A call for social change is how it all started for Jivika

 

Fall of 2019. I walked into a room full of faces with sunken eyes that screamed for help. This group of sleep-deprived medical students was the single event that changed my professional life. I (bravely and naively) wanted to single-handedly end burnout among hospital workers. On that chilly day, Jivika was born with the mission to end burnout through behavioral changes and the life of another startup founder began.

 

The founder’s journey is exciting (and scary!)

 

4 years later, Jivika has found ground among its 32 hospital clients. We are launching our mobile behavioral training product this summer – designed to teach stress management microhabits to hospital workers. My goal is to be successful in the startup’s mission – to end burnout among the most burned-out population. With that lofty goal comes the need to juggle many things at once: constant customer validation, building the product, getting into financial modeling, filing for IRB-approved research studies, finding better KPIs to track, building a repeatable sales cycle… 

 

Back in 2019, I did not know what it would take to implement a vision for a social cause, but today I can confidently do so. For example, if you asked me earlier this year if I understood Jivika’s financial model, I would fumble.

 

Finding the right one – an accelerator, that is 

 

Back in May 2023, when Cynthia and Steph welcomed us to the Stern Venture Fellowship (SVF) accelerator, I felt lucky and honored that our startup was chosen among my genius co-fellows. I was also a bit nervous – given that we were planning a big mobile launch this summer. Did we take on too much? Can we do both – launch the mobile app and participate in an accelerator?

 

Today, halfway through the accelerator I realized that this experience was exactly what Jivika needed. What are the signs that an accelerator is right for your startup? 

 

The right accelerator learns about each startup it accelerates, provides resources that the startup needs, and offers radical candor (in Kim Scott’s words – from her book) for a reality check. Being in an accelerator should feel like you are doing more than you had in mind. Despite being a former Wall Street-er, I must admit that I did not fully get the essence of a financial model before the SVF accelerator. And yet, to get to our fund-raising milestone I had to be conversant in financial modeling.

 

The financial model is a mathematical vision board for the startup

 

When SVF partnered me with a Stern Venture Analyst (VA), I handed him Jivika’s past attempt at a financial model – a complicated accounting spreadsheet filled with numbers.

 

My VA partner and I decided that we needed a financial model that is simple enough that a VC doesn’t need a “read me” file for the spreadsheet. Alongside, Steph and Cynthia advised me to use the building process to hash out Jivika’s 5-year business plan. This was an a-ha moment for me. The financial model is a numerical representation of the business model, not just an accessory that helps startups get in front of VCs. In fact, it is a mathematical vision board for your business. As I work on its details, I am even more excited to see what lies ahead for Jivika!

 

So your test on whether you are on the right track in your startup’s financial model: ask yourself – is it getting me excited about the near and long-term future of your business?

 

Exciting times ahead!

 

The learning experiences from being in the SVF program go way beyond financial modeling or gearing up for launch and fundraising. It has taught me how a partnership enhances your journey and therefore your business growth – in a human way. 

 

Being a mother of young twin boys, I have trained myself to time box my days into mom-mode and founder-mode, and I have found more productive hours in the day than I did before I had children (thanks to a supportive life partner!). However, there are some rare occasions when balancing modes is hard. For example, when my babysitter canceled, just as I was planning to attend a fun SVF game night. Cynthia and Steph graciously invited my kids to that event and it was a win-win for everyone. My kids played fun board games and I connected with my SVF fellows. As I venture into the world of VC funding later this year, the SVF culture has taught me to look for a partner that supports the vision for Jivika, pushes its team to excel (because our team is not shy to work tirelessly) and, most importantly, sees our team as humans – because a happy team is way more productive than a burned out one!