Thousands of startups apply to Techstars' accelerator programs but only 1% get in. Here's what decision-makers want to see from applicants.
The investor's London program accepts just 1% of applicants into each cohort.Europe's startup ecosystem has endured a difficult start to 2023.
Techstars, founded in 2006, has made its name on prescient bets on the likes of Uber, Chainalysis, and ClassPass. The Boulder-based firm runs accelerator programs across the world, accepting a tiny proportion of applicants in the process. Chowdhury helps pour over the roughly 1,400 applications that are made to Techstars' London program. The program offers mentorship,in exchange for 6% in stock, perks worth $1 million — such as access to Amazon Web Services and Stripe — and access to high-profile networks.
It's also important for founders to understand how their startups fit into the evolving roster of technologies that often dominate headlines, from web3 and blockchain to AI, Chowdhury said. It's also important to showcase to the admissions team why the market needs this product. With more attention on the pivot towards profitability, founders should also"show that they have a deep understanding of KPIs and financial models to understand how the business operates," he said.
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