What is it like being in 500 Startups?
I mean participating in the accelerator program. Please specify which class.
10 Answers
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work…
This is a pic from our batch's demo day showing my cofounder JS and I with Mike Edwards, our first angel investor who committed on the spot after we presented.
Being in 500 was:
Chaotic
They called us "Batch #000" at the time. It was probably a way for them to pre-emptively hedge their bets in case we really sucked.
In true lean fashion, the accelerator program was still being figured out while we were in it. We weren't quite sure what it would look like in the end, but we had the feeling we were part of the birth of something great.
Oh, and we've been upgraded to "Batch 1" now. :) I guess we didn't do that bad, since more than a year later a lot of the companies in our batch are still alive and kicking.
Intense
Having everyone working out of the same space created a vibe which pushed everyone to be better and iterate faster.
Connected
Being in 500 startups gives you immediate access to one of the most powerful networks in tech. You can bet that no matter what market you're in (Edutech? Jobs? Family tech? Infrastructure?), what distribution platform you're using (Facebook? iOS? SEM? SEO? Viral loops?), what your monetization strategy is (E-commerce? SaaS? In app purchases? Leadgen?) someone somewhere in the network has been there and done that.
Need an intro to a customer? Need PayPal to unfreeze your money? Early access to a new platform feature? API access blocked? Stuck at the border? One email and the problem is solved, often within the hour. (Dave McClure, I *so* owe you for going above and beyond the call of duty on that last one.)
The 500 network is not all business but also an extended family of sorts based on mutual respect, camaraderie and a desire to change the world together.
Global
I believe we were the only startup in our batch that relocated from outside the US for the program. Yet I regularly heard French, Hebrew and Korean spoken by the other teams. Subsequent batches have only gotten more global. I'd guess that maybe 1/3 of the startups joining the program are coming to Mountain View from outside of the US.
Not only is 500 startups not afraid of global startups, they deliberately seek them out through the mentor network and events such as Geeks On A Plane (startup tour). Going global is both an arbitrage opportunity as well as a way to get into emerging markets in places like latin america and asia.
Fun
After the second of two demo days, once all the investors and press had cleared out, we drank and partied:
(Photo and video credit Sam Rosen, also from our batch)
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work…
It's like playing Tetris on level 50. Shit is falling down fast (if not faster) and you're still responsible for putting the pieces in the right places.
500 won't hold your hands (maybe Paul Singh would after a few beers), but 500 provides the support to make sure you get more of the long "I" blocks and fewer annoying "S" blocks. The mentor network helps you turn the blocks in the proper orientation and you just have to make sure you to not blow up.
Illustration in Dave McClure's signature colors:
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500 won't hold your hands (maybe Paul Singh would after a few beers), but 500 provides the support to make sure you get more of the long "I" blocks and fewer annoying "S" blocks. The mentor network helps you turn the blocks in the proper orientation and you just have to make sure you to not blow up.
Illustration in Dave McClure's signature colors:
I wrote about this in a blog post called "500 Startups: The Good, the Bad, and the Ugly: http://spinnakr.com/blog/
Here's a summary:
The Good: The office is a paradise, the events are incredibly cool, and each day is a new adventure. The uniqueness of this experience is driven by the mentor and founder network, unlike any other group in the world, which is unique in both their prestige but also the enthusiasm of their familial bond. This will be why most of the companies in each accelerator batch succeed, because they've harassed this resource and used it to open up new opportunities.
The Bad: Expect endless chaos and distractions, capable of derailing all your well-laid and thoughtful plans. Lots of late night music blasting, a cacaphony of different languages during the day, messes made and things broken. The message they seem to be sending entrepreneurs is to live peacefully in chaos and to question boundaries.
The Ugly: Finally, expect nights of drunken revelry and fun, where no matter how rich and important you are, you all go to the sleepy, grimey suburban bars of Mountain View, CA and take over the dance floor. You'll make friendships that transcend your professional bond, and many of the founders I worked beside I count among my best friends.
Here's a summary:
The Good: The office is a paradise, the events are incredibly cool, and each day is a new adventure. The uniqueness of this experience is driven by the mentor and founder network, unlike any other group in the world, which is unique in both their prestige but also the enthusiasm of their familial bond. This will be why most of the companies in each accelerator batch succeed, because they've harassed this resource and used it to open up new opportunities.
The Bad: Expect endless chaos and distractions, capable of derailing all your well-laid and thoughtful plans. Lots of late night music blasting, a cacaphony of different languages during the day, messes made and things broken. The message they seem to be sending entrepreneurs is to live peacefully in chaos and to question boundaries.
The Ugly: Finally, expect nights of drunken revelry and fun, where no matter how rich and important you are, you all go to the sleepy, grimey suburban bars of Mountain View, CA and take over the dance floor. You'll make friendships that transcend your professional bond, and many of the founders I worked beside I count among my best friends.
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work…
As a founder it's not long into the journey of a scaleable startup that you realise this - most of what you do is about people and relationships.
You focus on the human need and behaviour that your product leverages; care massively about the culture of the team; search the globe for talented people to join you; build lasting relationships with partners; reach out to people who can offer you advice and surprisingly enough, end up realising that investors are actually real people.
All of these things can be achieved as an isolated startup anywhere in the globe, but 500 accelerates all of them - massively.
Experienced Mentors help you build a product that works for your users; talented people are desperate to work with you; partners respect you; if there is any question you possibly have (personal or business) there is someone to ask; and on top of all of this 500 creates real opportunity to build relationships with investors (the human kind).
Just being surrounded by a community of intelligent and likeminded people (literally - in the office at the accelerator and virtually - via the online dashboard that Paul so very much loves) is one of the most valuable things I have ever experienced.
I regularly bug the other 500 founders and mentors. They are without doubt some of the most intelligent, helpful and driven people I have ever had the good fortune to meet.
To the couple of the negative comments on here (which look like they may be coming from outside the network), I would suggest remembering that 500 is a startup itself. It has a noble, world changing mission and is making massive strides to achieve them. They, of course, do not get everything perfectly right the first time, but just like the best startups they rinse, iterate and repeat.
I personally feel massively proud to be part of 500 family and I promise you, what you see here is just the start of what is to come.
You focus on the human need and behaviour that your product leverages; care massively about the culture of the team; search the globe for talented people to join you; build lasting relationships with partners; reach out to people who can offer you advice and surprisingly enough, end up realising that investors are actually real people.
All of these things can be achieved as an isolated startup anywhere in the globe, but 500 accelerates all of them - massively.
Experienced Mentors help you build a product that works for your users; talented people are desperate to work with you; partners respect you; if there is any question you possibly have (personal or business) there is someone to ask; and on top of all of this 500 creates real opportunity to build relationships with investors (the human kind).
Just being surrounded by a community of intelligent and likeminded people (literally - in the office at the accelerator and virtually - via the online dashboard that Paul so very much loves) is one of the most valuable things I have ever experienced.
I regularly bug the other 500 founders and mentors. They are without doubt some of the most intelligent, helpful and driven people I have ever had the good fortune to meet.
To the couple of the negative comments on here (which look like they may be coming from outside the network), I would suggest remembering that 500 is a startup itself. It has a noble, world changing mission and is making massive strides to achieve them. They, of course, do not get everything perfectly right the first time, but just like the best startups they rinse, iterate and repeat.
I personally feel massively proud to be part of 500 family and I promise you, what you see here is just the start of what is to come.
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work…
It is, like many things, what you make of it. Mark's comparison to university is pretty accurate (we were both Batch #3). You're surrounded by smart, talented people who are out to do big things, or are still figuring things out, or both. How you spend your time is up to you and you can choose to go heads down and crank all day or you can put a bit more attention toward getting to know the other batch companies, often with alcohol involved.
I ultimately did more of the former and while I'm tempted to say I regret it, I did get a lot done during my time at 444 Castro, so I can't say it wasn't worth it. Plus, as part of the family, you always have access to others in your batch as well as anyone else affiliated with 500. Connecting with others is usually easy so even after the accelerator, I have no trouble building relationships with other 500 folks.
If I had to change anything, it'd be to increase the frequency of the speaker events and to also make mentor relationship building a little easier. While you could always reach out to specific mentors directly, a little bit of matchmaking between company and mentor would've been great.
I ultimately did more of the former and while I'm tempted to say I regret it, I did get a lot done during my time at 444 Castro, so I can't say it wasn't worth it. Plus, as part of the family, you always have access to others in your batch as well as anyone else affiliated with 500. Connecting with others is usually easy so even after the accelerator, I have no trouble building relationships with other 500 folks.
If I had to change anything, it'd be to increase the frequency of the speaker events and to also make mentor relationship building a little easier. While you could always reach out to specific mentors directly, a little bit of matchmaking between company and mentor would've been great.
