How to get into Techstars, direct from the founders who did it

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

1. It has a reputation for being somewhat easier to get into compared to Y Combinator.
2. Techstars provided much-needed guidance to truly understand what it takes to operate a scalable business.
3. The program is known for its rich mentorship network
4. Techstars is known for providing a significant advantage in securing a pre-seed funding round.

Here’s what founders had to say about Techstars’ application process…

1. It started with an online application, including a few pages of questions about their startup, addressing problems, solutions, and background.
2. Application asked for numbers, but also probed for strategy.
3. The application process was super competitive, and many founders who applied didn’t make it in.
4. Process ran smoothly: took less than a month from the first call to getting the green light.
5. Application asked founders to choose their top three preferences while applying, and then was a matter of waiting for interested calls.
6. Selection process involved 3-4 in-person or online interviews with different programs, focusing on their story, the reason behind founding the company, their current status, revenue numbers, and team dynamics.

Here are founders’ tips for acing the Techstars application…

1. Showcase your ability to iterate quickly and adapt—accelerator programs and investors value it.
2. Have crystal-clear goals when you fill out the application, be detailed and, above all, keep it real.
3. Show dedication and enthusiasm to stand out
4. Can have minimal traction if you make up for it with passion.
5. Can show traction and, even if you’re less experienced, your initial progress could make up for that.
6. Network with the right people to get in. But remember it’s not only about the referral. It’s about making meaningful connections.
7. Speed is key. Show you can move quickly, iterate, and respond promptly to questions.

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

1. The program spans three months. Expect it to be quite intense, especially at the start.
2. Structure starts with the exploration phase, including the famous “Mentor Madness” period.
3. Techstars provided significant support from the get-go, assisting with the relocation process.
4. Program allowed founders to keep juggling their daily operations while soaking in all the accelerator goodness.
5. Founders learn how to get their message across quickly and effectively—a key skill when you’re trying to get investors on board.
6. Techstars provided the opportunity to learn from both program mentors and fellow founders in the cohort

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

1. Funding terms involved $20,000 through a SAFE agreement for 6% equity, with an additional option for $100,000 for 3% in the form of a convertible note.
2. Opportunity had plenty of other perks that helped them save beyond the initial $20,000.
3. Founders had to decide if they were taking the additional $100,000 within the first week of acceptance into the program.
4. Techstars’ funding played a crucial role in helping them close their pre-seed round. Having the Techstars name on a cap table proves immensely beneficial.
5. Techstars participates in follow-on rounds, usually where the valuation cap is significantly higher than at entry, which is around 3 to 5 million dollars.
6. Techstars got founders ready to pitch at the Demo Day after the 13-week program for extra funding.

Here’s what founders had to say about Techstars’ benefits beyond the money…

1. They gained access to an extensive network of diverse groups of startup founders, investors, and industry experts.
2. They had opportunities to closely interacted with the other startups in their batch, fostering a community of knowledge sharing on a daily basis.
3. The program equipped founders with invaluable knowledge of market understanding, technology development, and time management, among other vital CEO and founder skills.
4. Founders received guidance from the hiring department when were on the hunt for a CTO and the insights they got were gold.
5. Program provided real clarity on how to structure the business and financial models.
6. Founders appreciated the program staff’s support. Staff had an uncanny ability to understand how to help them even when they weren’t entirely sure what they needed.
7. Participation in Techstars acted as a trust seal and provided a level of validation.
8. The program validated their product, solution, and go-to-market strategy all within the program’s timeframe.

Here’s what founders had to say about the a-ha moments they had during Techstars…

1. Program made them part of an incredible community, and the experience was so surreal, almost unbelievable.
2. Techstars allowed founders to interact with the other cohort members extensively, which was a source of inspiration throughout the program.
3. The program emphasized the importance of learning from peers, adapting best practices, and iterating for one’s unique context.
4. The program helped them nail down a clearer vision, even if they were “all over the place” when they started.
5. Founders honed in on the real problem to solve through cohort analysis and measuring product-market fit in hard numbers.
6. Founders had the chance to meet industry giants like Lars ​​Perkins and get huge confidence boosts from positive feedback.
7. Techstars helped founders launch comprehensive enterprise go-to-market strategies that accelerated their movement into the upmarket.
8. One founder shifted their business model from direct-to-consumer to B2B which led to securing 14 pilot projects within just 30 days.

Here are founders’ final tips about the Techstars program…

1. Don’t worry about whether it’s too early to apply—just go for it.
2. Talk to as many people as possible, especially potential customers and ask yourself, “Who will buy this? Who will use this?”.
3. Connect with founders in similar businesses, as their experiences can provide valuable insights.
4. Have a clear understanding of your goals and purpose. It’s essential to know why you’re applying and what you aim to achieve.
5. Come prepared to show your next steps every time you have an interview, a meeting, or any touchpoint with Techstars or any other program.
6. Show that you’re all in – It’s not about looking interested; it’s about showing them that this is what you need and what you’re willing to fight for.
7. Consider the time investment as the program can be intense.
8. Don’t overstate the bond and open communication between co-founders.
9. Build an advisory board with expertise in areas you lack.