The #1 generalist accelerator in Slovenia partnered up with FFA

Overview

ABC Accelerator (ABC) is a 4-month seed stage accelerator program backed by a number of private and institutional investors from Slovenia and the Balkans. Since its launch in 2015, ABC graduated 100+ startups in 5 batches. Some notable alumni from this program are Viberate (successful ICO of USD 10M+ in 5 minutes, read here for more infos) and FruttaWeb (competing with Amazon Fresh in Europe, growing at double digits) to name a few. They opened two new locations in Germany and Silicon Valley to further support the graduated companies.

FFA supported (and is still supporting) ABC on all topics regarding multichannel growth, delivering both workshops and 1-1 mentoring and support to all the batches.

The Growth Days package was delivered to every batch in the program and ABC and FFA have been contemplating about expanding the range of services into investor roadshows and advisory-related activities.

Project
Client: ABC Accelerator
Sector: Accelerators
Product: Accelerator Program
Web: www.abc-accelerator.com

Project summary

Service: Program Strategy & Management / Venture Mentoring & Advisory
Outcome
– Workshops and mentoring to all batches since 2015
– Named top mentors in the program for 4 consecutive times
– Startup successes with FFA support

“ Frank from FFA has been one of our best-rated mentors since 2015 and his knowledge and experience have been of great value to our startups.“

Ksenja Jaklic | Program Coordinator | ABC Accelerator

PROBLEMS & CHALLENGES

Multichannel Growth: Slovenia and the Balkans being an emerging startup ecosystem lack certain hard skills and experience related to international growth mechanics (typical of a pre-Series A scaleup) that challenge the further existence of startups once they leave the seed accelerators. “The Series A crunch” in Europe is also reflecting this fact and not many startups reach scaleup status and produce the required unit economics to solidly produce a  growth VC-backable investment case.

ACTIONS & SOLUTIONS

Growth Days: For all batches since 2015 we provided our highly interactive and high-octane Growth Days Program (part of our Business & Expert Support for Accelerators) providing a mix of
a) Onsite Workshops (based on real startup/scaleup cases of the FFA portfolio)
b) Onsite 1-1 mentoring (lasting around 1 hour each)
c) Remote 1-1 mentoring + follow up (to resolve specific questions, problems or challenges of each specific startup

With the mix of onsite and remote work with the startups, gives an unique opportunity to get the most out of the face2face activities (building trust via direct engagement) and the efficiency and low-cost setup of remote activities.

The sectors of the batches included:
– Smart Cities
– Smart Living & Health
– Commercial Tech
– IoT / IoE
– Intelligent Things (Hardware & Smart Devices)
– Deep Tech

During the onsite growth workshop we highlight the growth process in startups and scaleups and show how it can be implemented in lean way matching the classic agile/scrum approaches of product development of startups.

During the onsite 1-1 mentoring each startup goes through their specific problem related to potential growth (or for earlier staged companies, related to their product-market fit). We highlight both problems in strategy, process and operations and try to provide valuable information about tools, best practices or resources that the startup can use.

During the remote 1-1 mentoring we provide a quick and effective opportunity to follow up on the suggestions provided during the onsite mentoring and can quickly provide further guidance. This gives continuity in the collaboration and adds high marginal value for relatively low marginal effort (and costs).

IMPACT & OUTCOME

We have been involved in all the batches since 2015, with 2 batches each year and 20 startups in  each batch). You can find more information about the programs on the ABC website and about the alumni on the ABC Alumni website and here below.

Some notable names of startups include:

  • Viberate The first ever blockchain-based live music marketplace (Successful ICO raised USD 10M+ in 2017)
  • FruttaWeb Fresh vegetables and fruit marketplace (double digit monthly growth – 7-figure revenues and growing – competing with Amazon Fresh before European market entry)