How to get into Plug and Play according to the founders who pulled it off

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

1. Plug and Play is well-known in the insurance industry and trusted by many established insurance companies.
2. Plug and Play is unique in how it connects major brands facing challenges with startups offering innovative solutions.
3. The accelerator has a different model than most accelerators and focuses on working with corporate partners to facilitate Proof of Concept (POC) projects. 
4. Plug and Play also has a global reputation as a leading accelerator.
5. This platform provides a unique opportunity to gain traction within some of the world’s largest and most influential companies.

Here’s what the founders had to say about the structure of Plug and Play’s application process…

1. Initially, founders fill out a written form. After the written application, you have to deliver a short, three-minute pitch, followed by a Q&A session.
2. The application process for Plug and Play is quite competitive, as one might expect from a well-established accelerator with a high profile.
3. As part of the application, applicants are asked to record a five-minute video and prepare a comprehensive pitch deck. Following this, founders have the opportunity to present their pitches live to around 30 corporate partners.
4. Founders thought the application process was simple and informal, which was refreshing. Plug and Play’s primary focus is on ensuring they can help startups move forward on their growth trajectory. 

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

1. Passion and a compelling story can often be more persuasive than any polished presentation. So, be yourself, be enthusiastic, and let your belief in your product shine through.
2. The key is to ensure your concept stands out. Once you’ve found your niche and have a strong, unique idea, the application process itself is relatively simple.
3. While this advice isn’t specific to Plug and Play, you’ll want to ensure you’ve done effective preparation, planned strategically, and have realistic expectations. All three are vital for navigating the current fundraising landscape. 

Here’s what founders had to say about the structure of Plug and Play’s program…

1. Each week consisted of a few meetings with the program managers, mentors, and contributors. The program was structured to provide founders with diverse insights and expertise, although it differed from one founder’s initial expectations of participant interaction.
2. Plug and Play focused on helping founders perfect their pitches and preparing all the necessary materials for presenting to venture capitalists.
3. Each day had something scheduled, like mentor sessions with seminars or ‘reverse pitches’ from industry partners presenting their business cases. There were also opportunities for networking and open discussions within accelerator cohorts.
4. The program usually consists of intense two or three-day meetings spread throughout its duration. During these interactions, there are excellent opportunities for interacting with mentors and engaging in discussions with other startups, which are incredibly valuable.
5. For one founder, the demo day at the end of the program stood out. This founder called it “a spectacular event” and had the opportunity to present on stage to hundreds of influential individuals, including decision-makers and thought leaders from major brands, who were potential customers.

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

1. Plug and Play 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. While funding isn’t typically direct, the accelerator offered several other significant benefits, like facilitating presentations for potential investors and offering extensive networking opportunities.
3. One of the appealing aspects of Plug and Play is that it doesn’t involve a fee, funding obligations, or equity discussions, and instead focuses on genuine contribution and growth.
4. Unlike some other accelerators, Plug and Play didn’t take any equity from founders’ companies. 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. Balancing the demands of growing and building a company while also taking full advantage of everything Plug and Play had to offer was not easy. 
2.  For one founder, the primary challenge was optimizing their focus and ensuring their involvement in the program did not detract significantly from other priorities.
3. Lack of tangible outcomes, like fundraising or strategic networking that would directly facilitate growth, was a challenge for one startup. One founder believed the speakers and mentors were more academic and less invested in aiding the startups’ progress.
4. For another founder, the lack of a daily schedule or structured engagement made connecting with their cohort challenging. The result? They didn’t get to know their fellow cohort members and felt as if there wasn’t a clear path for their startup. 

Here’s what the founders had to say about Plug and Play’s influence…

1. One founder reflected that it was hard to gauge where we would be without the program, but it certainly helped. However, post-acceleration, they’ve seen a shift to binding agreements, which is a significant development for them.
2. Another remarked that while it’s hard to pinpoint any specific activity that led to greater success, being part of Plug and Play was definitely valuable, and they don’t regret it. They learned a lot and gained substantial value from the experience.
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. Plug and Play’s role in their journey has been fundamental to their growth and development.
4. For one founder, the program didn’t fully meet their expectations. Although it was beneficial for education and networking, it lacked in terms of actual acceleration. 
5. After participating, a founder successfully raised a seed round of a few million dollars, which has put us in a strong financial position. They also established several proof-of-concept studies with different corporate partners we met through Plug and Play and received some investment from a few.
6. The program has provided another founder with valuable resources and insights, which are now fundamental to their ongoing strategy and success.
7. Another founder felt that while there was some input on market strategies, the accelerator’s preparation for these specific milestones was limited.
8. Plug and Play’s support was instrumental for one founder in helping them diversify our revenue streams and expand their market presence.
9. The program played a crucial role in one startup. It helped them mature, particularly in sales, and emphasized the importance of customer acquisition for a startup with a solid product.

Here are the founders’ final tips about Plug and Play’s program…

1. Aim for one of the top-tier accelerators. These are more likely to offer meaningful opportunities, such as putting you in front of the right investors, which can make a significant difference in a startup’s journey.
2.  Plug and Play can be a great starting point for startups just beginning their journey. It offers a good approach, especially for those seeking inspiration or an entry into the VC world. 
3. With global accelerators like Plug and Play, it’s more about leveraging their extensive network and aligning with corporate partners that can propel your venture forward. Each cohort brings a unique set of opportunities, and it’s vital to approach them with a global mindset and a focus on building meaningful corporate relationships.
4. A customer-centric approach is the key to success in business and making your venture appealing to accelerators and investors. Plug and Play is drawn to passionate founders who are committed to solving real-world problems for their customers.
5. For anyone looking to apply to Plug and Play or similar accelerators, ensure your Minimum Viable Product (MVP) is ready. This readiness is crucial because if a potential customer shows interest and wants to see a demo but you cannot provide it, you’ll miss a significant opportunity and the momentum that comes with it.