It is impossible to run a successful Startup Program without finding the right startups to participate in it. But, what exactly are the right Startups? To make it easier for you, at Founderhood, we have found three infallible criteria that will ensure you find the startups that are right for you.
Whether it be on a market segment, a market trend, or a technology, there must be common ground between your Program goals and the Startups'. Find your thesis and what you stand for, then you can see who matches that. For instance, if you opt for a vertical program that will seek startups to grow within a line of business you have to make sure you are compatible within that line.
2. Check the Status of the company is compatible.
You must ensure the Startups you select mean the same as you when defining themselves. Early-stage startups may be different things in different places, if you usually work with early-stage startups in Athens working with one based in London might bring a few shocks. The main terms to look at to see if you may be the right fit are readiness and advancement. Discuss those terms and what everyone means by them in your first interview, if there's a match you are one step closer!
3. Asses the team and who are the people behind the Startup.
Lastly, but maybe most importantly, it is to make sure the team and founders running the startup align with your project. Once you have settled on what you want to achieve and that the startup is at the right point to Participate in your Program make sure the team is right. At the beginning of building a startup from the bottom up founders may have a prototype, but not much more. In the early stages, there is usually no customer base, no business model, or they have not experimented in the market. Thus, the team's experience, commitment, and willingness to solve problems are the only real assets the startups have. You can change the business model, you can change the idea but it is very difficult to change the people. And not just the individual but also the team, the chemistry in the team, and how they collaborate so you need to look into that. At the end of the day, when selecting startups for the program you are not only getting a potential business but also the people who are going to run it. Just make sure those are people you want to work with. If someone has an idea with the potential to become a unicorn but is unwilling to listen and learn, is that someone right for you? That is something you must decide for yourselves.
All in all, once you have the right startups, with the right ideas, the right stage, and the right team, the ball is in your court to give them the best service possible. To help you achieve this, Founderhood is the platform to create a Startup Program that founders love regardless of program size and type. It can also help you in the scouting process by letting you check, accept, and evaluate applications. Additionally, once the program is running Founderhood provides resources and perks, brings the founders closer together, and tracks your startup’s process. So, what are you waiting for? Visit www.theFounderhood.com to learn more and catch us in our Startups Programs Masters Podcast.
