Chicago is Satya Ganni's kind of town.
Originally from India, Ganni brought his company MartMobi to Chicago after being selected to this year's summer Techstars class, a highly sought after accelerator program that accepts less than one percent of the companies that apply. MartMobi, a platform for e-commerce brands to quickly create mobile apps and websites, plans to remain in Chicago once the program concludes later next month, Ganni said.
"I think what makes it most interesting for us to stay in Chicago is the city's focus on fundamentals," he said. "The fundamentals being, does the business have the right product? Does the business have the right customers? Does the business have the right revenue that's coming in? Because [Chicago companies] lay a lot of emphasis on the foundation of the business model, which you don’t see in either of the coasts. I think that is a huge difference in the midwest."
MartMobi is the first India-based company selected to the program and one of two international startups in the Chicago summer class. The company specializes in creating websites and apps for small to medium sized online retailers in just one day, and Ganni said Techstars has been able to focus his startup in the right direction.
"I think one of the most important things we’ve learned is segmentation," he said. "When I say segmentation, it's primarily around customer segmentation. For example when you look at MartMobi, my pitch is I will help any online retailer go mobile in less than a day. But which kind of online retailer? Even Amazon is an online retailer. Target is an online retailer. But again, your solution might not be the right fit for them. I think the biggest thing we gained from the program is the ability of define the right customer segment ... The mid-market is the one that is the real value for MartMobi."
Techstars began May 27 and will continue through August 27 when the program concludes with its Demo Day, where the 10 companies will pitch their startups to angel investors and venture capitalists. At that point, Ganni said he expects to begin raising capital and close a round, set up a Chicago office, and expand his staff by Quarter 4. Ganni said he is aware of the challenges of raising money in the midwest compared to the coasts, but he said that an investment from a Chicago angel or VC is a vote of confidence that is different from Silicon Valley or New York.
"Obviously, the investors are more conservative here, but at the same time they are conservative in the sense because they’re trying to find the right businesses that generate value for the customer," Ganni said. "I think that is very good because you are trying ... to lay the foundation and build a longterm business."
Ganni added that Techstars' wealth of mentors has been invaluable for his young company.
"I think at an early stage, the biggest thing you would want is the right mentors to kind of focus you in the right aspects of the business, as well as generate some traction to make it to the next level. I think in a way, Techstars is the best program for that."
Screengrab via MartMobi
