Here are some tips for building a great application:
- Find a co-founder. Co-founders help offset each other’s weaknesses, bring additional energy to the team, and expand the network of friends and family for fundraising and initial sales. It is unusual to see a single founder with all of the necessary skills, experience, and energy to launch a new venture.
- Validate your idea by talking about it with potential clients/customers and tell us about those discussions in your application. For example, instead of saying “I’m going to sell 5,000 widgets for $50/each” try saying “I talked with 50 people and 75% said they would purchase XX product for $Y price.” Then expand that by estimating how many people are in the market to arrive at an estimate of total sales.
- Don’t be afraid to talk about competitors, explore the idea space, and otherwise be open about the pros and cons of the business plan. We like seeing that your team is already thinking about these issues because it shows maturity and knowledge about the industry.