For the past two and a half years, Defynance has been hard at work creating our student loan refinancing product using income share agreements (ISAs). And while we've been growing and are excited about our future, we decided that it was time to get a little help. Building a product is difficult and you can't do it alone. That's why we decided to apply to a leading startup accelerator. And not just any accelerator, but one of the best in the business, TechStars.
What is an Accelerator?
An accelerator is a program or company that can, well, accelerate your startup. They can help get you ready to grow quicker by providing you with the resources and connections you need to succeed. Many of the people working in accelerators have built a successful business in the past or have worked with many other successful companies, so they know what it takes to make it in this world. The main difference between accelerators and other startup tools, like incubators, is that they have an intense, structured program that typically lasts for 3-6 months.
Another benefit of accelerators is that they often invest in you. That means that they'll provide some funding in exchange for a share of your company. So, they want to see you succeed and will try as hard as they can to make that happen. Since the accelerator becomes a stakeholder, it's in their best interest for your company to thrive. It's also the accelerator telling you that they believe in your team and your product.
What is TechStars?
TechStars is one of the most recognizable and established accelerators out there. Founded in 2006, it was the second seed accelerator to be established, with a goal of helping entrepreneurs succeed. They started with three ideas: entrepreneurs create the future, collaboration drives innovation, and great ideas can come from anywhere. This led to them investing in more than 2,300 companies over the last 15 years. And it all started in Boulder in 2007 with the opening of their first accelerator. This location alone has helped over 150 companies grow.
The TechStars program features three months of intense programming to help your company succeed. The first month is all about helping you grow your network and finding the perfect mentors for you to succeed. In month two, you start to execute on goals you made at the beginning of the program and tracking your progress. And the final month is all about funding strategy and showing off your business. The program is structured to help a business succeed and so far 85% of graduates have been acquired or are still active.
Why TechStars Boulder is Perfect for Defynance?
So why would TechStars be a perfect fit for Defynance? Well we know they're some of the best in the business at helping companies grow and as an early-stage startup, their program would be valuable to our growth. Boulder specifically has some of the best mentors who have been there and done that. Connecting with these mentors and this program offers invaluable experience to a team like Defynance. To top it off, the Managing Director of the Boulder program, Andres Barreto has first-hand experience with ISAs. We have a fully committed team who's passionate about solving the student debt crisis and now the experience and global network of TechStars will bring us over the edge.
So why have we spent so much time talking about TechStars and Boulder? It's because we have some pretty big news: We were accepted to TechStars Boulder's 2021 cohort! We're excited and thankful for this opportunity. We're glad that we have someone like TechStars backing us and can't wait to learn from them and become part of their great legacy.
