What We’ve Learned in the MassChallenge
By: Kia Davis
AUGUST 20th, 2018
What’s New?
In May of 2018, we were thrilled to accept a placement in the inaugural MassChallenge Rhode Island cohort!
As one of thirty-one startups in the program, Your Heaven Audio (YH) has unique access to co-work spaces in Rhode Island and Massachusetts, mentorships with leaders in the tech industry, as well as fruitful workshops with industry professionals. Here’s what we’ve learned.
First, what is MassChallenge?
MassChallenge is the most startup-friendly accelerator on the planet. A non-profit, they help entrepreneurs from all backgrounds, industries, and regions around the world.
At the end of the program, the highest-impact startup will be rewarded in equity-free cash awards. We’re honored to be in the running as we take advantage of the resources offered in the program.
Just a little history . . . to date, 1,500 MassChallenge alumni have raised over $3 billion in funding, generated approximately $2 billion in revenue, and created over 80,000 total jobs.
How we landed a spot in this year’s cohort
“Part of our appeal, is they like what we are and who we are. They tend to look at a team of people, and they look at an idea, and those are the two big ones,” says Your Heaven CEO Steve Schwartz.
Your Heaven Audio is a unique company in the cohort in that we’re already manufacturing a product that resolves a real world problem.
“Live amplification and recording for acoustic instruments is something people struggle with, and we have invented a really innovative product that solves a lot of problems that musicians face,” says Your Heaven COO Prachi Jain. “We are a manufacturing company, so eventually we’ll be creating a lot of jobs. There’s potential as a startup.”
Danny Warshay, Executive Director of the Nelson Center for Entrepreneurship at Brown, was introduced to Steve Schwartz by colleague Professor Barrett Hazeltine. Warshay was an early mentor and supporter of Your Heaven Audio, and has helped the company to develop and expand its team. After watching the team grow, he believes a few things have helped Your Heaven land more opportunities such as the MassChallenge – like winning the Rhode Island Business Plan Competition this past May.
May 2018 when we won the Rhode Island Business Plan Competition
“The RI Business Plan Competition judges noticed a huge difference in YH from last year’s entry to this year’s.” Warshay believes a part of that is a reflection of the planning process that was initiated and supported in regular mentorship meetings.
Schwartz believes another reason they were awarded this prize was due to Your Heaven’s commitment to local production. “We would love to continue to assemble locally, as much as possible,” he explains.
And finally, Your Heaven has a proven track record.
“Not only do we have a working product, we are already making sales and have amazing traction with partners like Berklee school of music,” Explains Jain.
Social Enterprise Greenhouse, a co-work space we have access to in Providence through the MassChallenge
“. . . the value of a business plan is partly in the plan itself and especially in the planING. The process of having to develop a plan, in other words, is valuable.”
Some Highlights
“The process YH has undertaken in participating . . . has been valuable in itself” Says Warshay, “I often say that the value of a business plan is partly in the plan itself and especially in the planING. The process of having to develop a plan, in other words, is valuable.”
It’s also been a pleasure to access the Makers Lab.
Interior of Made at MassChallenge Maker Lab
“The community here is great. In Boston, it is so nice to be around all of these startups – really passionate, and really believing in their idea. It’s challenging to fight against the odds, and to make prototypes in the office basement. Suddenly we’re no longer in a vacuum, we’re sharing our challenges and joys with highly motivated people,” Says Jain.
Schwartz agrees, saying “There’s way more going on than I’m possibly able to look at! I’ve gotten to meet a handful of people over and over again. There’s a community sense, and feeding off of each other’s energy and helping each other – in pragmatic ways, in thinking with each other and bouncing ideas off of eachother.”
There’s also the workshops.
“The forums have been pretty good for me personally. I don’t have a formal background in business . . . For me, it’s interesting to learn more about marketing.” Says Schwartz. “Enterprise or indirect selling – those terms were so vague to me before but now they aren’t. And I can see the value in pursuing partnerships with other manufacturers and parts companies,” he explains.
Impact on Winning
Our experiences in the MassChallenge cohort have enriched Your Heaven’s business practices, lead to some exciting mentorships, and built on our ever-expanding network of potential partners. Towards the end of September, we’ll know whether or not our little Rhode Island startup has earned the big prize – equity free cash to further develop our unique line of audio technology. The implications of another win for Your Heaven Audio would be huge! Outside of lending external credibility and trust in our products, we’ll be able to work within our network to pursue strategic OEM partnerships, and further our quest to make the best product for our customers.
In the meantime, we’ll continue to take advantage of the resources at hand, and enjoy our newfound community of passionate entrepreneurs.
Want to learn more about our CloseUp® System? Visit our Product Overview page!
