At Plug and Play, we spend countless hours appraising over 1,000 startups every year. We do this because we are truly passionate about the ideas we hear – they excite every single one of us. Hundreds of successful applicants join our accelerator programs and gain investment every year. To ensure your startup has the best chance, we have listed our criteria below.
The most critical thing we look into is the quality of the team. We really like to see founders with deep experience in the field that they are disrupting. This includes an ability to demonstrate an impressive understanding of their competitive landscape.
All too often, a startup will try to raise money to fill holes in their team. We believe that the best startups cover all bases and then reinforce. If you have an engineer, a marketer, and a person handy with numbers, your application will make it to the top of our pile.
If a team has the technical expertise to execute their vision, they are ready to join a program and get investment. Full time commitment to the startup is a must – we need to know that your team is entirely dedicated.
Understanding the market that you are entering is vital. We are much more likely to invest in a small fish in a big pond, than vice versa. It is, therefore, imperative to clearly prove that your solution is defensible and scalable.
We want to see that you have taken the necessary steps to ensuring your product is difficult to replicate. We also want to see that you have understood the financial opportunity of your company and how it will increase in value over time.
Coupled with experience in the field, you should also have memorized a list of key facts and figures. These should include: addressable market size, your company growth metrics, and competitor traction. If you can prove a good product-market fit through traction – great. If you are pre-traction, it is always best to have a workable demo to inspire faith in the idea.
The final piece to the puzzle is your ability to pitch your company. We don't just like passionate founders, we love them. If you can convey your idea with passion, grace, and confidence, your chances of being accepted are high. We want to see well rehearsed pitches with cleanly designed presentations. If you have a pitch video, even better, but ensure that it doesn't creep over the two minute mark.
If you believe you have all of those bases covered, apply to Plug and Play today >