DISCUSSION
How Target's retail accelerator gave Blueprint Registry a leg up
Written by RetailWire Staff
Blueprint Registry's Nevin Shetty pitches the crowd at Target and Techstars' Demo Day – Photo: Target
Blueprint Registry, launched in 2014, was already on an upward trajectory when co-founders Lizzy Ellingson, CCO, and Nevin Shetty, CEO, decided to apply for Target’s retail accelerator. Sales had jumped significantly in the first year for the startup, which allows users to pick wedding gifts based on a recipient’s home layout. But knowing the slim chances of startups making it alone, Blueprint Registry applied to the highly competitive program. Blueprint Registry was one of 11 companies chosen and moved from Seattle to Minnesota for three months to take part.
In an interview with RetailWire shortly after the event’s culminating “Demo Day,” Ms. Ellingson indicated that it had been an unparalleled learning experience.
“It’s been an incredible ride,” said Ms. Ellingson. “We’ve probably done more in three months than we’ve done in almost a year in certain things from a development standpoint and a team standpoint.”
This was Target’s first year hosting the retail startup accelerator, undertaken in partnership with Techstars. Ms. Ellingson noted that 75 percent of startups that have worked with Techstars are successful. The figure trounces the 90 percent failure rate for startups in general. Techstars has run startup accelerators since 2006.
Ms. Ellingson described the accelerator experience unfolding in three parts. The first consisted of “Mentor Madness” in which startups spoke with 150 mentors, pitched ideas, established goals and attempted to assemble a “dream team” of mentors to guide them. The second was spent exploring how to build the company and set milestones. The third was focused on presenting the company and its growth to an audience of 1,000, including investors, at Demo Day.
She noted three benefits of accelerators for startups.
“First, getting help and guidance from those that have done it in the past is huge,” said Ms. Ellingson. “Second, the network opens up a lot of doors. Somebody may know somebody from XYZ company that you’ve been trying to talk to for six months. Third, it’s amazing how much personal growth that you have throughout this program.”
Ms. Ellingson indicated that the company would continue a relationship with Target but could not discuss specifics.