Ask HN: What are the requirements for TC50?

I am wondering what are the requirements for TC50. I've read the website, and have tried emailing TC50 (but no response). We are looking to apply to TC50, but as of now we don't have a demo/alpha/beta. We are shooting for late August to have a demo ready.

Does applying to TC50 by June 23rd mean you have to have a demo/beta or can we apply with our idea and try to build the system?

We are also bootstrapped right now and am wondering if there is a special quota for startups that are looking for funding?

Thanks in advance!