CASE STUDY: TECHSTARS USES AIM TO GET ORGANIZED AND FACILITATE FUTURE GROWTH
by | Jun 10, 2014 |
Based in Boulder, Colorado, Techstars provides seed funding, intensive mentorship, and access to a network of mentors and alumni in exchange for equity in high-tech startups. Techstars is widely considered to be among the top startup accelerators in the world and companies participating in the Techstars program average $1.5M in outside venture capital raised.
Until 2012, data that Techstars tracked on its portfolio companies was stored in shared folders in the form of spreadsheets and other documents. According to Techstars Finance Director Tony Shouse, the data was unorganized and making sense of it was time-consuming. “To answer any question would be a large research-style project,” Shouse says. “It was a lot like a bowl of spaghetti–everything is there but just digging through and finding the data you want and organizing it correctly was very difficult.”
Techstars knew about Altvia and was familiar with AIM because Altvia was a member of the Techstars Boulder class of 2008. In addition to wanting to work with a company they knew and trusted, Techstars was comfortable working with Altvia because they felt the team at Altvia understood the incubator market. Says Shouse, “It was good that Altvia understood our industry, they understood that we weren’t exactly like everybody else, and that we had different needs.” “And when it came to some things that weren’t stock in the AIM system,” he adds, “Altvia was able to work around that and make it a system that worked for us.”
“It was good that Altvia understood our industry, that we weren’t exactly like everybody else, and that we had different needs… We now know what a portfolio is valued, we know what amounts our companies have raised, and we understand our companies better.”
– Tony Shouse, Techstars
Shouse says the biggest benefit of using AIM is that he can now answer questions. “We know what a portfolio is valued, we know what amounts our companies have raised, and we understand our companies better,” he says. “Information isn’t buried in somebody’s inbox or in Dropbox–it’s out where we can share it and everybody can be part of maintaining it.” Using AIM to store the entire organization’s contacts has also made it easier to track down contact information. “I can go pull a list of founders by just running a report out of AIM,” says Shouse. He adds, “AIM has become the official record of Techstars and if it isn’t right in AIM, it’s not right anywhere.” Techstars is also now using the AIM Investor Correspondence product and Altvia’s ShareSecure data room product to create and share documents with LPs.
Download the complete case study to find out how Techstars implemented AIM to organize their investment information, consolidate their contact database, and stay ahead of their growth as their list of portfolio companies continues to expand