How to get into Founders Factory according to the founders who pulled it off

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

1. One founder needed guidance in areas outside their expertise, particularly marketing. Peers gave strong recommendations for Founders Factory.
2. The program’s strong reputation often made the decision a no-brainer.
3. Founders Factory’s unique approach in pairing non-technical founders with technical co-founders was very attractive.
4. The program’s comprehensive support gives founders a means to de-risk the startup building process.
5. The positive energy of the accelerator’s team was a huge differentiator, giving founders a sense of alignment right from the start.

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

1. The process started with a short application followed by interviews, one with an investment manager and another with a wider committee.
2. While the decision-making process involved a few steps, it all happened relatively quickly, over the course of a month or two.
3. One founder started with an introduction from someone. The following process was similar to what one would experience with a VC, including a series of calls, a deep dive, an investment committee review, and the submission of various materials.
4. Another founder had already established contact with one of the selection team members at TechCrunch Disrupt, so while they went through the formal application process, they understood they were a good fit for the accelerator before applying.

Here are the founders’ tips on the Founders Factory application process…

1. One founder’s idea addressed a large market and solved a real problem, which were crucial elements for a clear vision and acceptance.
2. Another founder made their proposition relatively low-risk for Founders Factory by having a substantial capital commitment from other investors.
3. One successful applicant prepared their application like an easy-to-navigate website, but focused on showcasing past accomplishments and qualifications.
4. A TechCrunch Disrupt finalist found their success at TC Disrupt played a significant role by providing visbility and validation.
5. Most founders stressed they demonstrated flexibility in their mindset and approaches during their interviews.

Here’s what the founders had to say about the Founders Factory program…

1. The accelerator program lasted 6 months and the program manager acted as the main point of contact. During this time, startups were provided with office space.
2. The accelerator paired co-founders together to ensure tailored support.
3. The studio side involved a highly structured process, requiring weekly meetings and updates.
4. The Founders Factory team delved into granular details like planning customer acquisition for the next month and strategizing on how to roll out initiatives, with the support being hands-on and collaborative.
5. Founders had bi-weekly check-ins with the COO, Louis Warner, discussing progress and ongoing developments.
6. Participants received mentoring from the senior leadership team, which included insights on potential mistakes to avoid and strategic advice.
7. Founders Factory organized founders’ days, where all the participating founders gathered to share their stories and experiences, and brought in inspirational speakers, including the founder of Shazam, to share their journeys.
8. The network from Founders Factory still proved valuable years later, helping founders make connections with potential clients and investors.
9. While the accelerator focused more on product development, fundraising and user/revenue milestones, the studio side involved structured sessions using tools like Miro to map out user journeys.
10. Founders Factory’s program included a fundraising team of two individuals who initiated the process of introducing founders to various VCs within their network.

Here’s what founders had to say about Founders Factory funding support…

1. Support came in the form of a convertible loan, which included both a small cash component, around £250,000, and a services component.
2. One startup accepted lower equity than usual, as they were more advanced compared to typical companies in the program.
3. Founders Factory usually took a minor equity stake, definitely less than 10%, possibly around 1 or 2%.
4. Founders presented during demo day to attract pre-seed or seed round investments, which could come from external venture capital companies.
5. Founders Factory sometimes participated in post-accelerator rounds, but it depended on the specific focus and circumstances of each case.

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

1. One founder raised a full seed round.
2. One participant sold their idea before they even had a fully developed product.
3. Another participant increased customer accounts and consistently grew revenue, a major milestone that validated their concept and proved they were on the right track.
4. Another founder began hiring new team members as another significant development, involving extensive discussions with the CEO of Founders Factory about structuring the company and focusing on company culture.
5. One of the participants collaborated with L’Oreal and received valuable insights into handling diverse business environments.

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

1. One founder faced a significant issue with the expectation of working closely with Macmillan, an anchor investor at the time. Unfortunately, Macmillan ended their investment in Founders Factory, limiting the ability to leverage that relationship as much as hoped.
2. Another encountered significant challenges in assembling the right team. But the accelerator was instrumental to success, offering a structure that helped steer them in the right direction.
3. Another founder was missing a technical team member, but received support from Founders Factory to address the challenge.
4. Some founders discovered the challenges were less about the program and more about the inherent difficulties of building a business, involving the daily decision-making and strategizing typical for any founder.
5. Certain founders faced team constraints that impacted their pace, affecting how quickly or slowly tasks could be completed and objectives moved forward.

Here are the founders’ final tips about the Founders Factory program…

1. Consider your stage of development and traction and clearly define what you aim to gain from the program. The clearer your objectives, the more efficiently you’ll achieve them.
2. Manage expectations. While an accelerator like Founders Factory can significantly aid your progress, it’s not going to completely change your destiny. The main work still lies with you.
3. Be prepared to learn as the opportunities Founders Factory offers are immense, especially from successful founders who have exited their businesses and are willing to share their insights.
4. Participate in such a program only if you are willing to invest the necessary time to learn and grow.
5. Thoroughly understand your market and your business concept before applying to Founders Factory. It’s crucial to be able to present your idea effectively.