How to get into Entrepreneur First according to the founders that did it

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

1. Founders were drawn by Entrepreneur First’s focus on creative projects collaboration.
2. Program had a unique approach, giving founders the chance to brainstorm with other entrepreneurs before focusing on forming a solid founding team.
3. Entrepreneur First provided the ideal environment to meet a co-founder, especially one with a technical background.
4. Founders found the fast-track company-building approach and mentorship opportunities attractive.
5. The focus on diverse founder backgrounds was also a draw.
6. The accelerator gave founders a chance to re-establish connections in a foreign country.
7. Word-of-mouth recommendations gave the program an extra boost.

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

1. The online application included 10-12 questions.
2. Process continued with a 30-minute get-to-know-you call, followed by a 15-minute technical assessment and 15-minute behavioral interview, targeting traits associated with successful founders.
3. Entrepreneur First focused on narrative clarity and presentation skills.
4. Interviews primarily explored flexibility and risk tolerance.
5. Process emphasized interpersonal skills and entrepreneurial abilities, with a focus on leadership and innovation.
6. Many founders were scouted by Entrepreneur First through LinkedIn.

Here are founders’ tips on the Entrepreneur First application process…

1. Illustrate your leadership and execution skills with examples of past achievements.
2. Show you can think creatively.
3. Don’t be afraid to mention side projects. They often show a willingness to take unconventional approaches, which Entrepreneur First values.
4. Read the book How to Be a Founder. It’s a good blueprint for what Entrepreneur First is looking for.
5. Focus on showcasing your expertise in a niche you’re deeply knowledgeable about
6. Be confident and believe in yourself.
7. Understand the culture of Entrepreneur First well before you walk into the interview
8. Demonstrate that you have a vision, the ability to inspire others, and the practical skills to turn your vision into a tangible plan and execute.

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

1. Entrepreneur First demanded full commitment. Founders must quit their day jobs and focus on their startup.
2. Program started with online calls to familiarize founders with the program and its offerings, followed by a Q&A session.
3. Founders were added to the Slack channel to connect with other founders in their batch, usually around 50 fellow members.
4. The in-person kickoff focused on forming partnerships.
5. Overall, the program was structured into three phases: networking and team formation, idea validation and investment committee evaluation, and preparation for demo day and post-program support.
6. Process included weekly calls and ongoing support from Entrepreneurs in Residence, who are successful entrepreneurs and investors themselves.
7. Founders received help to validate the concept, and then jumped into hands-on work to build their concepts out the right way.

Here’s what founders had to say about Entrepreneur First funding support…

1. Founders pitched to the Entrepreneur First Investment Committee and received a £120,000 investment, which translates to £80,000 in cash for the startup after program fees.
2. Funding involved a standardized package and a thorough evaluation, but provided essential support for startups to turn their vision into reality.
3. Entrepreneur First provided funding in the form of a SAFE note, with the investment typically coming halfway through the program and leading up to Demo Day.
4. Funding generally took the form of a convertible loan note, with terms that generally translate to about 10% of the company’s equity when it converts during the next investment round.
5. Founders faced the “Investment Committee” again after the first 3 months of the program to pitch the idea.

Here’s what the founders had to say about finding their co-founders…

1. Structured brainstorming sessions acted like speed-dating for co-founders to find the right match.
2. Most found a co-founder based on shared passions and interests
3. One founder was hesitant at first but a significant client interest in their product became a compelling reason to commit to the partnership.
4. Some founders found a co-founder outside the program and Entrepreneur First was supportive even in this edge-case.
5. Entrepreneur First facilitated their partnership formation and business idea development for founders who discovered co-founders through LinkedIn outreach.
6. Entrepreneur First emphasized complementary skill sets in their co-founder matching
7. If a co-founder relationship didn’t quite make it through the accelerator’s program, founders had a chance to re-match with new business partners.

Here’s what founders had to say about Entrepreneur First’s benefits beyond the money…

1. The accelerator provided a robust network and a structured environment to tackle challenges.
2. The program was a high-speed treadmill with intense deadlines and community support for pushing them beyond initial fundraising expectations and fostering investor interest.
3. Many founders graduated with a strong network and lasting friendships.
4. Entrepreneur First’s mentors emphasized identifying impactful problems and instilled a culture of frugality, shaping the startup’s operational and resource allocation approach.
5. The program gave founders the confidence to take the leap into entrepreneurship, providing a safety net and framework for first-time founders.
6. Founders received extensive guidance on traits common to good founder, setting KPIs, pitching, and market strategy.
7. Many graduates still reach out to Entrepreneur First for introductions and connections.

Here are founders’ key takeaways and turning points from their Entrepreneur …

1. Entrepreneur First showed the importance of integrity and shared values in a business partner, realizing that the right co-founder is about more than just skills or ideas.
2. Founders who graduated understood the importance of crafting compelling narratives to attract significant investments and elevate their startup’s vision.
3. Graduating founders found product-market fit and high client demand, proving the unique value of their offering despite initial sales challenges.
4. The accelerator taught founders that startup creation is a process of solving real-world problems, rather than waiting for inspiration to strike.
5. The program drove home that successful companies often pivot, and the ability to charge for products earlier than expected, reshaped their approach to startup development.
6. Founders discovered the value of extensive customer research and customer problem validation before product development.
7. Many founders learned the importance of being open to feedback and reassessing personal biases in co-founder relationships and business ideas.
8. Entrepreneur First taught founders the importance of deeply knowing your co-founder and building a strong foundational relationship.

Here are founders’ final tips about joining Entrepreneur First’s program…

1. Join if you want to accelerate your progress and reduce risk.
2. Realize you can pivot or exit without financial repercussions.
3. Focus on enjoyment and learning, success follows naturally when these elements are prioritized.
4. Keep an open mind to ideas and focus on market and business needs rather than just technology.
5. Demonstrate a bias towards action when it comes to making decisions.
6. Build a business for the right reasons, and avoid getting caught up in the glamour of fundraising.
7. Build upon your unique strengths and knowledge in a specific field, and use existing expertise as the foundation for your startup.
8. Create content to showcase your expertise and stand out.