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Eleven 100 just got better!

 
 

Eleven 100 just got better!

by Ivaylo Simov

 

The accelerator world is changing and we are constantly striving to stay abreast.

 

We did Eleven 100 as part of our sixth batch, while Y Combinator introduced The New Deal for their next cohort.

 

We also made Design Thinking (thank you Rene and Kalina) the cornerstone of our program curriculum. Its intersection with the lean startup philosophy and the search for the elusive product market fit is our secret sauce to spice up the next generation of our startups.

 

1901171_526211550827609_1217356463_nMidway through our first fund (we have roughly EUR 6million more to invest from it by the end of 2015) we decided that our lucky 7th season deserves an upgrade, so here are our new terms:

 

What we offer?

EUR 100k again! But instead of having a fixed EUR 50k equity + EUR 50k convertible, our teams can opt for a larger range of funding options. We will offer EUR 25k for 8% equity plus up to EUR 75k as a convertible note, available after the first 1 month.

 

With a convertible loan, your team gets more control over the share that Eleven will receive for its investment. The percent we get depends on the valuation of your next investment round – the higher the valuation, the lower our share.

 

 

NB! The second part is subject to demonstrated business logic for any such funds to be disbursed (i.e. you need it and you can use it efficiently) and satisfactory progress in the meantime (i.e. you are moving forward and we think so as well). We’ve extended a second tranche to 80% of our startups, and we anticipate we’ll keep a similar ratio going forward. It all depends on you.

 

Why the change?

 

We believe our new terms give startups an extra level of flexibility, particularly suitable for:

  • IoT and other hardware projects, which usually require a bigger investment for prototyping than a simple app. And we love and do understand gadgets!

  • More complex software projects that require larger teams and sometimes longer development cycles (i.e. SaaS)

  • Projects with early traction that want to spend some money on marketing

 

On the other hand we continue to consider our initial EUR 25k investment as de facto our due diligence cost and we may opt out, if we don’t like what we see.

 

Is it for my startup?

 

You’ll get to spend 3 months in Sofia in our excellent coworking space with access to great mentors, interesting workshops and the opportunity to collaborate with both your peers from the current batch and the rest of the big Elevenz family (with more than 200 founders).

 

In 90% of the cases teams that take full advantage of our program and the mentors fare much better than founders that choose to skip big parts of what we do. So if you think what we offer as a program during these 3 months holds little value for you, then probably Eleven (or any other accelerator for that matter) isn’t a good choice for your startup.

 

FAQ

 

How to apply?

http://www.f6s.com/elevens7

 

Is the previous Eleven 100 still on?

NOT as it was, we made it better. We accepted some fantastic startups under the former Eleven 100, but the v.2 is even more flexible and can accommodate a greater range of projects.

 

Can you invest more than EUR 100k?

YES, we can invest up to EUR 200k in aggregate and we usually do it in incremental rounds depending on your needs, progress and interest from third party investors.

 

What’s next?

 

Community is our edge and our community is growing…