by Dilyan Dimitrov, founder at Eleven Accelerator Venture FundIt was a great summer for Eleven. Doing this, and returning back in the beginning of September, exactly one year after we moved in the Roof with our first batch of 11 companies. It felt almost like the changeover to a new calendar year – a perfect opportunity to reflect on what we learned during the past 12 months; set exciting new goals for the year ahead, and start taking action to achieve those goals. It is like starting Eleven once again – breaking the patterns and habits of the past year and reinvigorating the way we operate. And what better way to do this, than with a brand new batch of exciting startups, joining our family on Monday, 16 September.
Every few months we open a new application window, review a few hundred applications, interview, meet, assess, and select 10 to 15 companies to join our programme. And before we start again, we try to give meaningful feedback to all remaining few hundred applicants.
Eleven is a high pressure atmosphere. We push the limits of every day we have. Fundraising, Sourcing, Evaluating, Investing, Mentoring, Building, Shipping, Reporting, Pivoting, Supporting, Presenting, & Innovating. The result of our way of working is astonishing. 80+ startups in less than 2 years. In the machine of Making Early Stage Investments, we have little time for catching our breath.
“What happens at the end of the third month at Eleven?” Just to put it in context, Eleven is a 12 million Euro acceleration and seed fund based in Sofia, Bulgaria. Our investment cycle starts with funding startups with 25 thousand Euros for a period of three months, on average. After that, we have the option to either invest a full seed round of up to 200 thousand Euros, or follow up with another 25 thousand for a second acceleration period if needed. And of course, we always have the option to do nothing. This post is about what matters to us when deciding which way to go.
Having attracted over 500 teams from 52 countries in 2012, the Webit Congress StartUp Challenge will again highlight the work and ideas of 21 shortlisted startups, giving them the opportunity to exhibit for free and pitch in front of major investors, VCs, partners, 530 international media representatives / blogggers and over 6000 Webit Congress delegates from 70+ countries.