Roschier x SILTA cooperation: Half-year report
Insights|September 17, 2024
A bit over six months ago, Roschier joined forces with SILTA, a non-profit initiative dedicated to supporting startup companies in their early stages and providing a valuable network for future growth. The selected startup entrepreneurs from the first batch of 2024 have completed the SILTA 2024 (S24) program, spending nearly half a year developing their companies, including a three-month period in San Francisco. It’s time to reflect on how the companies in the first batch have progressed.
Insights from San Francisco
Lauri Pelkonen from SILTA has accompanied the entrepreneurs throughout their stay in San Francisco. We spoke with him to gather insights into the founders’ experiences and the program’s impact.
How have the founders adapted in San Francisco?
From the moment they arrived, the founders were deeply influenced by the Bay Area’s dynamic culture. Networking with individuals who have raised hundreds of millions of dollars has become part of their daily routine. Annika, one of the founders, even met such a person just two hours after landing.
The founders fully immersed themselves in the Silicon Valley atmosphere and adopted the necessary level of ambition immediately. The Bay Area is an excellent place to build a vision of what “ambition” means for each founder, as it varies. This can mean getting to know certain industry-leading names, getting into Y Combinator, raising funds from top venture capitalists, recruiting global top talent, and more.
What has been the biggest surprise and success in the program?
One unexpected aspect was how stressful the environment can be if you’re not progressing quickly enough. In the Valley, phrases like “concrete progress” and “facts instead of claims” characterize the culture. If you don’t make rapid progress, you’ll have to start explaining yourself. Results matter above all else.
We measure success by our founders’ achievements. During the S24 program, all founders experienced significant growth, including securing pilot customers and forming clinical partnerships, although much of this has yet to materialize. For example, the founders living in our house collectively raised over €1 million in capital during the spring. This is a testament to their adaptability and the program’s effectiveness in fostering success.
Have there been interesting developments in the startups?
Certainly. It was fascinating to see how quickly the Alicent team, among others, iterated their product to address their customers’ primary pain points and gain traction. Being in San Francisco allowed them to incorporate the latest trends into their workflows and product strategies.
We also spoke with Annika Lundström from ReMinded, who founded a healthcare company in the U.S. during her time in the program.
Annika Lundström and ReMinded inspire among other startups
Annika Lundström is the founder of ReMinded, a healthcare startup focused on developing innovative solutions for mental wellness. Her company is pioneering a point-of-care biosensor device designed to support mental health care by providing real-time data and insights. Annika’s strategic approach and drive have positioned ReMinded to make significant strides in the U.S. market.
How did your journey start in San Francisco?
My experience was truly hectic, but for good reasons. I prepared by mapping out a few contacts I wanted to approach and reaching out to my network for valuable connections. In-person meetings are highly emphasized and appreciated in U.S. business culture. I left Helsinki knowing that I had to secure funding in the next few months, so I focused on getting as many investors around us as possible by attending events, receiving warm introductions to suitable firms, and just straight-up reaching out to them.
You managed to start a company in the U.S. in a short period. How did it happen?
I strategically aimed to secure a U.S. investment before leaving in May. It’s tough to find American investors who want to involve themselves in international companies, especially for a three-month SILTA program. However, we were already targeting the U.S. market at the beginning of the year, so I decided to go for it. I thought that the earlier we did it, the less pain involved, probably. I was referred to a U.S.-based firm specializing in helping international founders set up entities. The whole process took around 3-4 weeks.
How has ReMinded developed during these months?
ReMinded has made significant progress. With the investments secured in the spring, we achieved critical milestones for our biosensor technology. In terms of pilot projects in the U.S., we’ve secured key connections with healthcare executives I met during the spring, which are now opening up these opportunities for us in the fall and winter.
How would you describe SILTA’s input?
SILTA is an excellent initiative that should be valued for providing opportunities otherwise inaccessible. I’m truly grateful to the SILTA team and everyone involved for offering this incredible opportunity to me and our team at ReMinded. We’ve been able to move forward quicker than ever now. However, something important that I do want to highlight is that what you do during those months is 100 percent up to you. SILTA is not the entity you should rely on for your success or failure in the program.
What advice would you give to future entrepreneurs in this program?
Put yourself in uncomfortable situations, talk to as many people as you can, and stay out of the house as much as possible. You only get this chance once. Utilize your time wisely, set goals for what you want to achieve, and keep yourself accountable daily. If something isn’t working out, think about one thing you can do to change your strategy and move one step closer to success. Don’t repeat the same mistakes.
Personally, I’ve become a lot bolder in terms of my attitude and how I approach business nowadays. If you are already committing to leaving your comfort zone and safety thousands of kilometers away, doubting yourself or questioning whether you can drive progress forward should not even be on your mind. You’ve certainly done something right to be selected, so go relentlessly after what you want and stay incredibly focused on the tangible actions you can take. The results will naturally follow, and while it won’t and shouldn’t happen in a week, it will be so worth it. Feel free to reach out if you want to talk—I always want to give back to the communities that have supported me.
Looking ahead
The second batch of S24 entrepreneurs just participated in Roschier’s legal bootcamp in end of August, and moved to San Francisco for their 3 months’ stint in Silicon Valley. One of Roschier’s legal mentors for the entrepreneurs, Partner Arto Linnervuo, visited the entrepreneurs in S24 first batch in San Francisco in May 2024 to find out how they were doing, and provide guidance and support in legal questions raised during the visit. “It was exciting to learn how big impact the period in San Francisco had had on the entrepreneurs and how much they had achieved within such a short period of time. Many business ideas have been refined and even pivoted into something new since our first meeting in Helsinki before the time in San Francisco, and extended personal networks built during the visit will help the entrepreneurs a lot when taking the next steps in their long journeys. Inspiring discussions with some of the entrepreneurs in the beautiful Golden Gate National Recreation Area north of the bridge during a mentee walk were unforgettable. It will be interesting to follow the first S24 batch after their return, whilst the second batch has just started their period in San Francisco.”