Update from the (Sky)Deck
What’s the situation these days at SkyDeck, UC Berkeley’s global startup accelerator? Let’s dive in. We are a little over halfway through the current batch. It’s our second remote batch and we have learned a lot about how to make remote work.
We are delighted to share that fundraising by alumni teams continues strong. Just announced rounds include CLight Technologies and iDentical. A recently announced acquisition was Iota Biosciences, founded by Berkeley faculty in bioengineering. Berkeley SkyDeck Fund Manager Chon Tang summed up how to plan your fundraising strategy during COVID. Lots of gems in his recent medium post.
Why join a startup accelerator? There are many reasons, but it boils down to three main ones:
Build Relationships
We have a huge focus on this at SkyDeck, but without the espresso maker and the stunning, open workspace at the top of the SkyDeck building, the random encounters that help build relationships can’t happen. We need to help them along via remote. New program elements include stand up meetings and a joke pitch competition. (The winner? A smart bathroom device. You had to see it). We divide the groups by time zones, always the big challenge for a global, remote startup program. It takes a mindset shift by the community. You can’t rely on a physical space or events to initiate and strengthen relationships. You need intent.
Grow your Network
Networks are everything, especially now, when you can’t just stroll down to the local Philz and strike up a conversation. Advisors want to make difference for a young company, and they know SkyDeck is a place where they can do that. Our Advisor network continues to grow and thrive. Recent additions include rockstars like Goly Anvary, former head of Innovation at Gap. I just got off a practice Board meeting with one of our startups. One of their Key Advisors said they made 20 introductions for the startup, with about a 50% conversion rate. This is just one of the 50 Key Advisors we have for the startups in our current batch. We have over 350 Advisors and Mentors who have their own robust networks. That’s a lot of potential introductions.
Find Funding
You have heard all about the capital flowing to startups and while this is true, fundraising continues to be especially hard during COVID. Particularly if you are not in Silicon Valley. Because we have a global program, we can help. The Berkeley SkyDeck Fund has invested in companies from 25 countries. SkyDeck alum Krisp, originally launched in Armenia, just raised another $9M for their A Round. Whether your company is in Silicon Valley or any country around the globe, SkyDeck has investors in our network who want to meet you.
Pitch coaching for Demo Day is something that all accelerators do, and each has their own style. At SkyDeck, we have the famous five minute Demo Day pitch — your entire business in five minutes. It’s difficult to do, so we spend a lot of time and provide many resources to help our startups get their Demo Day pitches condensed into five minutes. We coach our startups to be able to describe their business so concisely and clearly that one needs only five minutes to do that. Once you can do that, you have absolutely and completely mastered your pitch.
Overall, how is SkyDeck doing with remote acceleration? Our first remote cohort said it best in this TechCrunch editorial. Tl;dr: doing quite well.
