We’ll be opening for applications in July this year. If you need funding for your startup, and are thinking of applying to 440.ng, here are a couple things you can do to help sharpen your application. If you get these two elements right, you will drastically improve your chances of getting to an interview and receiving an investment offer.
1. Get your team right. We say this a lot, but even so, over half the applications we get are from startups where the team is simply not fundable. So, if you’re a solo founder, find a business partner. If you don’t have any expertise in the industry or sector you’ve chosen, find someone who has. And if you say that you will build something that is highly reliant on technology, or b2b sales, or some other particular skill set, then you better be that person, or find that person. Luckily you have a few months to get this done, if you haven’t already. It should also be a walk in the park for a hustler-driven-nothing-will-get-in-my-way entrepreneur like yourself.
2. Stop building and start testing. One of the biggest disappointments when reading through applications is when the team looks great, the market is attractive, and its been hanging in there for awhile, but there are no customers or revenue to show for. No in-depth insights into their user segment, the market, or first-hand knowledge about challenges in the industry. If you want to do one good thing for your startup today, go out and find a customer (i.e., someone that pays for something), and when you do, find another. It’s also easier to recruit your super-star team of co-founders and employees if your startup is more than some lines of code, a splash page, or a presentation.
3. If you’re wondering why you should apply for funding from us, you can check out this video and see what we do during the accelerator, as well as what our 2014 batch of startups had to say about getting funded and going through the accelerator.