Why apply to SOSV?

Editor's Note:

Founders applied to SOSV due to its well-known reputation and the reputation of its manager, William Bao Bean. Others were scouted by SOSV representatives during participation in other startup-related events.

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

  1. William Bao Bean, who manages the accelerator, motivated them as he wanted to invest in their company.
  2. SOSV stands out as one of the world’s leading accelerators, managing over a billion dollars in assets.
  3. The program promised access to an array of industry experts and mentors, providing a unique learning environment that one founder knew would be invaluable for their growth and development.
  4. One founder was approached by an SOSV representative while participating in a crypto hackathon called ETH Global.
Aizaz Nayyer

This long-term support network is perhaps the most remarkable aspect of joining the accelerator, offering sustained assistance that has been instrumental in our journey.

 Aizaz Nayyer Co-founder & CEO @ Oliv

What does the SOSV application process look like?

Editor's Note:

As to be expected for an accelerator of this caliber, SOSV’s application process is intense. An online application is followed up by several rounds of calls that seek to understand a startup’s business model, team, and vision. If you’re lucky, you may get a direct recruitment line and skip the application process altogether.

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

  1. The application process is notably competitive, with an acceptance rate of less than 2%, highlighting the challenge of securing a spot in their programs.
  2. It starts with an online application.
  3. The second phase includes a pitching call with William Bao Bean and then followed by several follow-up calls.
  4. The discussions were aimed at understanding their business model, their team, and their vision. They also shared some of their early metrics and progress.
  5. For others, the entry into SOSV’s ecosystem was more of a direct recruitment rather than seeking them out through a formal application.

How can you ace the application?

Editor's Note:

SOSV caters to even the earliest-stage startups. So if you’re able to demonstrate commitment, a unique value proposition, or previous success, your application will have a definite advantage.

Here are the founders’ tips on the SOSV application process…

  1. Show previous successes, even if they’re outside the startup you’re applying with. For one founder, their previous entrepreneurial engagements and successful exits gave them an edge.
  2. Emphasize your team and value proposition. For other founders, their unique value proposition, their team’s backgrounds, and the timing worked in their favor.
  3. Commit to your startup. Unlike some founders who might pursue their startup as a side project, another team’s commitment was evident through their previous ventures and professional experiences and got them in.
  4. Have a clear product vision as it may make the difference in gaining entry.
  5. Focus on delivering tangible results.

How is SOSV’s program structured?

Editor's Note:

SOSV focuses on a full-time commitment and comprehensive education models. Participating founders also received mentorship, matching mentors in a speed-dating-like process. The program culminates in a demo day to pitch to investors.

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

  1. SOSV has various accelerator programs with different industry focuses, like the Orbit One program and SOSV China Accelerator with a duration varying between 3-6 months depending on the program.
  2. The program demands a full-time commitment, with daily sessions spanning from early morning to late afternoon.
  3. At the outset, you are introduced to the business model canvas, a tool that helps outline your business plan, define your North Star metric, and identify the key metrics you should focus on.
  4. The program facilitates numerous meetings with mentors through a format akin to speed dating, where you engage with each mentor for about five minutes before moving on to the next.
  5. The SOSV accelerator program is structured around a series of comprehensive modules designed to address various aspects of startup development, from business modeling to financial planning and fundraising.
  6. The culmination of the accelerator programs is a demo day, where along with other startups, you pitch to a gathering of investors.
  7. The fundraising module is particularly hands-on, involving several iterations of your pitch, starting from elevator pitches to presenting to fellow companies, and friendly investors, and eventually leading up to the demo day presentation.
Scarlett Li

Despite having previous experience with these aspects in my earlier ventures, the accelerator served as a valuable refresher course, helping me to hone these skills once again.

 Scarlett Li Founder and CEO @ Zebra Labs

What’s SOSV support for fundraising?

Editor's Note:

SOSV provides direct funding with a standard investment of $250,000. However, startups can win other investments by impressing investors on demo day.

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

  1. Unlike some accelerators that offer a predefined amount of funding as companies join the program, SOSV’s approach was to invest as part of our fundraising efforts.
  2. SOSV provides direct funding to startups as part of their accelerator program, with a standard investment ticket of $250,000.
  3. The demo day serves as a crucial platform for startups to connect with other investors.

What significant milestones did founders achieve during the SOSV program?

Editor's Note:

For most founders in SOSV, milestones included hitting significant foundational achievements. Others found success when they received funding or acquired other companies.

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

  1. Through SOSV’s network, they were able to hire their first HR professional and set up their initial accounting processes, which were crucial steps in establishing the company’s foundation.
  2. Their success in connecting with another investor and subsequently acquiring a company in the UAE.
Kamel Aouane Co-founder & CEO @ Contango

Receiving their initial investment commitment. The funding signaled that we had around six months to a year of runway, which was a green light for all of us to leave our jobs and dedicate ourselves entirely to Contango.

 Kamel Aouane Co-founder & CEO @ Contango

What challenges did founders face during the SOSV program?

Editor's Note:

Like any accelerator, your startup’s mileage may vary depending on your startup’s maturity and specific needs. So ensure you’re a good fit for SOSV by chatting with previous alumni. Otherwise, the founders’ sole suggestion for improvement was around improving the accuracy of SOSV’s mentor matching process.

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

  1. Improving the accuracy and specificity of mentor matching to better align with the founders’ stages and industry needs would significantly enhance the value derived from the program.
  2. It’s important to recognize that the program’s value can vary depending on a company’s stage and specific needs.

Final advice to consider before joining the SOSV accelerator

Editor's Note:

Because SOSV caters to early-stage startups, you can apply even with ideas. SOSV recommends having a well-thought-out idea, a working theory of the technology involved, and a minimum team of two co-founders. Solo-founders may apply, but they’ll be matched with co-founders during the accelerator. The journey itself is also one of constant change and will require fully committing to the process.

Here are the founders’ final tips about the SOSV accelerator program…

  1. Be prepared for constant change. Despite starting with a solid business plan, you’ll inevitably encounter numerous challenges that may require significant adjustments to your strategy. The investment landscape can also shift, affecting your fundraising timelines and strategies.
  2. You should fully commit to the process. The value you derive from the program is directly proportional to the effort you put in. Being present, engaged, and proactive is key to ensuring you get the most out of the opportunity.