How to get into Forum Ventures according to the founders who pulled it off

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

1. One founder applied to Forum Ventures because they recognized how crucial Forum Ventures’ early support could be in advancing their journey.
2. Another applied to Forum Ventures after a chance encounter at one of their local office hours, where they connected with Managing Director Jonah Medanik. His candid feedback and introduction to a network of partners impressed them and motivated their application to the accelerator program.
3. Another participant applied to Forum Ventures after receiving a recommendation from an investor and being impressed by a competitor’s previous participation. Motivated by Forum Ventures’ reputation for enhancing sales processes, they saw the accelerator as an ideal opportunity to refine their sales strategy.
4. A participant applied to Forum Ventures due to its proximity in Toronto, beneficial co-working space, exceptional mentorship, and connecting with Managing Director Jonah Medanik, who saw potential in the team despite product skepticism.

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

1. One founder’s application to Forum Ventures involved an initial outreach from the accelerator, an informational call for mutual learning, followed by a structured process of interviews, with the decision influenced by the program’s specialized focus on B2B SaaS startups, offering tailored support and relevant resources.
2. Another founder’s application to Forum Ventures started with an online application and followed by interviews to explore the startup’s vision and assess mutual fit for growth support.
3. A third founder remembered the application involving submitting an online form, an interview with the cohort’s program manager, and providing three customer references.
4. For other founders, a pitch submission, forms, a video demo, and video interviews were also involved.

Here are the founders’ tips on Forum Ventures’ application process…

1. One founder advised actively engaging with the Forum Ventures community, following their LinkedIn for updates on events and deadlines, and interacting with their posts to increase visibility and stay informed about opportunities, emphasizing that such engagement can significantly enhance an application by demonstrating interest and initiative.
2. Another founder emphasized prioritizing customer acquisition to demonstrate traction and solid unit economics, suggesting that retaining and expanding customer contracts showcases viability. They also recommended pairing this with a grand vision for substantial growth to cater to accelerators and investors with a VC mindset.

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

1. Forum Ventures offers funding options to admitted startups, previously including $50,000 for 5% equity or $100,000 for 7% equity, with the flexibility for startups to choose based on their comfort with equity exchange, and a continued commitment to invest up to $100,000 in each joining startup.
2. Forum Ventures provided funding through a SAFE note based on a million-dollar valuation, offering an upfront $100,000 USD investment for equity, with evolving practices including a transition to rolling intake and operation of a pre-seed level fund, reflecting their continued financial support for startups in their programs.
3. Upon joining, Forum Ventures provided immediate funding in exchange for equity, though the exact model and amount may have changed since the founder’s experience.
4. The investment from Forum Ventures was made through a SAFE note, a simple and efficient early-stage financing agreement that enables startups to receive funding without setting an immediate valuation, with standardized terms and equity details publicly accessible

 Here’s what founders had to say about Forum Ventures’ program structure…

1. A typical day at Forum Ventures involved participating in a virtual program, engaging with an extensive network of mentors and supporters, weekly personalized one-on-one sessions with a managing director who had a strong finance background, and benefiting from the openness and engagement of the community without geographic limitations.
2. During COVID, the founder’s daily routine at Forum Ventures featured a 16-week program with structured sessions every other day, including coaching by experienced professionals, rigorous schedules, pitch days, and investor weeks, all coordinated to facilitate opportunities to present to potential investors.
3. Pre-COVID, one founder attended Forum Ventures in-person, flying weekly to San Francisco for hands-on initiatives and benefiting from intimate mentorship sessions with leaders like the CEO of Gainsight, which provided valuable insights applicable to their post-revenue startup with existing customers.
4. Within Forum Ventures, days featured insightful lectures and a collaborative Slack channel for mentorship and advice, enriched by a “five-minute favor” initiative that fostered a strong sense of community and support among current participants and alumni, particularly benefiting product launches and collaborative efforts.

Here’s what the founders had to say about Forum Ventures’ standout features…

1. Its B2B SaaS specialization, offering tailored advice and resources, and the access to a curated network of investors, simplifying the fundraising process and significantly enhancing their startup’s exposure and growth opportunities.
2. The standout feature of Forum Ventures for one founder was its provision of a clear roadmap and structured guidance at the pre-seed stage, offering personalized feedback that saved time, effort, and steered them away from costly mistakes, illuminating their path in the startup journey.
3. For this founder, Forum Ventures stood out for its sales mentorship and access to high-caliber professionals, providing invaluable guidance for structuring their sales organization and offering exposure to executives from renowned companies, significantly benefiting their growth and development.
4. Their mentorship and overall environment shaped our approach to business, making Forum Ventures instrumental in our trajectory.

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

1. One founder felt Forum Ventures could improve by offering more structured support for building advisory boards, noting a gap in facilitating long-term mentorship relationships and guidance on formalizing these connections, an area crucial for first-time founders seeking to navigate and establish significant advisory roles.
2. One participant suggested that while Forum Ventures offers valuable opportunities, enhancing the caliber and motivation of startups within cohorts could foster a more motivating environment, acknowledging the program’s growth and potential to attract higher-quality talent over time, similar to more established accelerators.
3. Another felt the program’s emphasis on enterprise sales was less applicable to their early-stage startup, suggesting a need for more resources on foundational aspects like product development and hiring to better cater to startups at their level of growth.

Here are the founders’ final tips about Forum Ventures’ program…

1. Ensure you can engage with the program thoroughly and choose an accelerator that aligns with your startup’s focus and stage, emphasizing the importance of the accelerator’s expertise and industry specificity in enhancing growth and development.
2.  Weigh the choice between control and growth. Sharing equity with accelerators like Forum Ventures can de-risk and enhance a startup’s journey by providing essential coaching, mentorship, and network opportunities critical for early-stage growth.
3. If you’re keen on exploring the venture scene or scaling your startup, tap into local accelerators. One founder’s time with Forum Ventures was a game-changer, offering not just connections but real mentorship and community support that’s vital when you’re just starting. This kind of engagement can make all the difference.