- On April 10, 2018
As we approach the submission deadline for Pre-Seed Investment, startups with brilliant solutions are looking for ways to make their work stand out – and more than a few just launched their company submission form. Can this be done – put together a solid submission in just 5 days? Challenge accepted!
Let’s get started. First, we frame the mission and the parameters. We have the Metavallon VC company submission form to complete, a 5-day timeline, a team of X to work on this, and 5 core areas to cover: the founders, the product, the business model, the progress, and supporting elements such as a recommendation. Second, we frame the work plan: 1 day to kick off and pick up speed; 3 days to do the bulk of the write-up and material collection; 1 day to rule them all… we mean, to tie everything up, review, and finalize.
And third, we break things down and get organized. Below we have put together a suggested day-by-day schedule to shoot through this process efficiently and effectively. More than that, this may help you better understand what we are looking for and how you can submit your company fast but not furious.
Day 1: Tackle the Low Hanging Fruit
You know it – get started with the easiest questions and get them out of the way. We have 3 types of low hanging fruit: i. Your company description and website links, ii. All founder profile data (names, contact info, demographics, online profiles), and iii. All the dropdown and checkbox questions. Once these are done, you’ll have already finished 14 of the 38 questions. That is well over one third of the form! Today you may also want to make a first draft or review your current pitch deck; you’ll need to upload this by end of the process. Finally, during this first day make sure to reach out to a client or business partner for a recommendation, which is absolutely required for a qualifying submission. Third parties may take a while to respond, especially if they are the busy professionals you may wish to engage, so do allow them the maximum time you can afford.
End-of-day progress check: 36% complete
Day 2: Present the Dream Team
Perhaps the most important part of your company – and submission-, your team should be your main focus. Dedicate a day. First, ensure all Individual Founders (team members with over 10% of the company) fill in the information related to their profiles and capacities. You need to show the value each person brings to the team. The number of founders is absolutely worthless; it is what each person has done, what their current function is, and what their commitment and abilities are for the future. Then, under the Team, describe how you all come together to form a winning crew. Use examples to be specific, share data and links to be succinct, and indicate who and how any additional people are working with you on this. Finally, introduce yourselves through the Team Video. It should only be 1-minute long, include all founders, and explain what you’re doing and why. Simple and informal is all we are looking for. If unsure, here are some guidelines and what to keep in mind. Search online for examples and don’t spend time on making this fancy – put some extra code on your product instead.
End-of-day progress check: 52% complete
Day 3: Showcase the Product and Business
We are now on the third day and the time has finally come: reveal everything about your game-changing product and the business model behind it. What we are looking for, first and foremost, is a functional and initially tested prototype (an absolute prerequisite), a clear need, and a solid understanding of your immediately addressable target market – the people whose lives you are going to improve tenfold from day one (yes, this is x10). Make sure to include evidence, such as user feedback, instead of your perspective. On the business side, focus on showing what you are doing differently right now (instead of more, later on), what you know that others don’t, and necessarily how you are going to monetize. This is essentially a business proposition to investors – technology and a product are the teasers, then it all comes down to why this is going to create value and how much. Plus: Check out the Industry Challenge section to see whether your solution may be relevant and share how, for the opportunity to connect and work with a one of our leading corporate Partners.
End-of-day progress check: 73% complete
Day 4: Demonstrate your Progress and Commitment
Now here is where ideas and businesses are set apart. At the Status + Progress section you get to demonstrate the single element that actually builds value in any project: execution. Make sure to explain where you are on the product side at the moment, with data and with feedback from users as validation from the market. Take some time to collect the right data and select what to share. You also need to clarify how you intend to continue executing through the Commitment section. We understand you’re still at the very early stages; we will thus disregard the lack financial results, which are the essential business indicators at any other stage, and require evidence of your ability to execute and the associated potential to bring these results. And a reminder: Today you’ll also need to check back for an update on your recommendation – some time and effort may be required to ensure this is finalized in time.
End of day progress check: 89% complete
Day 5: Wrap it up and Polish it through
Almost done! The time to submit your company is finally here – yet the last mile may be the most frustrating. In terms of areas to tackle and finalize, you have some miscellaneous information primarily under the Equity + Legal section of the form, plus the upload of your updated pitch deck. Then what? Three final and extra critical steps:
- Read through all the information and material you have provided; your first-day mind-blowing paragraph may now make no sense, plus grammatical errors communicate sloppiness – a trust-killer for investors.
- Confirm you have received the recommendation, it is a mandatory element for a qualifying submission.
- Press SUBMIT.
And there you have it: 100% complete!
We hope this plan will help you put together a successful submission in record time.
Still troubled and uncertain? Check out our carefully curated FAQ section and the 10 ultimate tips to secure your first round of funding we have put together to help out some more. After all, what we most look forward to is seeing great teams succeed!