Empowering global science research through Hive Founders' guidance
Background
The Genesis of a Cross-Cultural Research Platform
Elena Brandt, an immigrant with a deep passion for social psychology, founded Besample with the vision to transform the landscape of social science research. Elena's journey began when she noticed a glaring gap in the generalisation of research findings to non-American populations during her time in graduate school in the U.S. Recognising the significant bias in existing behavioural studies, which were predominantly based on American samples, Elena set out to create a platform that could facilitate diverse and representative research.
Challenge
Addressing the Limitations of Current Research Methods
Elena faced several challenges in bringing her vision to life. Firstly, there was a need to build a robust and reliable data collection platform that could reach diverse populations across the globe. Additionally, she needed to secure investment to scale her operations and refine her business model to appeal to a broader audience, including both academic and corporate researchers.
"Lots of assumptions in research often go unquestioned. The challenge was to bridge this gap and provide a platform that respects and includes global diversity." - Elena Brandt
Solution
Strategic Partnership with Hive Founders
Elena's engagement with Hive Founders provided the strategic support and mentorship necessary to navigate the startup landscape effectively. The Hive Founders program offered comprehensive guidance, focusing on several critical areas:
Direct Mentorship: Intensive sessions with Hive mentors, particularly on crafting a compelling narrative and refining the pitch deck. Caroline's mentorship was instrumental in perfecting their pitch, making it more convincing and compelling.
Financial Acumen: Hive provided valuable insights into financial modelling, ensuring Besample's financial projections were robust and defensible.
Networking Opportunities: Access to a network of potential investors and advisors who played a crucial role in subsequent funding rounds.
Product Focus: Emphasis on developing a Minimum Viable Product (MVP) that solved the simplest problem effectively before expanding to additional features.
Validation: The process of validation as a female founder was particularly significant. Awareness of the challenges women face in fundraising prepared Elena and her team for the demanding journey, while witnessing the success of other female founders was empowering and motivating.
Results
Significant Milestones Achieved
The impact of the Hive Founders' program on Besample was profound and multifaceted:
Acceptance into Techstars: One of the most significant achievements was Besample's acceptance into Techstars, one of the world's leading pre-seed investors. Hive Founders' program played a crucial role in preparing Besample for this milestone. The intensive mentorship, financial modelling insights, and networking opportunities provided by Hive Founders equipped Besample with the tools and confidence needed to successfully apply and gain acceptance into this prestigious accelerator.
Successful Fundraising: Besample secured vital funding, raising nearly $500K from a combination of friends and family, small funds, angels and, notably, Besample’s core users. Besample also secured investment from our own group, Womankind Ventures. This capital injection was pivotal for scaling operations and enhancing product offerings.
Growth in User Base: Besample has shown significant traction among top academic institutions. As of today, 489 researchers are registered with Besample, including representatives from prestigious research hubs such as Harvard, Stanford, Yale, MIT, Chicago Booth, and LSE. This growth, from doubling its user base to nearly 500 users, highlights the increasing demand and credibility of their platform within the academic community.
Revenue generation: Besample started generating revenue just weeks after its launch, proving the immediate need for their service in the market.
Publication success: One of Besample’s early users published a paper based on data generated through the platform, highlighting the effectiveness and reliability of Besample's services.
Technological advancements: Implementation of proprietary algorithms to enhance data quality and the development of a mobile-first approach to cater to populations in regions with limited desktop access.
Conclusion
Driving Future Innovations
Besample’s journey, supported by Hive Founders, exemplifies how targeted entrepreneurial programs can catalyse the transformation of innovative startups. By focusing on leadership, comprehensive business skills, investor readiness, and strategic networking, Hive Founders has significantly strengthened Besample's foundation. This structured support not only enhanced Besample’s potential for real growth but also helped them secure a coveted spot in Techstars, setting a precedent for how comprehensive mentorship can accelerate startup success.
"Our experience with Hive was empowering. It equipped us with the tools and confidence to attract investors and expand our platform. The programme increased our clarity and robustness around what’s required to achieve our business goals, including securing a spot at Techstars. We left Hive with amazing guidance, new connections, and the feeling of being investment-ready." - Elena Brandt
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