Jake Hamann wasn’t an expert in the automotive industry when he started AUTIX. He was the proud owner of a specialty Jeep and had the idea to connect all who have an interest in modified and specialty vehicles like his — enthusiasts, collectors, parts suppliers and dealers — through an online platform.
To help get the business off the ground and capital ready, last year Hamann applied and participated in Capital One’s inaugural Accelerator Program. AUTIX was one of eight startups participating in the 12-session business bootcamp that includes one-on-one time with industry experts, as well as advisory sessions on topics like storytelling, brand marketing and product design.
This year, the program, which culminates in a pitch competition at Dallas Startup Week, has expanded to include 13 participants. During last year’s pitch competition, Hamann took first place. He won a monetary award of $15,000 in grants that he used to boost his company’s marketing presence in November at SEMA in Las Vegas — one of the largest trade shows in the country for automotive enthusiasts. He says he’s excited for the participants of this year’s Accelerator Program that just kicked off, and he hopes the program will help propel their businesses with crucial resources, experience and information to thrive like it did for him.
“The Capital One Accelerator Program was a perfect fit for AUTIX, both in terms of industry fit, as well as timing in the evolution of the company,” Hamann says. “I learned a great deal about the operations of dealerships and how the AUTIX platform can play a critical role in increasing margin for used and modified inventory.”
The connections he made through the program were also beneficial. “We were able to engage directly with the Toyota Innovation Team and are in continued conversations with four of their internal groups about utilizing AUTIX,” he says.
Daniel Boller, the founder of Leasly, a website that enables people to select and lease a new or used vehicle and have it delivered, was another participant of the inaugural Accelerator Program. He agrees that the networking the program provides is “invaluable” and encourages the startups in this year’s program to not take the time they get with industry experts for granted. “You have the opportunity to learn from experienced people,” he says. “The sessions often included not only an expert in their field but someone who had previously traveled down your path as a founder.”
The Dallas-Fort Worth market has become the de facto auto finance capital of the U.S., Boller points out. “The talent pool is vast,” he says. “Both major banks and captive [insurance subsidiaries] have opened auto finance headquarters in the area over the last decade. We see it as a natural fit to grow our team in McKinney, which allows us to attract talent from a rich pool of industry expertise.”
Boller has also benefited from free consulting by Capital One team members, even after the 2022 program concluded.
“It’s been an immense opportunity to refine our product and procedures,” Boller says. “We’ve focused on [everything] from enhancing the digital consumer experience on our marketplace to refining cybersecurity. We’re grateful for the time each consultant takes to help us on our journey and look forward to maintaining the relationship moving forward.” Boller says he’s excited for the upcoming cohort to take it all in.
Class of 2023
The 2023 Accelerator Program kicked off at the end of April with 13 startups focused on pushing the boundaries of innovation in the automotive space. The diverse cohort includes a woman who has developed a company called FeaturesFirst Auto, which trains drivers to effectively use zero-emission vehicles and driver assistance technologies to reduce collisions, and a Nigerian immigrant who founded Tahcar, a company that links dealers with transport services that move vehicles without adding mileage.
In a partnership with University of Texas at Dallas and the Dallas Entrepreneurship Center (DEC Network), Capital One will take the participants through a 12-session curriculum to get them capital ready. They will then participate in a pitch competition in front of investors and funders at Dallas Startup Week, where they have the chance to win $50,000 in awards. Dallas Startup Week, a free five-day conference organized by the DEC Network to boost entrepreneurship, is set for Sept. 10-14 at the Frisco campus of the University of North Texas. Until then, the 13 startups will invest over 1,700 hours in the program through mentoring, content delivery and pro bono project engagement.
The Accelerator program is part of the Capital One Impact Initiative, where it uses its scale and resources to advance socioeconomic mobility and support diverse businesses.
“When businesses thrive, jobs are created, economies are strengthened and the ripple effects create stronger communities,” says Capital One President of Financial Services, Sanjiv Yajnik. “The automotive industry can drive workforce development into the future and create a new pipeline of opportunities in the workplace. By supporting the Accelerator Program, we’re supporting a better future.”
Past participants Hamann and Boller couldn’t agree more.
Look for FWD>DFW features about Dallas Startup Week in September. Meanwhile, visit CapitalOne.com and TheDEC.co for more info.