all right welcome to hit module 28 you can enter hunger strikes I know we were
can enter hunger strikes I know we were
can enter hunger strikes I know we were off last week and we can explain that
off last week and we can explain that
off last week and we can explain that but we’re back on this 20th show with a
but we’re back on this 20th show with a
but we’re back on this 20th show with a special guest I’m your host ashcan
special guest I’m your host ashcan
special guest I’m your host ashcan Carver solution and joining me is Ian
Carver solution and joining me is Ian
Carver solution and joining me is Ian Geoffrey from founder fuel Ian welcome
Geoffrey from founder fuel Ian welcome
Geoffrey from founder fuel Ian welcome to the show thanks for having me so
to the show thanks for having me so
to the show thanks for having me so let’s get right to it um when I started
let’s get right to it um when I started
let’s get right to it um when I started my career online about 10 12 13 years
my career online about 10 12 13 years
my career online about 10 12 13 years ago we would always hear about these
ago we would always hear about these
ago we would always hear about these incubators CMG I was one of them that
incubators CMG I was one of them that
incubators CMG I was one of them that spawn altavista idea lab is another one
spawn altavista idea lab is another one
spawn altavista idea lab is another one that spawned go to now overture so what
that spawned go to now overture so what
that spawned go to now overture so what is an incubator and what is an
is an incubator and what is an
is an incubator and what is an accelerator there are many differences
accelerator there are many differences
accelerator there are many differences the first and most obvious difference is
the first and most obvious difference is
the first and most obvious difference is that in it accelerator program we bring
that in it accelerator program we bring
that in it accelerator program we bring in teams all on the same day and they
in teams all on the same day and they
in teams all on the same day and they all leave at the same day and if the
all leave at the same day and if the
all leave at the same day and if the program finishes with a large event
program finishes with a large event
program finishes with a large event which we call demo day so that’s the
which we call demo day so that’s the
which we call demo day so that’s the first really obvious distinction so in
first really obvious distinction so in
first really obvious distinction so in the accelerator we provide a lot of a
the accelerator we provide a lot of a
the accelerator we provide a lot of a variety of tools and a lot of
variety of tools and a lot of
variety of tools and a lot of opportunities to an ecosystem of mentors
opportunities to an ecosystem of mentors
opportunities to an ecosystem of mentors and the teams come in and it’s up to
and the teams come in and it’s up to
and the teams come in and it’s up to them to seize those opportunities and
them to seize those opportunities and
them to seize those opportunities and execute on those opportunities as
execute on those opportunities as
execute on those opportunities as quickly as possible all in a very
quickly as possible all in a very
quickly as possible all in a very condensed short amount of time those 30
condensed short amount of time those 30
condensed short amount of time those 30 days leading up to them are they so
days leading up to them are they so
days leading up to them are they so that’s the first big difference the
that’s the first big difference the
that’s the first big difference the other big difference is that in the
other big difference is that in the
other big difference is that in the accelerator model the teams will come to
accelerator model the teams will come to
accelerator model the teams will come to us with an existing product usually in
us with an existing product usually in
us with an existing product usually in market sometimes with with significant
market sometimes with with significant
market sometimes with with significant traction sometimes even with revenue
traction sometimes even with revenue
traction sometimes even with revenue which is not the case in most incubators
which is not the case in most incubators
which is not the case in most incubators an incubator will be often you know you
an incubator will be often you know you
an incubator will be often you know you and I have complementary experiences or
and I have complementary experiences or
and I have complementary experiences or skill sets we go in there and we sort of
skill sets we go in there and we sort of
skill sets we go in there and we sort of incubate and try to find an idea that a
incubate and try to find an idea that a
incubate and try to find an idea that a product to build and we get started
product to build and we get started
product to build and we get started building it this is not the case of the
building it this is not the case of the
building it this is not the case of the accelerator now is the incubator model
accelerator now is the incubator model
accelerator now is the incubator model broken or is this just like the way now
broken or is this just like the way now
broken or is this just like the way now everybody’s excited about pivots and you
everybody’s excited about pivots and you
everybody’s excited about pivots and you know like is this the latest fad or was
know like is this the latest fad or was
know like is this the latest fad or was the incubator model just broke in and
the incubator model just broke in and
the incubator model just broke in and people thought it made sense to
people thought it made sense to
people thought it made sense to accelerate stuff no I think in certain
accelerate stuff no I think in certain
accelerate stuff no I think in certain spaces the incubator work still very
spaces the incubator work still very
spaces the incubator work still very well and
well and
well and our world in the web world where exactly
our world in the web world where exactly
our world in the web world where exactly you mentioned it where you know we’re
you mentioned it where you know we’re
you mentioned it where you know we’re launching something that’s not perfect
launching something that’s not perfect
launching something that’s not perfect putting it out in the wild getting
putting it out in the wild getting
putting it out in the wild getting feedback from the users constantly
feedback from the users constantly
feedback from the users constantly adjusting and iterating very very
adjusting and iterating very very
adjusting and iterating very very quickly the accelerator accelerator
quickly the accelerator accelerator
quickly the accelerator accelerator model makes a lot of sense in that space
model makes a lot of sense in that space
model makes a lot of sense in that space so the incubator still has its role but
so the incubator still has its role but
so the incubator still has its role but not so much we feel in in the web and
not so much we feel in in the web and
not so much we feel in in the web and mobile space okay now we’ve heard of Y
mobile space okay now we’ve heard of Y
mobile space okay now we’ve heard of Y Combinator out in the valley and we’ve
Combinator out in the valley and we’ve
Combinator out in the valley and we’ve heard of tech stars and I think there’s
heard of tech stars and I think there’s
heard of tech stars and I think there’s a group in boulder colorado which has
a group in boulder colorado which has
a group in boulder colorado which has become a startup hub over the past few
become a startup hub over the past few
become a startup hub over the past few years founder fuels based in montreal
years founder fuels based in montreal
years founder fuels based in montreal yep so my question is how is this
yep so my question is how is this
yep so my question is how is this different from those is it really just
different from those is it really just
different from those is it really just that this is based in montreal or have
that this is based in montreal or have
that this is based in montreal or have you looked at those models and said some
you looked at those models and said some
you looked at those models and said some of these things are broken and some of
of these things are broken and some of
of these things are broken and some of these things make sense we’re going to
these things make sense we’re going to
these things make sense we’re going to borrow and inspire from some steel and
borrow and inspire from some steel and
borrow and inspire from some steel and and you know duplicate in montreal like
and you know duplicate in montreal like
and you know duplicate in montreal like tell us a little bit about what similar
tell us a little bit about what similar
tell us a little bit about what similar what’s different yeah we’ve had a good
what’s different yeah we’ve had a good
what’s different yeah we’ve had a good fortune throughout everyone at real
fortune throughout everyone at real
fortune throughout everyone at real ventures was involved in this to have
ventures was involved in this to have
ventures was involved in this to have been exposed to Y Combinator to text
been exposed to Y Combinator to text
been exposed to Y Combinator to text stars but also in Europe to Seedcamp
stars but also in Europe to Seedcamp
stars but also in Europe to Seedcamp springboard and multiple other
springboard and multiple other
springboard and multiple other accelerators around the world TechStars
accelerators around the world TechStars
accelerators around the world TechStars and YC are really the I’d say the
and YC are really the I’d say the
and YC are really the I’d say the pioneers and the leaders in the pack
pioneers and the leaders in the pack
pioneers and the leaders in the pack because there’s got to be at least 30 of
because there’s got to be at least 30 of
because there’s got to be at least 30 of these in the world and so we’ve had the
these in the world and so we’ve had the
these in the world and so we’ve had the good fortune to look at these and
good fortune to look at these and
good fortune to look at these and participate in these in different
participate in these in different
participate in these in different different ways pick and choose things
different ways pick and choose things
different ways pick and choose things that we like bring them and adjust them
that we like bring them and adjust them
that we like bring them and adjust them to you know how we think it should be
to you know how we think it should be
to you know how we think it should be done so it’s clearly inspired from those
done so it’s clearly inspired from those
done so it’s clearly inspired from those models but we we all do different things
models but we we all do different things
models but we we all do different things and you know we think that we’ve
and you know we think that we’ve
and you know we think that we’ve definitely found a formula that makes
definitely found a formula that makes
definitely found a formula that makes this the world-class accelerator okay so
this the world-class accelerator okay so
this the world-class accelerator okay so i want to touch more on founder fuel and
i want to touch more on founder fuel and
i want to touch more on founder fuel and ask you specific questions then later on
ask you specific questions then later on
ask you specific questions then later on on on the accelerator model but you
on on the accelerator model but you
on on the accelerator model but you mentioned real ventures so what’s real
mentioned real ventures so what’s real
mentioned real ventures so what’s real ventures tell us a little bit about that
ventures tell us a little bit about that
ventures tell us a little bit about that so real ventures is an early stage seed
so real ventures is an early stage seed
so real ventures is an early stage seed fund here in montreal canada it’s the
fund here in montreal canada it’s the
fund here in montreal canada it’s the one of the most active funds in canada
one of the most active funds in canada
one of the most active funds in canada and the idea of founder fuel came
and the idea of founder fuel came
and the idea of founder fuel came originally from real ventures I think
originally from real ventures I think
originally from real ventures I think it’s already been you know three years
it’s already been you know three years
it’s already been you know three years three years already and we so I joined
three years already and we so I joined
three years already and we so I joined real ventures last year of 2010 and my
real ventures last year of 2010 and my
real ventures last year of 2010 and my main role with real ventures
main role with real ventures
main role with real ventures to bring found and fuel to life and to
to bring found and fuel to life and to
to bring found and fuel to life and to manage it now Israel ventures the first
manage it now Israel ventures the first
manage it now Israel ventures the first round from the principles or was there
round from the principles or was there
round from the principles or was there like a first fund yeah the before we
like a first fund yeah the before we
like a first fund yeah the before we adventures it was a fun common trail
adventures it was a fun common trail
adventures it was a fun common trail startup which then one of the biggest
startup which then one of the biggest
startup which then one of the biggest successes is beyond the rack so real
successes is beyond the rack so real
successes is beyond the rack so real ventures is a follow-on fun to to
ventures is a follow-on fun to to
ventures is a follow-on fun to to Montreal startup yeah I remember a few
Montreal startup yeah I remember a few
Montreal startup yeah I remember a few years ago you say three years i remember
years ago you say three years i remember
years ago you say three years i remember i think it was 2007 and I was pitching
i think it was 2007 and I was pitching
i think it was 2007 and I was pitching at a the audience was all tech investors
at a the audience was all tech investors
at a the audience was all tech investors right so here I come I’m like
right so here I come I’m like
right so here I come I’m like montreal-based video producer media
montreal-based video producer media
montreal-based video producer media company and I was like none of these
company and I was like none of these
company and I was like none of these audiences are going to even give a damn
audiences are going to even give a damn
audiences are going to even give a damn but anyway and that’s when I actually
but anyway and that’s when I actually
but anyway and that’s when I actually met one of the the founders of Montreal
met one of the the founders of Montreal
met one of the the founders of Montreal startup and real ventures partners at
startup and real ventures partners at
startup and real ventures partners at John Stokes I remember he came up to me
John Stokes I remember he came up to me
John Stokes I remember he came up to me with his british accent and he’s like
with his british accent and he’s like
with his british accent and he’s like basically yeah I’ve come from Europe he
basically yeah I’ve come from Europe he
basically yeah I’ve come from Europe he was like I’ve spent some time in Japan
was like I’ve spent some time in Japan
was like I’ve spent some time in Japan and he’s like I’m gonna go up to these
and he’s like I’m gonna go up to these
and he’s like I’m gonna go up to these largely french canadian investors and
largely french canadian investors and
largely french canadian investors and tell him to give me money to invest it
tell him to give me money to invest it
tell him to give me money to invest it in startups and i was standing there
in startups and i was standing there
in startups and i was standing there going like I don’t know who’s crazier
going like I don’t know who’s crazier
going like I don’t know who’s crazier this guy for thinking he can do that or
this guy for thinking he can do that or
this guy for thinking he can do that or Lou for thinking I could build a video
Lou for thinking I could build a video
Lou for thinking I could build a video content company but I mean I give him
content company but I mean I give him
content company but I mean I give him his initial partner Daniel and the team
his initial partner Daniel and the team
his initial partner Daniel and the team had real ventures I mean it is
had real ventures I mean it is
had real ventures I mean it is impressive how much things have changed
impressive how much things have changed
impressive how much things have changed I remember I don’t know if this was the
I remember I don’t know if this was the
I remember I don’t know if this was the post that ultimately led to them hiring
post that ultimately led to them hiring
post that ultimately led to them hiring you but i remember when they put up a
you but i remember when they put up a
you but i remember when they put up a job application for like an associate
job application for like an associate
job application for like an associate for real ventures and i remember going
for real ventures and i remember going
for real ventures and i remember going like men if a 99 when i finished from
like men if a 99 when i finished from
like men if a 99 when i finished from business school this kind of job did not
business school this kind of job did not
business school this kind of job did not exist in montreal you had a few VCS who
exist in montreal you had a few VCS who
exist in montreal you had a few VCS who are like okay once you had you know 20
are like okay once you had you know 20
are like okay once you had you know 20 million in revenue and five million in
million in revenue and five million in
million in revenue and five million in free cash flow will invest in your
free cash flow will invest in your
free cash flow will invest in your company no but there was no such thing
company no but there was no such thing
company no but there was no such thing so I think locally you know depending on
so I think locally you know depending on
so I think locally you know depending on who’s watching this locally there’s
who’s watching this locally there’s
who’s watching this locally there’s going to be some people who are like oh
going to be some people who are like oh
going to be some people who are like oh my god Montreal is still not san fran or
my god Montreal is still not san fran or
my god Montreal is still not san fran or New York but considering if you just
New York but considering if you just
New York but considering if you just sort of take a step back and go how much
sort of take a step back and go how much
sort of take a step back and go how much things have changed in the city yeah in
things have changed in the city yeah in
things have changed in the city yeah in this country over the last 10-15 years
this country over the last 10-15 years
this country over the last 10-15 years it’s a bit crazy okay so you touched on
it’s a bit crazy okay so you touched on
it’s a bit crazy okay so you touched on real ventures yeah beyond the rack very
real ventures yeah beyond the rack very
real ventures yeah beyond the rack very successful from Montreal startup real
successful from Montreal startup real
successful from Montreal startup real ventures I follow a few the company’s a
ventures I follow a few the company’s a
ventures I follow a few the company’s a bit of this clip disclosure I’m actually
bit of this clip disclosure I’m actually
bit of this clip disclosure I’m actually one of the mentors part of founder fuels
one of the mentors part of founder fuels
one of the mentors part of founder fuels so let’s focus and double click on
so let’s focus and double click on
so let’s focus and double click on founder fuel okay the mentors yep you
founder fuel okay the mentors yep you
founder fuel okay the mentors yep you add a first batch you call them the
add a first batch you call them the
add a first batch you call them the cohort group so tell us
cohort group so tell us
cohort group so tell us what worked and what didn’t work and
what worked and what didn’t work and
what worked and what didn’t work and what you improved yeah for the second
what you improved yeah for the second
what you improved yeah for the second match well I think the you know I’m
match well I think the you know I’m
match well I think the you know I’m speaking to probably about all
speaking to probably about all
speaking to probably about all accelerator programs our biggest
accelerator programs our biggest
accelerator programs our biggest challenge is to get the mentors involved
challenge is to get the mentors involved
challenge is to get the mentors involved as much as possible so we have
as much as possible so we have
as much as possible so we have discharged we have a hundred and twenty
discharged we have a hundred and twenty
discharged we have a hundred and twenty mentors on board so one of my main
mentors on board so one of my main
mentors on board so one of my main responsibility is to make sure that
responsibility is to make sure that
responsibility is to make sure that these people are coming in and seeing
these people are coming in and seeing
these people are coming in and seeing the teams as much as possible so with
the teams as much as possible so with
the teams as much as possible so with this new cohort we were doing a lot of
this new cohort we were doing a lot of
this new cohort we were doing a lot of things to make sure that the mentors
things to make sure that the mentors
things to make sure that the mentors have more opportunities to come in and
have more opportunities to come in and
have more opportunities to come in and it teams more opportunities by default
it teams more opportunities by default
it teams more opportunities by default to connect with the mentors so very
to connect with the mentors so very
to connect with the mentors so very early on in the program as you know we
early on in the program as you know we
early on in the program as you know we do this large event where we invite all
do this large event where we invite all
do this large event where we invite all mentors to come into my shell and this
mentors to come into my shell and this
mentors to come into my shell and this is the first time that they get exposed
is the first time that they get exposed
is the first time that they get exposed to the mentors so the team search
to the mentors so the team search
to the mentors so the team search interrupts you mentioned that what
interrupts you mentioned that what
interrupts you mentioned that what percentage are montrell base of the
percentage are montrell base of the
percentage are montrell base of the mentors and what percentage are I would
mentors and what percentage are I would
mentors and what percentage are I would say the majority of from Montreal maybe
say the majority of from Montreal maybe
say the majority of from Montreal maybe sixty percent but then we have some from
sixty percent but then we have some from
sixty percent but then we have some from Europe we have some from the valley in
Europe we have some from the valley in
Europe we have some from the valley in New York all across Canada of course
New York all across Canada of course
New York all across Canada of course Waterloo Vancouver so I’d say that you
Waterloo Vancouver so I’d say that you
Waterloo Vancouver so I’d say that you know we have a really wide reach and
know we have a really wide reach and
know we have a really wide reach and that’s that’s important because when it
that’s that’s important because when it
that’s that’s important because when it teams have challenges they need to be
teams have challenges they need to be
teams have challenges they need to be able to have resources all over the
able to have resources all over the
able to have resources all over the world so we do have you know and say
world so we do have you know and say
world so we do have you know and say about fifty to sixty percent of Montreal
about fifty to sixty percent of Montreal
about fifty to sixty percent of Montreal but the rest are international good sup
but the rest are international good sup
but the rest are international good sup sorry I interrupted you were talking
sorry I interrupted you were talking
sorry I interrupted you were talking about things that you changed yeah from
about things that you changed yeah from
about things that you changed yeah from the person so I always talked about
the person so I always talked about
the person so I always talked about mentor day which is when the mentors
mentor day which is when the mentors
mentor day which is when the mentors come in and I’ll meet the teams it’s the
come in and I’ll meet the teams it’s the
come in and I’ll meet the teams it’s the first time that they meet but after that
first time that they meet but after that
first time that they meet but after that you know we we scheduled on a weekly
you know we we scheduled on a weekly
you know we we scheduled on a weekly basis which is a bit different from last
basis which is a bit different from last
basis which is a bit different from last time office hours ahead of time so any
time office hours ahead of time so any
time office hours ahead of time so any week we’ll have between five or six
week we’ll have between five or six
week we’ll have between five or six mentors that are either in Montreal in
mentors that are either in Montreal in
mentors that are either in Montreal in person if they’re local or via Skype
person if they’re local or via Skype
person if they’re local or via Skype available for office hours and we
available for office hours and we
available for office hours and we schedule these with the teams so they’re
schedule these with the teams so they’re
schedule these with the teams so they’re meeting mentors all the time we’re doing
meeting mentors all the time we’re doing
meeting mentors all the time we’re doing the same thing with VCS and angels so we
the same thing with VCS and angels so we
the same thing with VCS and angels so we call them investor office hours so the
call them investor office hours so the
call them investor office hours so the teams get very early exposure to the
teams get very early exposure to the
teams get very early exposure to the investors right off the bat we also do
investors right off the bat we also do
investors right off the bat we also do happy hours every other week where all
happy hours every other week where all
happy hours every other week where all the mentors are involved so every other
the mentors are involved so every other
the mentors are involved so every other Thursday we all go for a drink
Thursday we all go for a drink
Thursday we all go for a drink unwind and it’s a good opportunity for
unwind and it’s a good opportunity for
unwind and it’s a good opportunity for the teams to meet the mentors you know
the teams to meet the mentors you know
the teams to meet the mentors you know in a less formal setting even though
in a less formal setting even though
in a less formal setting even though we’re not very far you want an investor
we’re not very far you want an investor
we’re not very far you want an investor to take out his checkbook just get a
to take out his checkbook just get a
to take out his checkbook just get a moist exactly work so a lot of things a
moist exactly work so a lot of things a
moist exactly work so a lot of things a lot more I guess the general theme is
lot more I guess the general theme is
lot more I guess the general theme is getting in as many investors as possible
getting in as many investors as possible
getting in as many investors as possible for with less so perhaps how did I say
for with less so perhaps how did I say
for with less so perhaps how did I say so actually seeing more mentors less
so actually seeing more mentors less
so actually seeing more mentors less often and seeing the same mentors more
often and seeing the same mentors more
often and seeing the same mentors more often okay good stuff we’re gonna take a
often okay good stuff we’re gonna take a
often okay good stuff we’re gonna take a short break we’re going to come back on
short break we’re going to come back on
short break we’re going to come back on ask you a few questions about your
ask you a few questions about your
ask you a few questions about your background I want you to you know start
background I want you to you know start
background I want you to you know start naming names of who are the companies in
naming names of who are the companies in
naming names of who are the companies in the cohort the first ones that you’re
the cohort the first ones that you’re
the cohort the first ones that you’re most interested in I guess you can’t
most interested in I guess you can’t
most interested in I guess you can’t talk much about the second one and a few
talk much about the second one and a few
talk much about the second one and a few other things we’ll be right back after
other things we’ll be right back after
other things we’ll be right back after this break
”
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