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    How To Get Accepted Into A SaaS Acceralator and Get Funded with Forum VC founder Michael Cardamone

    enOctober 19, 2021
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    About this Episode

    Michael Cardamone, CEO of Forum Ventures, talks about what he considers in potential SaaS investments and his lessons from the industry. Get more insights from the podcast.

    Form Ventures is a leading B2B SaaS focus accelerator that helps early-stage businesses grow and scale. They have invested 50 million USD in over 250 companies, with their portfolio hitting an approximate valuation of 3 billion USD. Join the podcast and listen to Michael as he tells Geordie about his journey. 

    What You’ll Learn

    • How the Forum Ventures seed fund works
    • How to know a great founder
    • What companies need to succeed during the accelerator program
    • The framework that Forum Ventures use to help companies track KPIs (Key Performance Indicators)
    • Why do companies join accelerator programs
    • Which is the ideal place to source a SaaS company?

    In this Episode:

    Forum Ventures was recently rebranded from Acceleprise, an accelerator B2B SaaS which has been in existence for close to seven years. Michael says they come in at the early stage of a business and run a four-month associate-based program acting as a continuation of the founding team.

    Forum Ventures helps companies devise the right market strategy to identify their ideal customers and edge closer to getting funding. Forum also has a seed fund where they invest in institutional seed rounds. Listen to the podcast to understand how the seed fund works.

    The core part of the business is to invest $100,000 to each company that joins the accelerator program. While they may not have enough capital to invest in every company that sets up a seed round from the accelerator program, they strive to invest in companies outside the accelerator.

    Michael and his team consider various factors when deciding who to recruit in the accelerator program. First, they look for companies that are in the earliest stages of their operations. To understand a company’s product and vision, Forum works closely with the founders whose product may be in the early stages but not fully developed. Some of them may have customers while others may not. Michael defines that stage in detail, and you can learn all about it from the podcast.

    Much of what Forum Ventures does is focus on the team and the market opportunity. When looking for a team, Forum considers their founder market fit and tries to understand what they know about the problem they are solving or their target market. They also seek to determine how great the founders are; a term Michael says he detests. Find out his reasons from the podcast.

    According to Michael, you do not know a good founder. Instead, he says they determine the characteristics that a great founder and leader would have. Listen to Michael as he gives an in-depth explanation of these traits.

    How big or small should a team be to qualify for the Forum Ventures accelerator program? Michael says they do not have complicated rules regarding the team’s size as long as they have an excellent market fit and understand their products extensively. Michael mentions some common traits that make companies successful during the accelerator program in this podcast.

    Forum Ventures has a structure that helps companies track their KPIs, which Michael says is different for each company. Get details of how the structure works from the podcast. To acquire the $100,000 funding, companies give up 7.5% equity to Forum Ventures. This arrangement may not make much sense to all companies, but it works for a significant number of companies, according to Michael.

    Forum has carved a niche in the industry as a reliable provider capable of acquiring more funding for the companies after the accelerator program. Michael gives some practical examples in the podcast.

    Michael says the $100,000 capital that companies joining the accelerator program get should last for the entire four-month program. He also mentions what a company should achieve at the end of the program in terms of performance. Get all the details from the podcast.

    The SaaS industry is fast becoming overly competitive. What criteria does Forum Ventures use to determine a company’s potential for success? Michael says they focus on five things: vertical SaaS, the future of work, supply chain logistics, and FinTech, insurance, and tech-based stuff.

    Michael explains these concepts in detail, complete with illustrations. He concludes the podcast by mentioning that while angel investing can be great, it’s one industry where being connected to the ecosystem is critical. Investors should also know that some of the companies may not work. If you are new to angel investing, consider doing it in angel groups where you can learn and gain experience before risking your money, he says.

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    In This Episode

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    Tammy narrates how she met Geordie, with whom they had an easy conversation. She says Geordie made her comfortable even though she was not conversant with software-related terms. Find out how Tammy and Geordie’s development team collaborated to build the app. 

    Geordie highlights how they struggled with finding the ideal sequence because they needed to configure the iOS operating system. At some point, they encountered particular regulations that barred changes on iOS. How did Tammy navigate that phase?

    She remembers one specific week when accessing her account on App Store was impossible for two weeks. However, despite the challenges, Tammy says everything worked satisfactorily because it allowed their developers to focus on the complexities of the application. That phase gave them sufficient time to prepare the app for launch. 

    Every entrepreneur struggles with the fear of the unknown, and Tammy was not an exception. Sometimes she feared that the app would never go live. However, she was certain she could keep pushing until her dreams actualized.

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    When Tammy started developing the You Shield idea, she had not emphasized sexual harassment. However, her niece was recently harassed sexually at school, which made her regret for not activating her niece’s Shield activated.

    In today’s world, where insecurity is rising exponentially, every teenager can benefit from using the You Shield app. Do you have privacy concerns regarding this app? Tammy says only app users can playback recordings from their devices.

    Further, they don’t collect the user’s information. Such data is only necessary for activating the app. She also discussed their payment plans in the podcast. If you are interested in the app, do not miss this podcast section. 

    This app is meant for both teenagers and adults as well. Tammy says you can never predict when something happens to you and insists that having the app can rescue you from risky situations. One of the most interesting features of this application is that victims can call out for help without their attackers knowing. 

    If you are an aspiring app developer, Tammy says documenting your dreams about the project is crucial. She says potential app developers should create recordings, draw their plans, and write down their expectations. Collaborating with trustworthy people with whom you can easily communicate is also crucial during the development process. 

    Your Shield app is only available on iOS, but Tammy says they are working on availing it for Android users soon. 

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