Sramana Mitra: Funding was happening in Israel? Rotem Shor: Seed and Series A was in Israel. In Round B, non-Israeli venture funds joined. Sramana Mitra: By Series B, you had the third client? Rotem Shor: Yes, but we had more of a thesis. We still got traction from users. Sramana Mitra: How much money are
Sramana Mitra: How did the first one get the users? Rotem Shor: They paid a very small amount of money. It was not only for a specific medication. They developed it as a tool. The second was very specific for their drug. We found out later that it is much harder than we thought. Sramana
Sramana Mitra: You went to a pharma company before you had a product? Rotem Shor: We developed a concept. Then we developed the MVP. We launched it to users. We launched the product and saw that users were coming. We did a lot of guerilla marketing. We combined it all together. We gained traction. We
Rotem represents yet another point of view of a software developer/technologist who successfully transitioned to an entrepreneur in an unfamiliar domain: pharmaceutical. In that journey, he paired up with his brother who was more the business person in the duo. This is a common strategy for developers to become entrepreneurs, although, I generallybelieve that developers
Sramana Mitra: Getting companies fundable is a high-touch process. That is not necessarily a scalable process. I would say we may be the only accelerator in the world that has done some scalability on that. We have created a lot of curriculum. We’ve done so many now. It’s like pattern matching. That takes time. One
Sramana Mitra: What did you do after Art.com? Josh Chodniewicz: We were in San Francisco. I moved to New York and lived a couple of years there. Frankly, I think I dealt with an identity crisis. All I knew was Art.com. I had to get around that. I started making investments in startups. I saw
Slava Bronfman: It was a better year in terms of sales. Earlier, a lot of our sales were based on physical conferences. It’s hard to compete as a small startup. If you go to a conference and you have a small booth, it’s hard to compete. Now remote working levels the playing field. We felt
Sramana Mitra: We are now in 2004? Josh Chodniewicz: 2001 was when we acquired Art.com. Then 2004 was when we raised $30 million and combined it with our leading competitor at that time called AllPosters. I called up the other CEO and said, “We can shoot bullets at each other or we can join and