The Covid-19 pandemic has dealt a shock to the economy and rapidly transformed the business landscape — but now there is a program for technology businesses looking to adapt.
The Tandem Product Academy is aiming to recruit 20 technology businesses in Northern Virginia to go through a free series of classes and one-on-one mentoring to help shift their business models and pivot to something better suited to the new economy. The program is spearheaded by Jonathan Aberman, head of Amplifier Advisors and dean of Marymount University’s School of Business and Technology
It follows a 2018 Tandem Product Academy that was focused on developing technology products, as opposed to services, which have otherwise dominated this region's tech offerings.
“The post Covid-19 economy is punishing for technology businesses that do not have the right product market fit, but as we can see from regional and national successes, when a technology business has the right fit, this is a great time to be in the technology industry,” Aberman said in a statement. “We want to help a group of promising technology businesses find their best opportunities to pivot what they have built into a market that will be rewarding for the current economy and what’s next.”
The genesis for the revised product academy came in a discussion earlier this year between Aberman and venture capitalist Gene Riechers. They were discussing the highly visible pivot of catering startup Hungry away from corporate events and to home delivery, and how there were likely other businesses that could also successfully adapt during this time. Aberman was approved for a Virginia state grant of $100,000, and the Tandem Product Academy received additional financial support from digital transformation consulting firm Modus Create, Chicago-based law firm Seyfarth Shaw LLP and digital marketing and brand management firm REQ.
The academy plans to announce Oct. 21 a cohort of 20 businesses that had — before Covid — amassed gross revenue of more than $500,000, obtained at least $500,000 in funding outside of friends and family, or received at least $500,000 in federal research and development funding. The program is meant for established businesses, not for someone just starting up their business, Aberman stressed.
“There are a fair number of businesses that have seen their growth flatten or decline because the market that they were serving disappeared on them because the economy changed so rapidly. And those are the companies most suited for a pivot,” Aberman said.
The program will consist of a fully virtual curriculum alongside one-on-one mentoring. The program will also be measured for its effectiveness after it is completed — the program hopes to use that to expand and scale to help more businesses, Aberman said.
The other instructors, in addition to Aberman, also include these industry leaders, among others:
- Angel investor, serial entrepreneur and former AOL Inc. exec Mark Walsh
- Riechers, former Valhalla general partner and former vice chairman at EverFi and current venture partner at Sands Capital Management
- Product expert Ben Foster, former chief product officer at GoCanvas and current chief product officer at WHOOP
- Public relations executive Elizabeth Shea
- Opus8 Inc. CEO Tien Wong, also the founder and host of The Big Idea Connectpreneur Forum
"This is a tough time, and we all wanted to do a cohort of the Tandem Product Academy to make a difference," Walsh said in a statement. "One of the best things about our region’s technology community is how we all work together. Our teaching team has worked together in many ways over the years, and we are looking forward to using our collective experience to help.”
The program will also be marketed by local economic development groups, including the Fairfax County Economic Development Corp., Arlington County Economic Development Corp., Manassas County, Greater Washington Board of Trade, Northern Virginia Chamber of Commerce, Northern Virginia Technology Council and Virginia's Center for Innovative Technology.
