Why apply to Rockstart?

Editor's Note:

Every accelerator has its own unique take on the startup and scaling process. For Rockstart, the biggest draw was the program’s structure. First, Rockstart offered both a combination of an accelerator program with VC support and a group of investor advisors on top of it. Second, rather than try to cram all the learning into a couple of intense months, the program spreads the work out over six months, including a one-week intensive every month.

Here’s what the founders had to say about why they applied…

  1. Rockstart offered significant value in customer discovery, especially in the food sector.
  2. The program provided mentorship, connected founders with the right people, and assisted in fundraising.
  3. Rockstart’s comprehensive support and mentorship provided exactly what founders needed to advance from concept to execution.
  4. The accelerator offered a combination of venture capital support, a well-structured accelerator program, a group of established Investor Advisors, and quality program materials.
  5. Unlike typical accelerators that rush through the process, Rockstart’s program was spread out over six months, with one intensive week each month.

 Rockstart, with its expertise and network, proved to be instrumental in providing the insights and connections necessary for our growth.

 Juan Pablo De Giacomi, Co-founder @ Innomy Biotech

What does Rockstart's application process look like?

Editor's Note:

Rockstart’s application process relies heavily on mentor-founder fit, with five to six mentors conducting interviews to determine a startup’s eligibility. Competition is also intense: thousands of startups apply for only ten spots.

Here’s what the founders had to say about Rockstart’s application process…

  1.  It started with an application form, then several interviews with five to six mentors.
  2. The application process wasn’t overly complex, but the interview phase was quite intense.
  3. Most interviews focused on finding a mutual interest fit between the founders and the mentors.
  4. Competition was high. Thousands of startups applied, but only about ten made it through to the end.

How can you ace the application?

Editor's Note:

Making a good impression on Rockstart’s admissions panel comes down to one thing: preparation. You’ll want to start by researching the work of Rockstart mentors and studying it. Once you feel like you know it backwards and forwards, you’ll have a better feel for questions the mentors might ask during interviews. To increase your chances of getting one of those ten coveted spots, find founders who have successfully completed Rockstart’s program and ask them for specific tips, especially if they’ve been through the program recently.

Here are some tips from the founders on how to ace Rockstart’s application process…

  1. Preparation is key — research any articles or previous work written by mentors of Rockstart extensively.
  2. While the program is competitive, don’t let that scare you off. It’s also comprehensive and has plenty of checks and balances at each stage.
  3. If you’re serious about making it in, connect with at least a dozen people who have been admitted into the program to get their advice.

How is Rockstart's program structured?

Editor's Note:

Because Rockstart’s program runs longer than the typical accelerator, the structure is a definite change of pace from what you might expect. For one week a month, startups work through an intensive that includes workshops and mentoring sessions. Then, the rest of the month focuses on running the business, which makes it a good balance for founders worried about managing an accelerator along with day-to-day work.

Here’s what founders had to say about the structure of Rockstart’s program…

  1. Rockstart’s philosophy emphasized not occupying all of a founder’s time with classes, but rather providing support and training to complement their work.
  2. One founder said they worked closely with a couple of mentors, and one even became their equity advisor by the end of the program, which is unique for an online-only accelerator.
  3. A typical day involved self-driven learning, continuous development of a minimum viable product, and frequent check-ins, usually two to three times a week.
  4. Another founder said that their typical month during the six-month program involved one week of intensive sessions and meetings.
  5. One founder said they learned about 40-50% of what they implementing in their startup today from Rockstart.
  6. Each month included a deep dive week packed with workshops, training, and speech coaching. The rest of the month was focused on running our business.
  7. The deep dive weeks featured intensive group sessions and individual mentoring opportunities on top of the education and training component.

In Rockstart, much like other top-tier accelerators, the learning is dense, packed into about four months, culminating in a demo day.

Param Singh, Founder @ Mooofarm

How does Rockstart support fundraising?

Editor's Note:

Rockstart’s initial funding support usually runs about €100,000. In some cases, this was in exchange for equity via a convertible loan, but in others, this was in exchange for a 6-7% stake. So, expect funding to vary on a case-by-case basis.

Here’s what the founders had to say about Rockstart’s funding support…

  1. One founder said they received funding of €100,000 in exchange for around 6-7%.
  2. Another received €100,000 during the accelerator program in exchange for equity, which started as a convertible loan agreement and was later converted into equity upon the successful closure of their seed round.
  3. In another case, for a €100,000 investment, €35,000 were in cash. The remainder covered the program’s costs, including mentoring and other resources. This was structured as a BTI contract.
  4. Another founder received €165,000 from Rockstart, which was relatively low compared to their usual investment of a minimum of €1 million in exchange for a convertible note.

 

Did you find anything challenging in the program?

Editor's Note:

No accelerator is without its fair share of challenges. Often, this is built into the nature of attending a program like this—in order to grow and strengthen a business, you’ll inevitably have some of your assumptions challenged. But Rockstart founders discovered even though they ran into challenges, the accelerator helped support them while they found the answers they needed.

Here’s what founders had to say about the program’s challenges…

  1. Thinking that their pitch could have been better. It’s a common sentiment among startups—you always think you could have done something better, especially on the pitch day.
  2. One founder said refining their business model, understanding their customers, and developing their R&D product was their biggest challenge. 
  3. Another found their challenges were primarily related to leadership and organizational development. Surprisingly, these topics are rarely addressed in accelerator programs.
  4. For a third founder, their business focal point was challenged during the accelerator.

The mentors were incredibly helpful, and our interactions were so insightful that I often ended up with pages of notes. The Rockstart team was also very supportive of the founders. If there were any issues with a mentor, they were quick to address them.

 

 Deepak Rajmohan, Founder @ GreenPod Labs

Is the program responsible for where you are now?

Editor's Note:

Overall, founders agreed that Rockstart gave them the head-start they needed to make their startup successful. The program’s education proved invaluable for facing future challenges. Also, the program’s empathetic approach that provided support and opportunities without micromanaging gave founders the assistance they needed without being stifling.

Here’s what the founders had to say about Rockstart’s influence…

  1. One founder said it helped them refine their focus, streamline their operations, and develop strategies that aligned with their long-term goals.
  2. Another said that the accelerator program prepared them for a scale-up, providing them with the tools, mentorship, and network to grow their customer base effectively.
  3. Rockstart significantly encouraged one founder to think big. Rockstart’s guidance in narrowing their focus while still aiming for substantial goals has been crucial to their development.
  4. One founder found that their growth is a testament to the effectiveness of the strategies they honed during the accelerator. 
  5. Rockstart could turn seemingly unsolvable issues into manageable ones with just a few insights. This approach and their human and empathetic nature have stayed with another founder.
  6. Another founder felt that while there was some input on market strategies, the accelerator’s preparation for these specific milestones was limited.
  7. Rockstart played a significant in later achievements, particularly in their approach of not micromanaging but providing valuable connections and feedback when needed, respecting founders’ autonomy and decision-making process.
  8. Rockstart provided a network of experienced individuals who have faced similar challenges. The accelerator program not only equips startups with tools but also with a valuable network of people.

Final advice to consider before joining Rockstart

Editor's Note:

The founders who went through Rockstart all agree: your biggest advantage is research. Rockstart specializes in the food and agriculture industries, so startups in this arena will find their assistance valuable. But don’t let your industry alone make the decision. Ensure that the program’s structure and resources provide what you think you’ll need to make your startup a success.

Here are the founders’ final tips on Rockstart’s program…

  1. Utilise the program’s network and resources. It pays off significantly down the road.
  2. When applying for the accelerator, it’s vital to have a strong team alongside a clear understanding of your industry, the challenges you want to address, and the changes you aim to bring about.
  3. Research thoroughly before applying. It increases your odds of acceptance. 
  4. Rockstart focuses primarily on food and agriculture, so if you’re in this industry, there’s immense potential value due to its industry-specific network and connections. These resources are useful for initial growth and invaluable when expanding into other areas within your sector. 
  5. Participating in an accelerator program equips you with valuable tools and insights that can significantly propel your startup forward. It’s a strategic move that can reshape your trajectory, particularly in the early stages of several startups.