Why apply to Skydeck?

Editor's Note:

Founders applied to Skydeck for a variety of reasons, including the need for financial support to navigate upcoming challenges and the positive endorsements from alumni. Additionally, accelerator officials’ deep understanding and engagement in addressing specific problem spaces left a lasting impression on some founders, motivating their decision to apply.

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

  1. One founder’s decision was motivated by giving them some cash and room to breathe for the months ahead.
  2. Based on an alumnus’ positive experience and endorsement, Skydeck was the ideal option for another founder, offering the kind of support and environment we sought to grow and develop our startup.
  3. Another founder met and had a conversation with an accelerator official, leaving him impressed by the official’s ability to understand and engage with his problem space deeply.

One of the program’s alumni, who was part of a previous cohort, and a part of my network, spoke very highly of it. 

 Elina Vale, CEO & Co-founder @ Essence

What does application process look like?

Editor's Note:

Founders described Skydeck’s application process as comprehensive, involving submission of a pitch deck, video product demo, market research, and customer testimonials, followed by two rounds of interviews, with the first lasting 20-30 minutes and the second, more in-depth interview lasting 40-50 minutes. The process begins with filling out an application form and a brief initial interview, followed by a more intensive interview session involving multiple individuals, providing a rigorous evaluation of applicants.

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

  1. Skydeck usually wants a pitch deck, a video product demo, market research, and customer testimonials. Afterwards, you go into a first-stage interview, a 20-30-minute session with standard VC questions. If you pass that, there’s a more elaborate interview about a week later, lasting 40-50 minutes, with more people involved.
  2. You initially fill out an application form. This was followed by a brief interview lasting about 20 minutes. After this initial interview, we had a second, more in-depth interview that went on for about an hour.
  3. Initially, it involved filling out a form, which is standard for most applications. There was also an option to submit a founder’s video. The next stage was the first interview. It was an intense session with about five to six people on the call, including the fund manager.

What are some tips for the application?

Editor's Note:

Founders highlight the importance of persistence in the application process, seeking alumni introductions for referrals, applying early, crafting a narrative that showcases your startup’s potential value, and demonstrating rapid progress to showcase your execution ability, all crucial to secure a spot.

Here are the founders’ tips on Skydeck’s application process…

  1. One founder noted he was accepted during his third attempt. This process of iteration and feedback underscored the importance of persistence and the value of external perspectives in refining our business model.
  2. Seek introductions from alumni of the program. Having a referral from someone who has already been through the program can be very helpful.
  3. Apply early in the application process. This will give you more time and more attention from the selection team.
  4. The narrative you build should reflect that you’re not just seeking assistance but also offering potential value as a successful venture. It’s about demonstrating that you’re an investable startup and that the accelerator’s support can significantly accelerate your growth.
  5. If you can demonstrate progress in short timeframes, it showcases your ability to execute, and that can make a significant difference.

Does Skydeck provide funding for equity?

Editor's Note:

Founders highlighted Skydeck’s $200,000 funding support provided upfront as part of the Cohort Program, typically raised on a safe with a value cap of $2.5 million to $2.6 million, offering both financial assistance and an immersive learning environment resembling a school-like setting.

 

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

  1. Skydeck provides $200K, and you raise it on a safe. There’s a value cap of around 2.5 million to 2.6 million.
  2. Skydeck invests $200,000 immediately into the selected startups as part of the Cohort Program.
  3. Startups receive funding and are immersed in a learning environment that resembles going back to school.

Upon joining, participants do receive funding as part of the standard deal, but Skydeck’s essence goes beyond just financial support. Unlike other accelerator programs, Skydeck, being a part of UC Berkeley, emphasizes a rigorous educational approach.

 Kyle Killion, Founder @ Traverse

How is Skydeck's program structured?

Editor's Note:

Founders valued Skydeck’s dual approach, blending an incubator experience with academic learning, providing essential knowledge for startup success. They appreciated the program’s structured format, which included orientation, implementation, and fundraising stages, featuring informative workshops covering vital topics like go-to-market strategies and product design.

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

  1. Skydeck operates two parallel paths: the SkyDeck Fund, focusing on the incubator experience, and the SkyDeck program, where academic learning occurs. This dual approach ensures that participants receive foundational knowledge and apply these learnings directly to their startups.
  2. A typical busy day involved attending these workshops, which covered a range of topics like go-to-market strategies, marketing, product design, and more. These sessions were highly informative, especially for those of us with limited experience in certain areas.
  3. The program was structured into three main areas: orientation, implementation, and fundraising, and it was a mix of virtual and in-person participation.

What are some standout aspects of the program?

Editor's Note:

Founders highlighted key aspects of the Skydeck program, such as leveraging the UC Berkeley name for networking, early investor introductions, and the impactful demo day event. They also appreciated the program’s unique integration with UC Berkeley’s academic and resource environment, providing valuable startup growth opportunities.

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

  1. Leveraging the UC Berkeley name and Skydeck brand helped one founder build a network, get introductions, attend events, and secure conference tickets they wouldn’t have gotten otherwise.
  2. Unlike other accelerators, where startups are typically introduced to investors only during or after the demo day, Skydeck introduces you to investors weeks before the final day. 
  3. The standout moment for another founder was the demo day. It’s a significant event where all batch companies present their ideas and products in a large hall filled with hundreds of angels, investors, and visitors.
  4. The program was appealing to another founder because of its unique integration with UC Berkeley’s academic and resource environment.

It’s not every day you get to interact with such a wide array of potential investors and industry experts. Skydeck facilitated these interactions by connecting us with interested parties through email.

 Yusef Iskandar, Co-ounder @ Roger

Did founders find the program lacked anything?

Editor's Note:

Founders highlighted areas for improvement at Skydeck, including the need for workshops to better address specific company challenges and ensuring consistent advisor engagement. They also suggested enhancing networking platforms for streamlined connections with mentors and resources, akin to Y Combinator’s model, for a more efficient startup experience.

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

  1. The workshops, while informative, might not always move the needle for your company, especially in more specific areas like marketing. It’s not a criticism but more a recognition of each startup’s unique challenges.
  2. One founder expressed no shortcomings from their Skydeck interaction. They thoroughly enjoyed the accelerator, especially appreciating the network opportunities and the investment deal.
  3. Another founder encountered instances where the advisors didn’t seem to take their role seriously or offer beneficial advice. This inconsistency can be challenging, especially considering the vast number of advisors involved.
  4. A third founder evaluated that an even more integrated networking and resource-sharing platform, akin to what YC has achieved over the years, would be great. This would streamline the process of connecting with mentors, alumni, and resources, enhancing the overall efficiency and experience for startups in the program.

Final advice to consider before joining Skydeck?

Editor's Note:

Founders advise potential Skydeck participants to enter the program with confidence and a clear plan, ensuring alignment between program goals and startup needs. They emphasize the need for continuous user engagement, rapid iteration, and seeking external expertise, suggesting using the application process to identify strengths and showcase the venture’s potential.

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

  1. You must be pretty convinced of yourself if you want to do this. Nobody’s going to do it for you. If you come in clueless, hoping an accelerator like Skydeck will tell you how to build a company, that’s probably not how it works. Have a clear plan on what you want to achieve to make the most of the opportunity.
  2. Evaluate whether the program aligns with your startup’s specific needs and goals. It’s not just about getting into any program, but finding one where you can truly benefit and contribute.
  3. Continually talk to users, be prepared to fail fast and learn from it, and don’t hesitate to seek external expertise when needed. This approach will serve you well in accelerators like Skydeck and beyond.
  4. Use the application as a tool better to understand your startup’s strengths and areas for improvement, and let the accelerators see the potential and progress in your venture.