Inside Afore FIR with Richard He
Background
Richard He is the Founder & CEO of Openmart, an AI alternative to ZoomInfo. They help SDRs close 20% more sales by using AI to automate sales research on local businesses such as restaurants, clinics, and local services. I talked with Richard about why he was excited to join Afore FIR, what the admission process was like,
Highlights
- The Afore FIR program is positioned to support founders at the earliest stages (-1 to 0). No one is too early to apply.
- The Afore team indexes heavily on past experience and accomplishments when selecting founders. Since this program is geared toward people who are just starting, the idea doesn't matter as much to them since they know most teams will pivot.
- Afore takes 7-8 teams per batch, so it's a small group. Steeve Vakeeswaran is the main investor in charge of the FIR program, but the rest of the Afore team is available to help founders in the program.
- The core programming of Afore FIR includes working at their office in SF during the evenings, 1:1 check-ins with Steeve regarding your progress, weekly speakers, and weekly product demos with your batch.
Interview Transcription
Edited lightly for clarity.
Kieran: Hey Richard, thanks for joining me. Do you want to introduce yourself?
Richard: I'm Richard, the CEO of Openmart. We are in the current Y Combinator (YC) batch. We help sales professionals find local business leads by querying billions of unstructured business data, such as website reviews and social media information. Before YC, we also went through Afore's Founder in Residence (FIR) program.
Kieran: You participated in Afore FIR from August to October 2023. Is that correct?
Richard: Yes.
Kieran: Why did you decide to apply to that program?
Richard: I was working on a slightly different idea at the time. I was working on dev tools to use AI agents to test web apps. I had a friend of mine who is a portfolio company of Afore, and he introduced me to Anamitra, the Managing Partner of Afore. They had just started the FIR program. At the time, I didn't have the conviction to quit my job. I was working at a startup and building my idea on the side. Anamitra shared they provide some funding and office space and have lectures/office hours every week. I decided to join since it was a very casual format, and I didn't have to quit my job to join the program.
Kieran: At the time, were you considering other programs, such as On Deck or South Park Commons (SPC)?
Richard: So, I went to a couple of SPC events. When I filled out the application, I thought you had to be working full-time on a startup idea. They said you had to quit your job before starting the application, so that's why I didn't apply to SPC. I didn't have the conviction at the time. And for On Deck, it costs money. So that's why I didn't consider it. I think Afore has the best deal since it provides funding and office space for equity.
Kieran: Can you give a quick overview of Afore's admission process? You mentioned being referred to a partner there. Did you have to fill out the application on the website? Did you just speak with the partner? How did that work?
Richard: I spoke with the partner first. We had a half-hour call just to speak about my ideas and thoughts on AI agents. I also had some other GitHub projects. Initially, it was an investment conversation, but then they redirected me to the FIR program and the investor in charge, Steeve. He's a great friend of mine. We hopped on a call for thirty minutes, and he asked me if I could move back to SF in a week because the program was starting soon. I decided to move back and do the program.
Kieran: What were some of the questions they asked you during those conversations?
Richard: It's a very early-stage program. They mostly ask you about your life and background. They want to know why you want to start a startup. Why do you think this space is cool? And do you have some proof that you are good at executing? So, if you build conviction in an idea, can you pull through to the end? That's what they are primarily looking for. The idea matters little to them. Especially when you are in the -1 to 0 phase, you always change your idea. So, they are looking for people they want to work with.
Kieran: It looks like a 10-week program. There is 1:1 support with Afore's team, and there is also access to customers and design partners. Can you talk about a regular week in the program?
Richard: From 4 pm-7 pm, you can work there every day at their office. You have weekly check-ins with Steeve, the investor in charge of the program. Every week, you also have demo sessions with the entire batch. The whole batch is 7-8 teams. There are also guest lectures every week or every other week. We invited some partners at Accel and previous founders from Afore's portfolio to talk about building conviction, quitting their jobs, and how to start companies.
Kieran: Can you talk more about the team you're working with during the program? It sounds like Steeve is the main person. How are you working with the rest of the Afore team?
Richard: The entire Afore team – Jack, Gaurav, Derrick, etc.- works at the office. They are very friendly. You can catch them anytime to have a conversation. They are very approachable. They helped me a lot with fundraising since I didn't know much about the VC space then.
Kieran: That seems like a very valuable part of the program. What other things about the program did you find valuable to your experience?
Richard: They also introduced me to some customers through their networks. They are primarily pre-seed focused. They have a pre-seed summit every year. They invited a lot of VC-focused funds to that event. They also have a Demo Day at the end, during which they invite many investors. It's a good program if you don't have the conviction. They help you build conviction by giving you money, a space to work, and an investor network. It's a very good -1 to 0 program. You can't ask for a better program at that stage.
Kieran: Afore FIR invests at least $100K into companies accepted into the program. What is the range they will invest up to? What are their standard terms for that investment?
Richard: It changed significantly, so I can't speak to the current check size/terms. I'd refer to whatever is on their website. At our batch, it's still just $100K. They seem to be more confident about the program since it's their second cohort—that's why they have flexible investment structures similar to PearX and other incubators.
Kieran: How is the Demo Day structured?
Richard: It's very different from YC's Demo Day. It's more of a showcase than an actual Demo Day. For our batch, it happened at Stripe's HQ. They invited many investor friends and firms. You have a 10-minute presentation about your project. There are also angel investors and potential customers.
Kieran: Did that work for you guys? Were you raising money then, and did you get checks from that event?
Richard: We received investor interest but decided to go with YC.
Kieran: Now that you're finished with the program. How do you stay involved with Afore?
Richard: So I presented at the alumni presentation a couple of weeks back. I demoed at their showcase event one day before YC's Demo Day. They have a community setup of all the Afore portfolio and FIR founders. It's a great community. They share events from time to time.
Kieran: What advice would you give to someone applying to Afore FIR?
Richard: It's a -1 to 0 program, so it's never too early. I've referred friends to the Afore FIR program before. If you're interested, I'm happy to chat more with you and help you connect with their team. If you're hesitant to start your own startup, you never know how powerful you are until you make the leap.
Kieran: What advice would you give to a founder accepted into Afore FIR to make the most out of the program?
Richard: I would spend as much time as possible with the Afore team. Work in their office every day. Be friends with them. They are always available to talk. It's like college—there are tons of resources, but you need to be opportunistic and proactive.
Kieran: Is there anything I didn't ask about that is important to know for someone considering the Afore FIR program?
Richard: I think they also do info sessions from time to time. If you're in the -1 to 0 phase, submit an application on the Afore FIR website.
Kieran: I saw that they are taking applications now and plan to offer a summer program. You can visit their website and apply using the link.
