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The number of accelerators and incubators helping startups get off the ground has exploded. But none have the same mythical aura of Y Combinator. Airbnb, Coinbase, and Dropbox are among the 5,000 startups that have been through the program, which has helped to bring the total value of participants’ companies to an astronomical $600 billion.
That’s why it was so special for entrepreneur Kim Rants when he landed in San Francisco shortly before Christmas. He is the co-founder of Alice.tech, which is among the one per cent of applicants accepted into the acceleratorAn accelerator is an intensive program that provides startups with mentorship, education, resources, and sometimes funding to accelerate their growth. More.
“It’s been a very different Christmas and New Year. I worked both the 31st and the first of January. But it’s once in a lifetime that you get to try this, so now we’re going full throttle,” says Kim Rants, who is following in the footsteps of just 15 other Danish startups – including Soundboks and Female Invest.
With the intensive program and a $500,000 investment that comes with it, the company hopes to kick-start the rollout in the US.
10 minutes interview: Now the team is moving to the US
Only 1% of applicants to Y Combinator make it through the eye of the needle. That’s why Kim Rants calls it a bit opportunistic that he applied at all. But out of 10,000 applicants, they made it through to the very special admission interview that took place in November.
“It was a very special interview. It’s really 10 minutes, and it’s rapidfire. There is no small talk. You get on the call and then some partners from YC (Y Combinator, ed.) are shooting, and you have to answer as clearly and precisely as possible,” says Kim Rants and continues:
“To be honest, I didn’t think we would get in because I had a really bad feeling, but it was probably the format.”
Just 14 hours after the call, he received a call from his partner at Y Combinator congratulating him on his acceptance. The euphoria could spread in the Copenhagen office – before all the practicalities of actually coming to the US took over. Even though the program is only for founders, Kim Rants wanted the whole team to move to the US where they could live and work together during the program.
“I want to create a unique startup experience, so the whole team has actually come over here. I hope it will make us a much better team and bring us closer together – because we will definitely get to know each other better and share an unforgettable and unique experience together,” he says.
Rapid growth is required
As a participant in Y Combinator, Alice.tech has been in the company of elite startups from around the world. Speakers during the program include founders of Airbnb, OpenAI and Coinbase. As part of the format, participants in groups constantly set ambitious goals for what they want to achieve during the intense program. For Alice.tech, the goal is to get the first users in the US in the first 14 days – and get at least 500 US users in just two months.
“The goal is to become a global winner based in Denmark – so we’re definitely not forgetting the Danish market. We are ready for the extremely tough task of growing in the US in two months,” says Kim Rants, adding that the process has greatly accelerated the startup’s expansion plans:
“Our old mindset was that Denmark was our sandbox, where we would refine our product and then raise money in a new country at the end of the year. Joining YC has accelerated how quickly we need to go international. That’s why the whole team is in the US now, and it will be a bit of a test. But if we succeed, it could very quickly become an even more enjoyable journey,” says Kim Rants.
Diary from Alice.tech in Y Combinator
Leading up to the final Demo Day in March, where investors are ready to invest in the coveted YC startups, you can follow Alice.tech’s journey through a bi-weekly diary from Kim Rants here on TechSavvy.media. Keep an eye on the front page or sign up to our newsletter to make sure you don’t miss anything.
