Speaking with Matt Lerner, London Partner of 500 startups at dinner last week, he covered the topic of how startups can get a big, fat yes for their application to join their accelerator programme. Here’s what you need to know:
How 500 Startups invests
To date, 500 Startups has Invested in 1500 startups, in 52 countries, with offices in 29 countries. That’s a total of $250M invested, with the biggest investment being $100K. They cover pre-seed up to series A, and companies have to have traction with at least $10K revenue per month.
The programme they’re running in London is called Distro Dojo and it’s for post-seed companies.
It’s an investment and training program for post-seed companies ready to level up with intensive focus on growth marketing and fundraising.
What’s it for?
Getting your product to market.
They believe the best way to learn is by doing. So they bring people into the organisation for 1 month. They spend 3 months with a company and it is all hands-on learning. They map out goals and growth strategies to test your assumptions.
They believe they’ve figured out a way to grow companies quicker.
The results so far.
20 companies have completed the programme to date, as it’s new and only been going a year, they need a bit of time to see the true results they can achieve. But so far so good!
Getting on the programme
First and foremost, the main question the Distro Dojo team need an answer to is whether they would invest in a company. (Pretty important, right?) They know that 60% will go out of business, and that they’ll make their money back on only 10%. That’s some tough odds to work against!
The nuts and bolts of it all
Each company gets $200K, along with 3 months with 500 startups, one of those being in residence. They have 3 intakes per year, with the next one happening in Berlin.
Find out more at 500distro.co