Investment Readiness Accelerator. Why startups should apply to the program

Madi Zhykyppov, Founder, CEO CyborgBase, @cyborgbase

Aida Tuletaeva, Founder, CPO ozak.kz

Ruslan Yuldashev, Co-Founder, CEO Modme, @modme_uz

Daniyar Abenov, Founder, CEO Posture Fitness, @posturefitness.co

Aziza Kosimova, Co-founder, CPO Predictory, @zk.aspire

About the Project

Aida. We created a platform for automating procurement processes for private organizations. This is a digital platform for B2B transactions.

Currently, in Kazakhstan, there is a problem where private companies lose 20% to 30% of their net profit due to inefficient procurement. This involves lengthy manual work, constant supplier searches, and market analysis, often accompanied by opaque and illegal activities. We have integrated all these processes into a single platform. Our target is private organizations in the markets of Kazakhstan and Central Asia.

Madi. We developed a platform for assistive devices for people with disabilities. Initially, we recognized that prosthetics are expensive. To solve this problem, we created a marketplace. We import prosthetics from the USA, reducing their cost by 50-55%. This allows people to obtain high-quality prosthetics at more affordable prices. We also created a prosthetics database.

Our plans include collaborating with ALMAU to create a Central Asian Prosthetic and Rehabilitation R&D Center. We aim to solve the problem of lengthy insurance claim assessments related to prosthetics by offering artificial intelligence to automate this process. This will allow insurance companies to significantly reduce costs and speed up compensation payouts. Next, we plan to enrich the platform with technological solutions, providing users with information about suitable prosthetics and centers where they are available.

Ruslan. Modme is a platform for companies and individuals involved in education. We have been in the market for about three years, focusing on automating private offline education. We provide software that enables better record-keeping, process automation, and delivery of lessons and educational materials to students.

With this product, we became market leaders in Uzbekistan and expanded into the Indonesian market. We discovered a high demand for online education tools.

Aziza. We provide an artificial intelligence-based interface for databases. Thanks to our solution, you can interact with your databases, request information about your clients, activities, and more. We focus on marketing in three industries: banking, telecommunications, and e-commerce. We will subsequently expand horizontally into other niches.

How We Learned About the Investment Readiness Accelerator Program

Madi. I follow MOST and always try to maximize all available opportunities. I heard great feedback about the Investment Readiness Accelerator. I realized it was a good opportunity to raise a round and become more prepared for scaling. I then studied their Instagram, submitted an application, passed the interview, and moved from Astana to Almaty to participate.

Ruslan. Last year, we successfully attracted investment from a Uzbek venture fund. This year brought the idea for a new product and the start of successful business implementation in Indonesia. However, for more active development, we needed the next round of investment. In Uzbekistan, we faced a limited number of funds. After consulting with our current fund and various experts, we turned our attention to Kazakhstan, which is attractive due to the presence of Astana Hub and IFCA, centers that allow working under British law and concluding deals with high legal protection. We realized that attracting investment from the Kazakh market would be easier than, for example, attracting foreign investment. We began looking for the most effective way to enter the Kazakh venture market and accidentally came across the acceleration program. We submitted an application, and until the very last moment, it was unclear whether we would be accepted.

Daniyar. I started alone and realized that communicating with other founders brings more new ideas than studying specialized literature at home on a computer. Therefore, I decided to actively participate in various events and meetups to share experience and learn something new from others. I realized that this is an excellent environment for entrepreneurs developing their projects, as it gathers many talented and creative people.

Aziza. We met with the Most Ventures team at the Digital Almaty event, where we discussed cooperation opportunities. It turned out that clients showed interest in our product in the Kazakh market. Right after Digital Almaty, we decided to apply for the accelerator. It happened on the last day, at the last minute. Colleagues were going through interviews, and a day before the event, I was informed that I needed to fly to Almaty.

How the Selection Process Went

Madi. Perhaps my profile is more social health tech. We are entering the Disable P-Tech industry. This is a new, developing industry in America, with 1,200 companies worldwide. The Huawei Innovation Center at the Perkins School of Business awarded Cyberbank a global card as the first Disable P-Tech startup. We understood that we needed to go there, but we wanted to maximize our growth here. I have gone through many accelerators, but MOST is the most popular, so I decided to join.

Aida. We submitted an application and had an interview. One of the important criteria was having an MVP of the project. Our project was chosen because we have traction; we have been present in the Kazakh market for six months.

Ruslan. We already have traction, a team, a clear idea, and a market; everything is working. Plus, I think the factor that we are from another country played a role, in a good sense. This brings diversity to the group of startups assembled.

Daniyar. My project is 100% aimed at the Western market, primarily America. At that time, there were already initial sales. The initial marketing numbers were good. There is demand and desire among people to purchase our service. In America, this market is practically bottomless, worth hundreds of billions. Therefore, entering and capturing a share of this market is promising.

Aziza. Linking big data with artificial intelligence is currently relevant. We were glad to be part of IRA because it is a wonderful network and an opportunity to meet cool people.

How the Investment Readiness Accelerator Went

Madi. First of all, it is a workplace and a convenient ecosystem. You constantly meet people, communicate, exchange experience and information, and start looking at your project and startup from the outside. You can always consult with people or address a problem you cannot solve.

The atmosphere of the accelerator depends on you and your approach. In my case, I spent most of my time on customer development, visiting prosthetic centers, and communicating with amputees and surgeons in various hospitals. This is interesting and useful, but again, it all depends on your tracker and your own participation. Events provide a platform for development. You need to be proactive, schedule meetings, strive for maximum results, and be prepared for difficulties. If you just sit and rejoice that you were selected, it may turn out to be a waste of time.

In the accelerator, it is important to actively use your network and resources. This means interacting with mentors, participating in all workshops and events to the fullest, asking questions that may be unpleasant but are important for the project's development. Do not be afraid to meet people and communicate with investors on equal terms. It is important to extract the maximum from all resources, including peers, mentors, and organizers. The key value is the people you communicate with daily within the accelerator. It is in this interaction that the main value lies.

Aida. Acceleration helps well to gather oneself, focus, and direct efforts in one direction. The main goal and task of every startupper in this accelerator is to take everything. It completely depends on each startupper: to go, ask, learn; all doors are open. No one refused us even once during the program, from the finance department to legal.

Everyone is ready to help, support, provide connections, networking, and access to investors. And this is a great opportunity to show your value to people, investors, and other projects.

Ruslan. In IRA, you develop yourself independently, but in an environment that motivates you. There is no strict control here, but there is support from other startups, mentors, and program organizers. This environment inspires taking specific decisions and changes in the project, contributing to its development.

Daniyar. MOST provides workspaces, and this is one of the advantages. Therefore, when you go to the accelerator, be sure to go to the coworking space. Hang out there, eat there, sleep on the pouf, and so on.

Aziza. You can come and see people who have also chosen a less easy path, deciding to do something difficult. You can also come and talk about your idea, and someone might help implement it.

Impact of the Investment Readiness Accelerator on the Project

Aida. We discovered our growth point by completely revising our sales plan and improving our strategy for interacting with agents. We increased our margin almost 10 times and found a new business model. Now, in addition to the online platform, we are also engaged in SaaS development. The advantages of the accelerator are incredible. I strongly recommend joining if your project fits. It is a huge step toward success. At the accelerator, I saw that I am not alone in facing problems. All participants also struggle with the same difficulties: sales, marketing, PR, and so on. Mutual support and motivation help cope with this. For us, the accelerator was extremely useful, giving a fresh perspective on the project and the opportunity for fruitful networking. I came with the thought that my project would be limited to a maximum of 50 million, but I left with a clear vision and the desire to create a unicorn. I am grateful to the organizers, participants, and all startuppers I had the opportunity to work with.

Daniyar. I tested several funnels and narrowly focused on their core. I found a CTO and conducted numerous discussions on how best to organize work processes, which formats to choose, and so on. Communicating with people who have been doing this for a long time was incredibly useful. This allowed me to gain practical knowledge about how to implement their ideas, how they did it, and how it works in practice. It was convenient to ask personal and financial questions, especially when you are well acquainted with people and can speak frankly and openly. This experience was very valuable, as it allowed me to learn much that would be difficult to obtain solely from theoretical materials. I recommend this approach, as it is valuable and makes any experience significant. All meeting participants were interesting, and the projects were diverse, which was useful for exchanging experience.

Aziza. I advise everyone to go to accelerators, not just limit themselves to IRA; there are many other accelerators around the world. This is truly growth. Sometimes you may encounter difficult, critical feedback on your project, but you need to believe in your project yourself, answer all questions for yourself, move forward, and become a unicorn. Also, at MOST, you will have weekly sessions with trackers that can even replace a psychologist.