How to get into Founder Institute according to the founders who pulled it off

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

1. One founder said that the appeal of Founder Institute was its Australian focus, which was particularly relevant as Covid was still impacting things at the time.
2. Another explained that the accelerator was recommended by another friend who had participated.
3. Founder Institute presented an opportunity for business validation for one other founder and to connect with a network of local entrepreneurs and professionals in the ecosystem.
4. What intrigued another participant about Founder Institute was its unique approach—it accepted aspiring entrepreneurs at a pre-idea stage, pushing them through a rigorous program.
5. One founder decided to join an accelerator like Founder Institute, which was driven by my desire to learn from experienced mentors and build my business strategically.
6. Founder Institute represented a launchpad for a founder – a place where they could take an idea from paper to a validated concept with the help of experienced mentors.

Here’s what the founders had to say about the structure of Founder Institute’s application process…

1.  The application process begins with an online application form that involves a personality test followed by an interview. The competition was quite intense.
2. A lengthy personality test was included in the application. This test is designed to assess the entrepreneurial DNA of the applicants, delving into various aspects of personality and mindset that are relevant to entrepreneurship.
3. A founder recalls that the application process for the Founder Institute began with filling out a form, including a personality test. Then, they had a phone call with someone from California, during which they were asked detailed questions about their project, particularly concerning its potential scale and future projections.
4. Another founder had an online personality test but no interview. 

Here’s what the founders’ tips on Founder Institute’s application process…

1. Engage directly with the leaders of the program beforehand. 
2. Only to apply if you’re genuinely committed. Otherwise, it can end up being a waste of time.
3. Each application attempt, whether successful or not, prepares you better for the next one. It’s important not to see an incomplete or unsuccessful application as a failure. 
4. Focus primarily on the problem you aim to solve rather than getting overly attached to your initial solution.
5. Another founder says that their key advice would be to engage directly with the leaders of the program beforehand. Understand what you aim to achieve from it and prepare specific questions.

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

1. The Founder Institute does not provide direct funding. Instead of financial support, the focus was on education and mentorship.
2. There was no capital incentive attached to being admitted into the program. 
3. At Founder Institute, no funding is provided, but you give up a small portion of equity, about 2%, as a warrant.

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

1.  The program aimed at condensing two years of work into four months, demanding 45 to 60 hours per week. 
2. A typical day involves a series of weekly assignments that are quite hands-on, often requiring desktop research, market analysis, and sometimes even visiting customers if applicable.
3. The program includes pitch events, which were high-pressure situations. Your pitch’s quality could determine your continuation in the program and is graded out of 1,2,4,5 – there’s no such thing as an average pitch.
4. One founder remarked that the structure is designed to identify gaps in startup ideas, business models, customer understanding, and communication. Weekly evaluations reveal these gaps, pushing participants to refine and evolve their concepts. 
5. Another founder evaluated that the mentors and program leads were actively involved, offering guidance through formal programming, office hours, and peer interactions. Their engagement played a crucial role in refining the business model and ensuring a focus on essential elements.
6. The mixture of individual work and team collaboration, along with the diverse backgrounds of the participants, contributes to a dynamic and enriching experience at the Founder Institute.
7. One founder wished that the Founder Institute was led by mentors with firsthand experience running their own companies rather than business development representatives from relevant industries. Unfortunately, many sessions seemed more geared towards promoting their businesses.
8. The program is so challenging for some that many participants drop out due to its demanding nature.

Here’s what the founders had to say about Founder Institute’s standout features…

1. For one founder, one of the most impactful experiences was being introduced by their course leader in Sydney to another course leader in Melbourne, who was also an investor with his own VC fund.
2. The Founder Institute compelled another founder to engage with the market actively, talk to potential customers, and hone in on the specific problem we were trying to solve. 
3. The pitching sessions were a highlight of the Founder Institute program for another founder.
4. Another founder confirms that the consistent pitching exercise provided a platform to articulate their vision clearly and confidently, which is a crucial skill for any entrepreneur.
5. One participant remarked that out of 430 startups, being one of the 10 to graduate is a significant endorsement. Some investors are ready to invest just based on this achievement.
6. For one alumnus, FI provided essential insights and tools that are instrumental in building a solid foundation for a startup and guiding entrepreneurs towards creating a viable and sustainable business model.

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

1. One founder wishes the Founder Institute provided some funding to help founders get off the ground in their infant stages. 
2. One founder felt Founder Institute’s post-program support was lacking.
3. One participant noted that while mentors played a crucial role, some were perceived as overly focused on gaining equity from participating companies. This double-sided approach, where mentors advised against giving away significant equity but sought it themselves, created ambiguity.
4. Another alumnus remarks having more entrepreneurs and business owners, as opposed to just popular speakers or consultants, would add greater depth to the learning experience.
5. One more founder concludes that our expectation to provide their investor contacts felt counterintuitive, as they anticipated the program would expand our network with new potential investors. Instead, FI contributed to their database without gaining similar access in return.
6. Another founder confirms that while the Founder Institute currently doesn’t focus on providing capital, having a fund to invest in startups could be a valuable addition.

Here are the founders’ final tips about Founder Institute’s program…

1. The program demands a minimum of 20 hours per week if you’re aiming to graduate successfully. That totals up to 200-240 hours over a 10 to 12-week period, which is quite intensive. So, assess your willingness and capacity to dedicate this amount of time before making the decision.
2. Authenticity is key for anyone applying to an accelerator program, especially first-time founders. There’s no benefit in pretending to be something you’re not. 
3.  Beyond accelerator programs, one founder strongly recommended engaging with other founders. This kind of peer interaction can be far more beneficial than any formal program. Moreover, founders typically have genuine, practical contacts and insights, unlike those involved in accelerator programs, who may have different motives. 
4. If you’re contemplating starting a company but feel you’re missing key connections or industry insights, an accelerator can be a valuable resource. The Founder Institute is a solid choice for those at the beginning of their entrepreneurial journey. 
5. Founder Institute is recommended for serious entrepreneurs, especially in the early stages. However, founders further along should carefully consider the time commitment and potential misalignment with revenue-generating activities.
6. Merely attending meetings without active engagement and attention won’t yield the desired outcomes. An essential aspect of success is maintaining humility and a willingness to reevaluate assumptions.
7. Founder Institute can be a great starting point if you are a young entrepreneur or a beginner in the business world. It offers the tools and guidance needed to validate your business idea, which is a critical step before formal business registration.