Best case we see a talented team with different competencies that ideally have worked together before. 2 to 3 co-founders.
First and foremost your product/service should have a tech-vibe and of course be scalable. Scalable in the sense that you don’t have to hire people or buy heavy machinery to increase revenue.
Also we look at different stages and your product/service should be something more than just a great idea on a whiteboard. Preferably we’d like to see a minimum viable product (MVP) and even better (paying) users.
Revenue is not mandatory but you need to have a model for how you are going to turn your great product/service into a revenue generating business. If you have early revenue, that is of course great!
Most SCALEit companies are looking for funding. Many have already raised a seed round in Denmark - and so far more than one of three SCALEit [follow link to see some of the SCALEit startups who received investment] alumni has raised money following the program.
We are big fans of bootstrapping but whether you have a funding round secured already or you have taken your business to the existing level by bootstrapping alone is not going to determine whether you are a good fit for the SCALEit program..
Also we look at your runway (how far before you run out of money without any sales). Knowing your runway is a good indicator for how well you’re running your business. Y
If your business is another take on “sliced bread” or reinventing the wheel the Novelty score will be low. However that does not equal that you are not the right fit.
Needless to say that investors are more interested in companies with high novelty score than companies with a low. Small tweaks and different approaches can make a great difference.
You will be met with brutal honesty and controversial views on how to run your business. You should definitely be open to receiving constructive criticism and of course it is your job to absorb the input and apply the measures YOU find most valuable for taking your business to the next level.
Mindset is the only single area that can determine whether you’ll be part of the SCALEit program or not. You can score ever so high on all other areas - if you do not have the right mindset you’re not a good fit.
However since you read all the way down to here - I wouldn’t worry too much about mindset.
You are on the right path.
DO YOU SEE YOURSELF FIT INTO the SCALEit program?
Let’s talk and see if we can help you accelerate your business through Silicon Valley.