How Target's retail accelerator gave Blueprint Registry a leg up
Blueprint Registry’s Nevin Shetty pitches the crowd at Target and Techstars’ Demo Day – Photo: Target

How Target’s retail accelerator gave Blueprint Registry a leg up

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.

BrainTrust

"Good accelerators are a plus. I just don't get what Target gets out of it."

Lee Kent

Principal, Your Retail Authority, LLC


"Obviously the biggest unanswered question is: When, or if Target (or other retailers and brands they met) will actually pilot this tool?"

Kim Garretson

Advisor, MyAlerts


"Retail is doing what tech and other industries have been doing for years — investing in innovation and fresh ideas from the outside."

Patricia Vekich Waldron

Contributing Editor, RetailWire; Founder and CEO, Vision First


Discussion Questions

DISCUSSION QUESTIONS: What do you think of the accelerator process that Blueprint Registry went through? Which aspects seem most valuable? What other services or resources are useful for startups?

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Max Goldberg
7 years ago

Entrepreneurs frequently have a good idea, stars in their eyes, little practical business experience and a dearth of contacts. Accelerators can help all of these areas. The most valuable would be mentors who can offer practical business experience and contacts. These can prove to be invaluable, provided the startup is willing to listen and learn.

Kim Garretson
Kim Garretson
7 years ago

Obviously the biggest unanswered question is: When, or if Target (or other retailers and brands they met) will actually pilot this tool? While it does sound like a cool tool, retail wedding registries face several problems today. Competition is one, with multi-retail aggregators like Lola offering a better UX to couples and gifters. Another is out-of-stocks, which are irritating both to the couple and their gifters. The third is “lazy” gifters, meaning when they first visit the registry the event is months away so they don’t buy, plan to return later and often forget to do that. I believe that this company is going to have a hard time getting to scale with whatever money they’ve raised because their prospective retail customers are fighting battles other than plugging in cool tools.

Lee Kent
Lee Kent
Member
7 years ago

A good accelerator process can’t be beat. I happen to be involved with a startup that met the requirements of our Atlanta accelerator, the ATDC. We have sped through the first steps and proved viable and have now moved to facing the money guys. All with the help of experienced mentors and their contacts, along with ours.

Having worked with three or four startups in my past, this has been the best experience and I doubt we would be this far without it.

With that said, good accelerators are a plus. I just don’t get what Target gets out of it. A good accelerator program requires experienced entrepreneurs from every aspect of the business. What is Target offering? Or is it just good will?

For my 2 cents.

Patricia Vekich Waldron
Active Member
7 years ago

Retail is doing what tech and other industries have been doing for years — investing in innovation and fresh ideas from the outside. The smart ones are going beyond investing to actually implementing!