On Jan 2, 2013, we announced the start of our third application window. You may go directly to the application here, or first read the below, as well as two previous posts: suggestions to applicants to Season II, and the statistics of Eleven’s Season I and II applications.
A few words about the process itself – once the application window is closed (Feb 3), our Investment Committee will review all applications, and we will schedule online or personal interviews with the top teams sometime mid-February. By the end of February, we will extend invitations for our Selection Days in mid-March when each shortlisted team will have the opportunity to pitch its project for investment.
Since this is our third application window, and having already reviewed over 800 applications and interviewed more than 200 teams throughout our previous ones, please allow us to give you a few DO’s and DON’Ts.
Don’t waste time on building a product with the maximum number of features. Build one feature or even a promise of a feature that users want. Release early (i.e. NOW) and get as much feedback as possible from your target market.
It shows us two things: a) you are not building a “faster horse” that nobody wants, and b) you can do things, as entrepreneurs are doers not talkers in our view.
Make sure you can demonstrate to us that your team is fully committed to your project. We are not providing easy money for you to test IF IT WILL WORK. We are making an investment in entrepreneurs willing to dig up the earth to MAKE IT HAPPEN; teams truly believing in it and willing to dedicate 100% of their resources to it.
Please don’t waste our (and your) time, if:
- You are not really sure if you want our investment or not;
- You haven’t done your homework (don’t know your competitors, target market, etc.)
Please be concise and to-the-point in your answers. We are not really interested in your philosophical take on the meaning of life, nor in the number of mobile and smartphone devices in the world - we have heard those numbers before and they have little or no bearing on your project.
While our investments are relatively small, we are putting several-hundred-thousand Euro valuations to each project with the goal of several million Euro exits down the road, so your product or service should be:
a) addressing a big enough market; and
b) easily scalable.
Be honest in your application. Chances are we’ll catch lies, exaggerations and other omissions either directly or through our mentors. We actually appreciate both integrity and the ability to learn from your mistakes (and having the courage to admit any such weaknesses).
If you re-apply and there’s zero or negligible progress on your project for the last few months, then you’ll definitely get the same answer.
On the other hand don’t be offended, if you were rejected or get rejected. The best way to prove us wrong is to show progress and impressive traction. Our investment decision process is not perfect, and we will surely miss on some great opportunities, but at least you’ll be able to rub your success in our face.
Should I stay or should I go
Last but not least, don’t hesitate. Chances are that several months down the road there will be more competition in your domain and not less.
SO APPLY NOW!