How to get into Alchemist according to the founders who pulled it off

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

1. Positive feedback from previous alumni, coupled with Alchemist’s focus on enterprise. 
2. Alumni spoke highly of Alchemist’s program.
3. Alchemist is renowned as a top-tier accelerator.
4. Alchemist specializes in enterprise startups, particularly SaaS.
5. Alchemist provides perspectives of mentors, investors, and fellow founders in that global and, specifically, the U.S. startup ecosystem.

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

1.  The application process begins with an online submission, leading to interviews where Alchemist aims to grasp the essence of our team and product. 
2. It involves multiple interviews, starting with an initial application, then shortlisting, an initial interview, and a final interview.
3. Alchemist sometimes use panel interviews, but generally, they don’t conduct as many interviews as some other accelerators. This approach made the entire process efficient and clear.
4. One founder remembers that the interview questions delved deep into their business plan and vision.

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

1. Be honest, have a clear vision, and understand the value you anticipate from Alchemist. Transparency is crucial; be open about your weaknesses and how Alchemist programs can help. 
2. Alchemist value a strong team and vision, so having a clear and credible vision is vital. Core competencies provide credibility.
3. They want to ensure that each participant is a perfect fit for their program, both for the participant’s success and the accelerator’s reputation.
4. In the application, there’s an option to mention someone who recommended you or someone you know connected to Alchemist. One founder didn’t have this advantage, but knew it could be helpful.

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

1. The program is meticulously structured around different topics. For instance, a month might be dedicated to marketing, with lectures and sessions from various speakers and mentors.
2. The most significant feature is Alchemist’s unique database, akin to a specialized Facebook for business connections, allowing you to filter and connect with highly accomplished professionals, including those who’ve sold companies for billions or are leading businesses in similar industries. 
3. The program includes weekly gatherings on various topics, providing essential knowledge for tech startups, like company formation, understanding cap tables, and navigating investor relations.
4. The program culminates in a demo day, where startups summarize their growth and prospects to a broader audience. This event is not just a presentation; it’s an opportunity for additional investment, customer acquisition, and networking.
5. Their Vault platform is unique in its openness and access to resources. They give you access to a vast network, including contacts with 10,000 investors and other key industry players.
6. There were regular check-in sessions with the group. In these sessions, you discuss our weekly progress, celebrate successes, and openly talk about challenges.

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

1. Regarding funding, Alchemist does invest in companies, and certain jurisdictions, like Alberta, offer support for cohorts to attend various summits and events. However, there isn’t specific funding attached to the program itself.
2. The program doesn’t provide direct funding. However, it offered several other significant benefits, like facilitating presentations for potential investors and offering extensive networking opportunities.
3. One of the appealing aspects of Alchemist is that it doesn’t involve a fee, funding obligations, or equity discussions, focusing on genuine contribution and growth.
4. Unlike some other accelerators, Alchemist doesn’t take any equity from startups. Their support was centered around offering introductions and allowing founders time to connect with brands and delve deeper into the problem areas they’re addressing.

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

1. The entire program was a series of challenges, from formulating answers to tough questions and executing tasks to perfecting the art of pitching and documentation.
2.  For one founder, the challenge was about optimizing their focus and ensuring that their involvement in the program did not detract significantly from our other priorities.
3. Their Vault database is crucial, but its full potential isn’t immediately apparent until you’re well into the course. There should be ongoing, parallel training for using the Vault effectively, not just at the start and end of the program.
4. The virtual aspect sometimes created a sense of disconnect among founders.  

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

1. One founder expressed that their success is a mix of our pre-Alchemist foundation and the program’s impact.
2. Another said the network alone has been invaluable. Almost all of our funding came through direct or indirect connections from Alchemist. 
3. One other said that their insights, guidance, and support have significantly contributed to their readiness to pursue these next steps, particularly in terms of raising a seed round and expanding their platform’s capabilities. Alchemist’s role in their journey has been fundamental to their growth and development.
4. One founder built a database of around 4,000 investors thanks to Alchemist and learned how to communicate and engage with them effectively. 
5. Alchemist’s impact resonates with one other, especially for deep tech companies, as it provided a unique network and opportunities to connect with accomplished individuals in the field.

Here are the founders’ final tips about Alchemist’s program…

1. Be a specific type of startup, especially if your goal is to secure enterprise customers. If targeting big companies is your aim, then Alchemist is undoubtedly the best global accelerator for this purpose.
2. Commitment to action and a keen awareness of your daily goals are vital for success in the startup world.
3. Each interaction and each piece of advice, prepares you for future discussions and helps refine your offering. Remember, it’s a learning process, and each iteration improves your startup.
4.  Ensuring that the accelerator’s specialization aligns with your startup’s niche is crucial.
5. An accelerator can be a guiding force during these times. It connects you with experienced individuals who, while they may not have all the answers, can support and help shape your decision-making process.
6. The program provides an invaluable opportunity to understand different aspects of the business world, including customer insights, investor relations, and the overall capital landscape.
7. Being a smaller accelerator, they work closely with you, offering substantial benefits if their resources are fully utilized.
8. It’s crucial to understand what a real pitch deck looks like. Most pitch decks follow a similar structure, so new founders should familiarize themselves with this format.