B2B systems for years.

 

Leszek Knoll

Leszek Knoll

TotemInteractive

The TotemInteractive Team

TotemInteractive

The Totem Interactive Team Hard at Work

 

On the business side: Leszek Knoll, my CoFounder and COO, brings startup entrepreneurial experience on board. He had built startups in the past and knows well the rules of the game.

I have been working in professional audio-visual industry for several years: my expertise is based on several dozen deployed, consulted and rescued projects related to large scale visualization systems. Lastly, we are backed by several mentors who hold strategic positions in advertising segments: in agencies, brands, and large media-house conglomerates.

Tell us a little about how the TotemInteractive platform works. What does it enable advertisers to do?

TotemInteractive makes it possible to directly interact with a big digital screen in public spaces using your mobile phone. It can be a game, where you use your mobile as a controller, or a socially engaging voting system for your favourite band during the music festival. Whatever you can image.

Our platform stays hidden behind the scenes, a cloud based system that supports various applications for live screens. It’s a sophisticated enabler, allowing marketers to very easily create and deploy interactive campaigns, without a need to engage substantial resources to prepare, code, test and deploy their own cloud based or local solutions.

How is TotemInteractive different from traditional static display ads?

It is not boring! Our platform transforms traditional ads into something that delivers real value to the consumer. Suddenly, those displays become engaging, fun and an experience sharable with others.
TotemInteractive

You’ve already run a few pilot campaigns. Can you tell us a little about how these worked, and what the results were?

Even though our MVP is still in development phase, we had done a proof of concept campaign during a job fair, at Silesian University of Technology. Our results show that, first of all: people are really keen on interacting with this new type of medium, when the motivation for doing so is clear.

Registering more than 10 engagements per hour, per screen, gives us good reason to believe that such advertising can be much more effective than traditional display ads. Not to mention, that 42% of the people who played our game were willing to share their Facebook data with us through the platform. Try doing something like that with a poster.

You have spent quite a bit of time identifying market needs and exploring different approaches to the market. What has the exploration process revealed that you didn’t know a few months ago?

Major conclusion was that a seed-stage startup will have very hard times when it comes to deployment of a platform across multiple screen networks. We had found out that it is a very capital intense goal, that we simply cannot afford to chase at this moment.


What are your immediate plans for expansion? What does TotemInteractive have planned for the next year?

We want to reach the retail market (in-store digital signage, banking, car dealerships). Gradually we also want to move to the events market. In the next year we want to be recognizable by marketers in CEE and western Europe as these guys that can put their creative, potentially viral, ideas into motion.


Long term, where do you want to be in 5 years?

 Market leader in interactive digital signage! We want to provide marketers not only with technology, but with unsurpassed reach (network aggregation), for their digital outdoor campaigns.

How has StartupYard shaped the company’s growth in the past 3 months? Are there any particular mentors who had an outsized impact on your team, direction, or traction?

Well, StartupYard was immensely helpful in terms of momentum that our business reached during this time. Definitely, mentoring was a revealing and beneficial experience for us. It was about knowledge sharing, feedback (both positive and negative), but also some of the mentors allowed us to enter real sales opportunities that we are chasing at the moment.  Without SY it would not be possible. But not only that: I believe that our business development potential is now multiplied by your expertise in marketing and the power of your network.

boatify

Boatify: Your Boating Experience Platform

The boatify team joined StartupYard this year as our very first team representing Switzerland, and its emerging startup scene. Found and CEO Johannes Röhrenbach is passionate about boating, and lives the dream by making his home a boat on Lake Zurich.

Johannes Röhrenbach, Founder and CEO at Boatify

Johannes Röhrenbach, Founder and CEO at Boatify

The team has set out to build the world’s leading boat-sharing platform, centered around building enjoyable experiences for average people in Zurich, and in ports and harbours around the world. I caught up with Johannes this week to talk in detail about his dreams for the boatify platform.

Hi Johannes, tell us a bit about boatify. How did you come up with the idea?

Well, at the very end of August 2014 a friend of mine invited me on a short cruise on the Lake in Zurich, in the evening´s magic night atmosphere only a lake can have. It was a very old boat – 45 years old -, full of wood, lovely details and a breathtaking charm. And I immediately fell in love.

My friend was living on the boat – the Blue Ocean -, together with his family since the beginning of the summer. But they were considering selling it, since for four people it would have been too small to stay throughout autumn and winter. So I decided to buy it.

Boatify Flagship, The Blue Ocean

Boatify Flagship, The Blue Ocean

It was a quick and spontaneous decision, all of a sudden. I needed to hurry up a lot, doing my skippers’ license and preparing everything to resettle. In the end of September I finally moved onto the boat myself.

Since then I´ve experienced the most magical moments one can imagine: the early morning´s dawn on the lake with the particular calmness the water only has in these hours, playing guitar in softly shaking sunsets, poker session with whisky and cigars – on a boat in the very center of the town. Most of that I experienced only on my own or with good friends – and with a strange feeling that these experiences should really be available for others. This is how I came up with the idea to start a platform, where people can share boating experiences: boatify.

What are some of the other ways that people can currently book boating experiences? Why is boatify better?

See, if you want to go on boat around Zurich, you can whether take a passenger boat, you can rent a pedalo, and in case you have a skipper’s license you can rent a motorboat from one of the few commercial providers – not very nice boats actually, without any charm, and for horrendous prices. There’s basically no access to these thousands of unused private boats around – and no platform offering easy and affordable experiences on boats.

In other locations, yacht charter platforms provide access to boats. But they don’t solve the problem of finding the perfect crew. So sailors use old school forums to connect and plan their trips together. We add the community dimension to the boats: boatify is a service to bring people together onboard. Boat lovers and those who might be ones in the future.

What sorts of features will boatify have in the first year? What can people do with the platform?

It´s all about the experience and the social interaction. Our key approach is to show impressions of interesting boat experiences on the very first visit – and to the right people. On our own website, but also in social networks and further platforms such as Eventbrite or Groupon. You will firstly show interest in an experience, later you can confirm your reservation. If you find something interesting, share it with your friends on Facebook and Co.

Boatify is all about connecting the right people and bringing them together on board, hence user generated content and user profiles play an important role: as boat owner you can find mechanics or other experts – and trusted officers, who care for your boat and the maintenance when you’re away. As officer you can list your own experiences and earn better ranks the more five-star ratings you get, and for the more boats you´ll become accredited for.

And also as a normal user, you can pin outstanding boating spots on the map, suggest itineraries and tell your last unforgettable boating story to the crowd.

We merge the schedules of the boats with the schedules of the experiences and integrate with further booking systems of our partners such as charter companies, so every involved stakeholder can easily manage his/her upcoming bookings.

Building a community around boating is an important part of your mission. Can you tell us more about how you plan to accomplish this?

Johannes in conversation with Executive in Residence Viktor Fischer

Johannes in conversation with Executive in Residence Viktor Fischer

It´s all about visibility. Boat lovers must understand that there’s finally someone bringing their community online.. So we must be on everyone’s mind. We’ll be present at boat clubs and magazines – and on the water of course: In Zurich with the wonderful Blue Ocean and in Berlin with the even more wonderful MS Fitzgerald. We’ll organize outstanding activities like a fleet parade or a boat sharing day, so everybody will talk about us.

It is our magic story we will tell. To build a particular atmosphere and to convince everybody to jump on board with us – as our first 23 early bird officers already did. It´s all about living the boating dream.

To leverage that, this summer we will start the craziest project ever: a Boat-Road-Show. As an international startup and the digital nomads we are, we will prove that it is in fact possible to run a company from wherever you are in the world – even from a boat!

So this is what we’ll do: starting in Barcelona, from July on, we will travel the coast line from Spain and France, to Italy and Sicily, hopping over from harbour to harbour, telling our story, organizing parties and other experiences – and convincing boat owners, skippers and all the others to follow the boatify dream and to continue to start their own boatify businesses.

We need to find the perfect sponsors and we will engage an army of talented interns to come with us to make this blueprint of experience come true.

You’re launching in Zurich. That seems an odd choice for a boating platform. What’s your reasoning, and what’s your growth strategy over the next year or so?

The boat stock in Zurich and the many lakes around is bigger than you think! There are more than 100.000 private boats of all classes existing in Switzerland; additionally Lake of Constance on its own (together with the bigger German and Austrian part) already contains over 65.000 private boats.

Additionally, Zurich is very attractive as a market, not just because it is one of the richest cities in the world, but in particular because the very city center embraces the lake. In summer, there are thousands of people spending time all around on the shore: a great chance to get visibility – especially on an eye-catching boat like the Blue Ocean. Adding some special attractions nobody has seen before, like small concerts from boat to shore, or a Boat-Sharing-Day in addition to the very popular Rooftop-Day will get us a lot of attention.

Our growth strategy: The Boat-Road-Show will give us a lot PR, but it´ll probably take another season until we will have serious operations going on in the Mediterranean Sea. For this summer, we focus our operations towards Lake of Zurich and Lake of Constance, where we want to sell 3000 experiences throughout the year. Our marketing activities all around Europe will bring as a lot of awareness online – and we’ll convert it to business back home in Zurich.

The key for being successful is an interesting portfolio of offers on the supply side, which is why we´ve already gathered most commercial providers of this region on the platform. Now we need to add the experiences on top of the boats, and there we go.

At the same time, we’re preparing to launch in the Mid-East. Our lead officer in Dubai has already organized the first partnerships with charter companies, so that we can test the market in the coming months and start serious operations there from October on – with the beginning of the season.

As with AirBnB and Uber, there are always legal concerns about liability and insurance. How will you give your users and boat owners peace of mind?

I´m a strong believer in and warrior for the Shared Economy! However, many liability and insurance questions still remain unclear across all kinds of solutions. Additionally, traditional businesses such as taxi companies or hotels suffer from smart peer-to-peer platforms all over the world – AirBnB and Uber are the blueprints for it.

But also in our case there´s already a lobby of commercial boat trip companies existing in Berlin, fighting against smaller boat businesses. And that´s not okay! There is so much unused property in this world and it´s not right not to let the majority of society access it – whereas nowadays technologies can make it so easy for us to share.

There remains a lot of work to do to clarify and solve all the open questions and issues. For us and for other shared economy pioneers. But the time has come to make the world a better, fairer and more efficient place – so let´s do it!

Can you talk about some kinds of experiences that users can have on your platform?

Sure! I´d love to! As I´m a hobby musician and play a lot of instruments, the first official boatify experience has been a Jam Session on board a river boat in Prague – three weeks ago. But there can be so much more: Dinner Cruises, for companies or privately, other cultural events like lectures, concerts, maybe even vernissages. On boatify you can buy a ticket for a trip or a venue, like for a boat party or something more special like a speed dating on a boat. Or, you can book entire packages, to celebrate your birthday – or even your wedding on board. Our vision: to enable you to do everything on the water that you could do on land – we want to bring life from land to water! This is also why we’re organizing our Boat-Road-Show: we basically live our idea.

At the same time an experience does not necessarily need to be something outstanding. If you like the water and you want to run your small business as boat skipping teacher without being dependent on a company, or if you want to offer fishing, diving or snorkeling trips, waterski, sightseeing tours, or even just spend your evenings in an exclusive surrounding with some hand picked people: do it with boatify.

It is up to the creativity of our officers: whatever concept you would like to offer on boatify, whatever is most requested in your home region, we’ll give you the tool to realize it.

What opportunities does boatify offer for boating professionals? What about boat owners?

Beside our customers, the two main roles interacting on our platform are boat owners and officers. Boat owners own the property, but often they don’t have time to use their boats. So the boats sit unused – which is actually not very good for a boat. Boats need to be aired, they need to be moved and they need to be continuously run to keep machinery and equipment in proper shape. So what boat owners normally do is to engage marinas or other professional providers to look after their boats, for a lot of money – and in addition to the high maintenance and docking costs.

Owning a boat is almost always a financial drain- sometimes unnexpectedly so. This is what we want to turn around: we want to make a boat not only financially feasible, but even profitable.

And we do it via our officer approach. In building a community of experienced boat enthusiasts, who don’t necessarily need to own a boat themselves, we bring the boat owners in contact on our platform with all the knowledge and capacities they’re lacking. They can get in touch with mechanics and other experts, who will always care for the boat, when the boat owner doesn’t have time himself.

In return, these boat enthusiasts get access to the boats: as soon as an officer becomes certified by us, he can get in contact with all the boat owners in his region; the ones already registered on our platform and new ones he can approach by himself, supported by the boatify team and other officers around. When a boat owner trusts an officer, he can accredit him for his boat and the officer is allowed to operate the boat, to create experience offers and to run his own business with it.

How do you plan to grow usership of your platform in the early stages?

We will provide the best tool to organize yourself around boating, but we must succeed building a particular movement around our platform. We do this gathering as many boat enthusiasts as possible around us and incentivizing them to do so themselves. It will feel extremely cool, to be part of the boatify crew – the more you contribute, the higher your officer rank gets and the greater benefits you get: it´s a kind of gamification factor we use here.

As soon as we´ve proven our concept, we´ll start with our „officer academy program“, hence we will provide the entire life cycle for want-to-be boat lovers: we offer young people the chance to do their skipper license with us for free, training them in all relevant aspects of security and safety and teaching them how to realize the most amazing boat experiences. Then we give them the boats and there they go.

In each region we´ll be active, we’ll employ a lead officer – the Fleet Admiral – organizing all activities and building the community himself: you can partly compare this to the Uber approach, they are an important example for us.

Where do you hope boatify will be in 5 years time?

The overall goal is to create the world´s biggest boating community. In five years we want to be active worldwide, mainly covering our starting market in Europe. We want to become the one tool whenever you think to start or organize something on board. We want to make boating accessible for everyone, to overcome its exclusivity and to take usage of the millions of private boats sitting unused all around the world.

With a properly implemented Sharing Economy concept we want to set an example against unfair distribution of goods and become an important player with a clear code of conduct in an industry that is not organized sustainably at all. The dream is to gain enough power to engage in some of the world´s biggest environmental problems like the pollution of the seas.

How has StartupYard impacted boatify’s development? Have any particular mentors been especially important in getting you to where you are today?

At StartupYard we finally learned to outline the boating experience as the core product on our platform. We had these visions in our minds from the very beginning, but were always pitching boatify as a marketplace solution for boats. With your continuous challenge of our positioning and its execution, Lloyd and Cedric´s, of course, Michal´s and Viktor´s, we’ve now become extremely focused and well-prepared on how to bring our vision to reality.

We had to face some major problems during our time at StartupYard as well – starting development over from scratch after one month. Our dear mentor Vladimir Kozak has helped us a lot in this time and he still is, continuously structuring and challenging all our development approach. We’ve profited a lot from personal introductions and the support of a lot of our mentors, especially Ladana Edwards with her unbeatable supportive friendliness, Daniel Hastik continually feeding us with valuable startup insights and Wallace Green, who helped us in building greatest visions with his endless creativity and enthusiasm.