Are you planning on applying to the PilotLabs Accelerator program? We have prepared the key areas that we look at and that you need to think about as you apply.
- Purpose-driven: We are looking for startups that are driven by solving a real problem or filling a gap in the market. Does your startup offer a significant improvement to the way current things are being done (Such as the innovation of drones and using them to deliver food, or creating a VR or AR platform for people to try out clothes from home before buying them online) or a solution for a real pain people face (Like the lack of transportation in remote areas — lack the lack resources or information about certain subjects such as quality of doctors and their schedules — long hours spent on doing/organizing certain tasks aka making operations easier and less expensive such as Trello) Read more about startups solving a problem here.
- Balanced team: Does the team have the skills to take on this journey? does it have the right components, skill set, and experience? did they work together before? do they complement each other? Like Guy Kawasaki said: “Ideas are easy. Implementation is hard.” And successful implementation depends on your team, if you have a great balanced team your chances of success as well as attracting investors are much higher than a team that isn’t balanced or lacking harmony and collaboration or lacking crucial skills for the startup (Such as trying to build a tech startup without having a tech person that can write the code and build the product Read more about why balanced teams are so important for Startups.
- Technology: The accelerator’s core value proposition is to support technology startups get their feet on the ground. Our vision is to put Syria on the technology startup scene, and therefore, the startups we will be shortlisting need to be technology-based startups that are using any kind of technology (hardware or software).
- Product: It’s not necessary to have an already established product or MVP to get into our program, yet if the startup does have an established product or MVP (Minimum Viable Product) that it can showcase, it will have bonus points and a higher chance to get accepted into the program as we would be able to see the tech execution capabilities of the team. Read more here about what is an MVP and why should start building one. And if you are up to building your MVP you can also check this one How to build your MVP here.
- Competition: Does the startup have strong sustainable competitive advantages to survive in the market? And what kind of competition does it have (direct competition, indirect competition, what are the differentiating factors)? Does your startup have competitors? read more here!
- Scalability: Is your startup scalable and does your business model have the potential to scale? can the team increase its revenue quickly without necessarily increasing resources proportionately?
- Market Size: Is the target market big enough to generate revenues that would yield attractive returns? In other words, will real customers buy your product at a price and in volumes that will allow you to make significant revenues that would allow your idea to grow and survive? And here comes the importance of conducting a market size research. Did you do a market research? Read more here about why Entrepreneurs Must Research Market Size. If you cannot identify a market then how can you service it? If you can’t size a market, how can you determine if your business makes sense, or if you can drive a growing and profitable business? If you don’t have an idea of underlying market size and growth, how can anyone put a valuation on your company? So make sure to do your homework and learn about your potential market and its size.
Now, are you ready to take the next step?
If you have already built your startup are currently in the early stage or above then you’re an entrepreneur and can apply through this link. If you aspire to be an entrepreneur and have an idea that you want to start then you are a wantrepreneur and can apply through this link.
If you have any questions you can reach out to us on email@example.com. GOOD LUCK!
The PilotLabs team :)