1. How much funding do VSV Accelerator companies receive?
Each start-up will receive $40,000, of which $30,000 will be in cash, spreading over 4 months and $10,000 will go to cover experts' expense, event costs and company's office during the four-month boot camp.
2. What types of companies do you fund?
We focus on a broad range of Information and Communication Technology (ICT) and IoT (Internet of Things) start-ups. We encourage every startup to complete the application because even if we are not able to fund your start-up, we can refer your company to many investors in our network that might be interested.
We typically fund a company that has a working prototype and a business model that has been validated or one that is in the growth stage.
3. How do you choose which companies to accept into the program and to fund?
i. Our evaluators will do a first-round assessment based on your online application on F6S. In this round, we focus on understanding your product, the problems you are trying to solve (your product needs to be solving a real-world problem) and the founders’ personalities.
ii. Once you pass the first stage, we will invite your team in for interview. We expect a 15 -30 minutes pitching session with Q&A. The main focus is on your ability to communicate your business ideas, personalities and mindsets, and collaboration with your co-founders. Although we prefer interview session conducted in English, it is acceptable for groups to pitch in Vietnamese.
We expect every Founder to attend the Interview day. Your startup success is important to us but it should be even more important for you.
4. I’m a single founder. Can I get accepted into VSV Accelerator, or do you only look for teams?
No, we don’t accept single founder startup. The workload is just too much for a single person, and you will need to have a partner(s) to share your responsibilities when it gets tough.
To increase your chance of admission into the accelerator, as well as building a successful start-up, you should be looking at:
- Rounding out your team with business, technical (product development), marketing and other necessary skills.
- Making progress on your prototype or product and reference it in the application.
- Showing everyone you’ve really thought about your business and have gotten off your butt to do something about it.
5. What does VSV Accelerator get out of this?
Typically 10% of your start-up’s stock.
6. What sort of control am I giving up by granting equity to VSV?
We don’t want any control over your start-up. We take equity in start-ups to align our interest with yours. Ultimately, our success depends on your success, and we trust in you to run the show.
7. Is my company “too far along” to apply to VSV Accelerator?
Probably not. We accept companies with fully developed products and we will help them with businessmodel, introductions, financing, and more. Likewise, nothing is too early.
8. Can I apply if our company or founders are not from Vietnam?
We accept applications from around the globe. You just need to establish yourheadquarter in Vietnam, and legally reside in Hanoi during the 4-month boot camp.
9. Why do I need to answer all these questions when there is a chance that my company doesn’t get accepted to VSV?
We design our application to align with what startup founders need to know about their business. If you really know your business as well as you think you do, you shouldn’t have any trouble in providing us with a kick-ass application. If you think these questions are unnecessarily lengthy, keep in mind that those are the ones you need to ask yourself about your business if you want to be successful.
10. Do I have to submit an application to get funding or can I just send you my startup profile?
You have to complete our application. For 2 reasons:
1. Discipline is very important to us, and we need you to show us that you have enough discipline by sitting down and producing a kick-ass application.
2. The application structures how you can communicate your ideas and business to our evaluators, and allow us to access your writing skill.
11. What if I don’t have Product Demo video or I don’t have a working prototype to demo yet?
We generally will not accept application without demo video. If your prototype is not ready for demo, please provide us with a video of the founders explaining the product.
12. What if I don’t have Founder Introduction video?
We will not accept an application without a video introducing all the founders. Funding startups at this early stage is about the founders as much as it is about the idea, we need to know who we fund and put a face on the business/idea.
We don’t ask for an elaborate introduction video. Just tell us your name your role and expertise in your startup would do just fine (or in case you really want to leave an impression, sing a song!).
13. My English is not that good; can I submit the application in Vietnamese?
You can, but a good number of our mentors and investors cannot understand Vietnamese, and our goal is to integrate you into the global ecosystem after the bootcamp. You should have someone on your team who is efficient in writing and speaking English to help communicate with international mentors and investors.
14. Do I need to write a business plan?
Not for our accelerator. We make funding decisions based on your application form and personal interviews. However, Demo video and Founders introduction video is a MUST.
15. Can we do it without moving to where you are?
Possible. However, a big part of the accelerator program is integrating startups into a mentorship network. Good mentors are extremely busy, and they won’t chase after you unless you are in an accessible community.
16. What if my company doesn’t ultimately succeed?
At the end of the bootcamp you will have met a large number of smart and well-connected people who can support you with your next endeavour.
17. What will a typical day be like for a VSV founder?
We provide a working space while you provide the content. A typical day at the accelerator consists of you working on your startup, building your product, validating your business model, and developing your strategy. Our mentors normally visit the accelerator from time to time to meet with your team after business hour.
Each week, we have a status report meeting with each start-up team to get updates on your progress and to agree on the next steps. Fortnightly, we organise a networking event for the members of your start-ups to mingle with people, who are doing the same job with them from the other teams in the accelerator. In month 3 and 4 of the bootcamp, we start organising closed-door pitching session.
18. It is OK for me to skip some questions?
Yes, it is OK. if you don't have information, please put down your answer as "N/A" or "No information" or "Not yet".
However, the more question you answer, the more information we can get. It will give you more scores to pass the application round.
19. How can I edit or update my application on F6S platform?
Please sign in to your account https://www.f6s.com/vsvabatch7/ to continue editing your application.
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