500 Startups is now accepting applications on AngelList | Hacker News Reader

500 Startups is now accepting applications on AngelList

angel.co

65 pointskurtvarner19 comments

Here are a couple sources that explain why Dave McClure felt that an application was necessary and how they will be handling the process through AngelList.

TNW: http://thenextweb.com/insider/2012/09/13/500-startups-breaks...

TechCrunch: http://techcrunch.com/2012/09/13/500-startups-angellist/

FYI: The "Apply" button isn't initially obvious.

It's the blue button on the top right inside the gray banner with 13px font that says "Now accepting applications for Batch 5".

I agree! I had the same problem too.

yeah, sorry about that... we'll let the folks at AngelList know. agreed it's kind of non-obvious.

Why is your team bad ass?

This is my kind of application. This is similar to TechStars's application question "Why should we accept you?" which is great since you can candidly answer why you are a good investment.

Question that may seem obvious (sorry if it is). Is this intended for existing startups that have already gotten their feet wet, or is it intended for people with ideas & elevator pitches?

Don't worry, I had the same question. From what I can tell, 500 Startups prefers if you've already been incorporated, (unlike YC) but I'd be surprised if they won't help you incorporate if they like you.

500 has always been about startups with some degree of traction. Out of our batch, all bar 2 had a product, and over half had revenue already.

we usually prefer you have: 1) a functional prototype 1.1) or you've built products w/ previous traction 2) a team which includes one engineer at a minimum 2.1) ideally + designer + cust acquisition), and 3) some # of users (not your mom or your friends) 3.1) ideally some revenue too 4) have a business model / revenue model 4.1) or, shitloads of traction if not 5) some moxie.

Dave,

For the video will a product (explainer) video suffice?

sure that's fine. altho we'd like to learn more about you too :)

Well, we'd shoot a team video, but we're in the process of relocating our startup so we're a little disparate. I guess you'll just have to interview us :)

Excellent, thanks for the detailed answer. :)

Does anyone know the success rate of sole founders making it into these Accelerator programs vs a team of founders?

I was in the previous batch @ 500startups and I don't think any of the ~28 companies had a solo founder. Doesn't really answer your question but just an FYI.

Actually I'm fairly sure there were 2 teams with single founders at the time of application. All had a team though, that's the most important thing.

Thomas Korte from Angelpad has said he's accepting solo founders.

we prefer teams, but we do accept solo founders occasionally... if yer friggin' awesome.

This is a great move for founders as I wrote here: http://news.ycombinator.com/item?id=4517593

Reply on news.ycombinator.com