Selection Days – What Do Startups Have To Do To Get Accepted To An Accelerator?
Startup growth isn’t always easy to achieve. Even with a great idea and a proven need for your product or service, it can still be difficult to boost sales and make a profit. That’s why some companies seek help from an accelerator. But, what does the application process look like? What to expect from selection days?
On the 10th and 11th of December, Startup Wise Guys held selection days for its sixth program. Out of the TOP 25 teams, ten were chosen to BusinessTech Winter 2016 program. It will start on the 18th of January 2016 and last for three months.
Getting to know all the teams.
Out of all the teams, 17 came to our selection days. Others attended via Skype. There were people from Estonia, Finland, Latvia, Poland, Ukraine, France, Ireland, the UK, the USA, Turkey and China.
Calum started the two-day selection process by introducing Startup Wise Guys, CEEDTech, FiWare program and our team. Then Maris stepped in and went through all the details, e.g. SHAs and legals. Afterwards, Erik had all the teams present their one-sentence pitch.
Rule of thumb for the one-sentence pitch: “We (value proposition) for (customer), because (problem).” Nothing else. Finito.
It’s important for startups to know how to survive. Therefore we made all teams split up and organised new ones. Those teams were then locked into dark rooms and they had exactly one hour to escape. That’s something we like to do in Estonia. After all of them had escaped, Erik continued with his pitch training.
Every startup event has a party.
Marju and Maris from Startup Wise Guys organised a party for the whole Estonian startup ecosystem. Calum gave a short speech. Louis from Comedy Estonia made a couple of jokes. There was a panel discussion with heads of Garage48, Startup Estonia and EstBAN. Startup Leaders Club gave out some prizes. And lots of free food and drinks was served.
Let the pitching begin.
Throughout the next day, we had three different panels listening to all the teams pitch. There were panels for product, market and team, each consisting of five to six members.
Hereby, let’s thank all of them: Andrus Oks, Calum Cameron, Eero Tohver, Elise Sass, Erik Anderson, Hardi Kampus, Herty Tammo, Kristjan Konks, Maris Prii, Riivo Anton, Ivo Remmelg, Kadi-Ingrid Lilles, Aki Koivukoski, Dag Ainsoo, Tarmo Tael, Scott Dodson and Marju Teras.
After the last teams had pitched, we pushed everyone out and started to discuss, who to take into our next batch. BusinessTech Winter 2016. This list will be made public on the 17th of December.