In late October, Zipr Shift joined an accelerator called Bantunium Labs.
It’s a brand new accelerator.
I REALLY wanted to join. The founder, Sheffie’s message and hope for the accelerator was all about encouraging and building startups from the Black community.
I know Zipr Shift LLC is not the ideal candidate for a startup accelerator at this point. Yet, there also aren’t many accelerators that we’d like to join.
But, this was different. Again, I loved the message and purpose.
I was hoping that Zipr Shift LLC would grow with Bantunium.
But, Sheffie thinks Bantunium Labs is already a hotshot accelerator…
Zipr Shift LLC is not in the accelerator anymore. And, for good reason.
Bantunium Labs doesn’t have adequate foundation to develop a startup.
Here is one example that was instrumental to Zipr Shift’s decision to leave.
Context:
Founder Sheffie , is bootstrapping all of her various entrepreneurial pursuits.
Zipr Shift LLC wanted to make a crowdfunding campaign pretty soon to sell garments, suitcases, and more with Zipr Shift zippers.
Sheffie thought that Zipr Shift should launch the crowdfunding campaign without having all the manufacturers for the clothing and suitcases and other items all figured out and set. Her reasoning was that people launch the campaign, make the money, and figure out how to actually produce the products later.
Basically, Sheffie felt that Zipr Shift LLC just needed a good mockup.
I thought that wasn’t adequate. I didn’t want to push my luck by not having everything ready before I took people’s money.
I called Sheffie’s plans “UNETHICAL.”
I wanted to show exactly what I’d be selling to people and have everything ready to produce it. No great mockups, only great products.
Sheffie felt attacked. She felt that I’d called her a liar.
In a way, I had; but, the words didn’t come out right…I guess.
Sheffie believed that if I waited to have everything “perfect” before launching the crowdfunding campaign, then I’d wait too long and people would reverse engineer my products.
I was stubborn and said I’d only do the crowdfunding campaign if I had everything lined up and ready to sell and then ship to backers. Plus, my attorney advised me that reverse engineering is not something I can prevent, especially if I patent the products.
Sheffie claimed that is not the best decision. She argued that my attorney’s advice wasn’t the best.
I felt that someone whose crowdfunding campaign failed shouldn’t be telling me how to start my own.
And, I was tired of homework.
Here are the emails:
“…the program received outside funding through a partnership that negated the need of the funds from the crowdfunding project.” -Sheffie
Partnership with what company? Touco Lab, her other startup accelerator venture.
“Your right hand funding your left hand.” -Me
Which is exactly what it is.
If the crowdfunding campaign was successful, would one need help?
If the crowdfunding campaign was successful, would one need the partnership?
And, what’s wrong with making more money?
Sheffie is a struggling bootstrapper just like me. I wanted to help her help me help her. Reciprocation.
If my startup gets big, then your accelerator gets big. If your accelerator gets big then my startup gets big.
No, she’s so huge and successful that she makes partnerships that negate the need of other people’s money!!
Here is the crowdfunding campaign on Indiegogo: Bantunium Labs
4 backers
$152 funded
Asking for $5,000
= 3% funded of a flexible goal
And, here’s evidence the negation of funds with the Touco Labs partnership was not intended.
“Help us raise the rest…”
With Sheffie, you get…
1. Her “saving face”
2. Lack of knowledge of IP/patents. She actively contradicted the recommendations of my licensed patent attorney who has 30+ years of patent experience.
3. Assignments only. She’ll make timelines for you.
She’s not your business partner, she maintains your schedule…like a pushy executive assistant.
So thankful Zipr Shift LLC didn’t give up equity. Nothing lost. Experience gained.
