How does 500 Startups determine the credibility of the team approaching them for their accelerator program?
Is it based on where they worked before or based on their skills,if its the latter how do they decide on that? I'm super confused whether to wait and approach 500 start-ups or go with the accelerator that choose me (my start-up) for now?
2 Answers
Views • Upvoted by Parker Thompson, Venture Partner @ 500 and Aleksandr Dresen, Alum from Seedcamp, 11 and Startup Chile. Now mentor startups via KOWN.
Most Viewed Writer in 500 Startups with 90+ answers
there are several factors that influence our opinion of teams that apply for 500 Startups... they usually break down as follows:
0) objective, provable evidence you are awesome, that is indisputable & does not depend on anyone's opinion (ex: "i sold a company for $100M, i created Ruby, i built an Eiffel Tower model out of popsicle sticks when i was 7")
if there isn't objective proof, then we like to hear first-hand references that you're awesome, ideally from people we know, and ideally in a work situation:
1) are there existing "500 Family" (our team, our founders, or mentors) who have had a positive WORK-ing relationship with you, and are willing to comment positively about your skills / experience?
2) alternately, are there 500 Family members who have a NON-working or personal relationship with you, and will comment positively?
3) alternately are there non-500 Family members who have a WORK-ing relationship with you, and will comment positively?
4) is there ANYONE who will say ANYTHING positive, regardless of whether they've worked with you?
in summary, we care about:
0) indisputable, objective proof that you're awesome, OR
1) people in 500 Family who will reference a positive working relationship, OR
2, 3) other non-500 people OR other non-work relationship, OR
4) anyone who thinks you smell nice & aren't a complete idiot (like, your mom)
note: 0 or 1 is best.
(while we think your mom is nice, we probably don't trust her that much... sorry ;)
0) objective, provable evidence you are awesome, that is indisputable & does not depend on anyone's opinion (ex: "i sold a company for $100M, i created Ruby, i built an Eiffel Tower model out of popsicle sticks when i was 7")
if there isn't objective proof, then we like to hear first-hand references that you're awesome, ideally from people we know, and ideally in a work situation:
1) are there existing "500 Family" (our team, our founders, or mentors) who have had a positive WORK-ing relationship with you, and are willing to comment positively about your skills / experience?
2) alternately, are there 500 Family members who have a NON-working or personal relationship with you, and will comment positively?
3) alternately are there non-500 Family members who have a WORK-ing relationship with you, and will comment positively?
4) is there ANYONE who will say ANYTHING positive, regardless of whether they've worked with you?
in summary, we care about:
0) indisputable, objective proof that you're awesome, OR
1) people in 500 Family who will reference a positive working relationship, OR
2, 3) other non-500 people OR other non-work relationship, OR
4) anyone who thinks you smell nice & aren't a complete idiot (like, your mom)
note: 0 or 1 is best.
(while we think your mom is nice, we probably don't trust her that much... sorry ;)
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work… and Parker Thompson, Venture Partner @ 500
Most Viewed Writer in 500 Startups
Ditto everything DMC said, and I'll add one big thing I look for - the co-founder relationship. How long have you known each other? Have you actually worked together before? How do you make decisions? Am I convinced you would be able to weather the many, many, MANY storms that building a company will bring you and come out an even stronger duo? What is the dynamic between the two of you? etc.
