Going Through a Tech Accelerator in the Time of COVID-19
When we sat down to discuss whether to accept the invitation to join the Berkeley SkyDeck’s Spring Cohort 2020, we knew it would be a big change for the business as well as for us personally. But we didn’t know how big it would really be.
Being based and well-connected in Southern California, we applied mainly to get a source of significant funding. We put good effort into the application, but we never really considered SkyDeck to be “real” — until the acceptance email hit my inbox.
My cofounders and I gathered in our Newport Beach headquarters where we lived together and prepared a flip chart with all the pros and cons that we could think of. The $105,000 cash injection for Wing AI was by far the most attractive benefit that we were seeing, trumping everything else including access to UC Berkeley talent, an established advisor network, and access to investors.
However, geographically separating our team (co-founder Martin and two other team members had to remain in Southern California to finish their school programs), largely abandoning our UC Irvine incubator, and bearing a significantly higher cost of living weighed heavily against it. We were also skeptical about SkyDeck’s funding terms (looking back, this was the most ridiculous concern we could possibly have :D).
Only a quantitative analysis weighing all factors of the decision brought clarity: With a score of “20 Pros” and “12 Cons”, we decided to accept SkyDeck’s invitation.
Looking back, I am astonished by how much we underestimated the caliber of the SkyDeck program. Now, with only a few weeks left until Demo Day, I know that it has been a gamechanger for the development of our business. The program has been a huge success despite being entirely remote!
- In light of the global pandemic, SkyDeck’s $105K investment provided invaluable financial stability. It enabled us to build our business without being concerned about cashflow or wasting time pitching to investors in our early stages.
- Interactive workshops with well-regarded founders and professionals from renowned companies helped us better understand our business and where we have to focus our efforts to become successful.
- First-hand access to an incredible network of corporate contacts helped us to get both advice and traction.
- A network of highly experienced and well-connected advisors supported us with quality advice, forging connections, help with hiring talent, and convincing investors.
- The familial community of SkyDeck founders and alumni provided us with incredible first-hand feedback and functioned as a sounding board for any tough decisions.
- The proximity to UC Berkeley’s brilliant student body has helped us hire 5 fantastic summer interns who were invaluable for the growth of Wing AI.
These main drivers took us to the next level to be ready for seed funding, which is why I highly recommend any startup that has not yet received seed funding to apply to SkyDeck.
I personally helped seven entrepreneurs in my network to apply to the coming cohort because I am 100% confident that becoming part of SkyDeck will make an incredible difference to all of them.
SkyDeck literally accelerated us — joining the Spring 2020 cohort was the absolute best decision we made to this day. For any startup founders curious to check out more about SkyDeck, you can visit their website.