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Eleven, Season II Now in Theaters Near You

 
 

Eleven, Season II Now in Theaters Near You

Yesterday, October 4, we announced officially the start of our second application window. You may go directly to the application (link is at the end of this page), or take a minute to read this post before that.

The application will be open for one month, till midnight EEST on November 4 (so you have plenty of time). As usual, we are looking for great teams with awesome ideas that are easily scalable and can target global markets. Again, anyone from anywhere is welcome, and the finalists will have the amazing opportunity to spend the next three to six months at the Roof – our great co-working space in Sofia.

A few words about the process itself – once the application window is closed (November 4, remember?), our Investment Committee will review all applications, and we will schedule online or personal interviews with the top teams sometime mid-November. On November 19 we will extend invitations to the top thirty teams to join our Selection Days – November 26 to 28. On November 28 each team will have the opportunity to pitch in five minutes or less its project to our Investment Panel, which will consist of prominent entrepreneurs, technology gurus, Googlers and investors. By the end of the following day, we will extend invitations to the finalists to join our programme starting January 7, 2013, 10:00 am.

Since this is our second application window, and having already reviewed near 500 applications and interviewed more than 100 teams throughout our first one, please allow us to give you a few words of wisdom before you start working on you questionnaire.

What we saw in the first application process was that some applications clearly stood out above all others. Here are the key ingredients that we believe made these projects catch our attention.

PROBLEM

As Guy Kawasaki once said, to be a successful entrepreneur, you’ve got to make meaning, and you make meaning in one of three fundamental ways – i) increase the quality of life, ii) right a wrong, or iii) prevent the end of something good.

For us it is very important to understand very clearly what problem are you solving – what meaning does your product make. And if you understand the problem well, all the better.

TEAM

Make sure you have the right team to take your project to the next level. We understand that talent may be hired or commissioned, but we’d love to see the critical set of skills and knowledge within the founders’ team.

Once you have your dream team in place, make sure you hit that big red button on top of the application page that reads “Invite More Members” – it is fine if you describe each team member, but it is much better if we see them with their profiles.

HOMEWORK

One thing that was very easy to spot in the first application window was the difference between teams that actually prepared, and the ones that just applied. If you are serious please, do your homework – understand the problem your product will solve, figure out what your market is (seriously, the answer is ‘everybody’ only if you are producing free air), google any and all keywords you may come up with and check if there are other projects in that space, find how they make money (or not). Learn all you can learn about the market, and if you still believe your idea will work, try to figure out how big your market is, how will you monetize, and how will you be better than your competitors. We will most definitely ask you at least one of those questions.

PITCH / VIDEO

A video is your best chance to make a lasting impression. And we don’t mean you need to be an awesome editor or hire a film maker to create a piece of art. We found out you may create a video with a phone camera, a piece of paper, and a lot of creativity and imagination.

Of course, the video is also your best chance to bore us to death, so if you decide to go along that path, please, choose a dark room, sit in a chair and mumble.

And finally, don’t make us download 500 megs of video; the guys at YouTube have done a decent job, so please, use them or some other similar service.

TIME

Don’t wait till the last moment to complete the questionnaire. Although it is a simple, 25-question questionnaire, how you formulate your responses makes a world of difference. You will find that for many questions you’ll have limited-space tweet-style response options. What you will likely also find is that it takes a while to define your answer within that limitation.

And please, although it will do to just copy and paste your LinkedIn profile or CV under “Describe each team member” question, we will very much appreciate if you could put some personality in that answer and really tell us who you are, what you do, and what you are great at.

CONTACTS

This one is very, very important – even if you skipped everything above, check this one: give us a contact email that ACTUALLY WORKS and that someone is checking at least once a day. We will try to organize one hundred personal and telephone interviews in less than five days, so unless you book your slot and are available at that time, unless we really love your project, we will not follow up more than once.

Well, good luck with your application, and we are looking forward to seeing you projects at www.f6s.com/ElevenS2. Reach out to us with any questions you may have at Eleven [at] Eleven [dot] bg.

2 thoughts on “Eleven, Season II Now in Theaters Near You

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