Catching up with past Velocity Fund Finals $25K winner, Fiix
Four months ago, Velocity hosted the Winter 2016 Velocity Fund Finals (VFF). We recently caught up with one of the $25K winners, Fiix, for a post-VFF update. Look for upcoming blog posts from our other three $25K winners: Pegasus Aeronautics, Landmine Boys and Okey.
Fiix won $25K with their on-demand service for automotive repairs. Using Fiix, an expert mechanic will be at your home when you request service, providing high quality auto repairs and saving users up to 50% over repair shops. Fiix wins on transparency, affordability, and convenience.
1) How has your company developed since winning VFF?
We’ve doubled the number of mechanics on the platform, quadrupled revenue, gotten into Y Combinator’s fellowship program and brought on another full-time team member. We’re now able to get a mechanic and parts anywhere in the GTA on the same day, without any additional delivery costs.
2) What is your company currently working on?
All our efforts are on growth. Getting sales is our top priority and in the background we’re building tools for scale. We can’t wait to expand Fiix into the next metropolitan area!
3) What do you enjoy most about building a startup?
There are no set rules on how things work. No approvals, no mimicking competitors, no following the expectations of the industry. We’re lucky that we get to compete in a market that has yet to be revolutionized by tech; bringing software to the game is exciting because we can move faster and do more than the traditional players, with fewer resources.
4) What did you like most about competing at VFF?
When we watched the pitches, we felt like the other startups were on another level. It felt like we were in the ‘big leagues’ and winning solidified our dedication to Fiix. We didn’t expect it, but some students in the audience became customers; I guess you’re always selling!
5) Are there any tips you can give startups pitching at VFF?
Don’t spend too much time nailing down the pitch. Practice is important, but a successful business outshines any pitch. Spend the time getting sales and proving the market, then let your numbers speak for themselves.
6) Any other pitching lessons you would like to share?
Tell a story, be concise, and if something is confusing – just don’t say it. Prove your growth, show your customers, and it doesn’t matter if you lose – brush it off as practice and try again next time.
On July 21, twenty startups will compete at the Velocity Fund Finals in the Student Life Centre at the University of Waterloo to pitch for their share of $125,000. Don’t miss this event by registering to attend! Come join us for a great event with awesome pitches and free boxed lunches for the first 200 attendees. Audience members and those watching the Livestream will have a chance to win 1 of 5 GoPros!