by maria | Jul 4, 2016 | Uncategorized
Alright, we all know how difficult it is to get into a top accelerator. You apply with your startup, you wait for the reply and then when the time comes, it’s either the cheer look on your face or the disappointment settling in. And filling in the application plays a major role in this.
So, how can you get the perfect application that will get everybody’s attention and join Lisbon Challenge right on time for the Web Summit this Fall? What should you add and emphasize? What’s the “make it or break it” factor? Well, just keep on reading because you’re about to find out.
We get hundreds of applications for Lisbon Challenge and it’s a long and arduous job to go through each one of them. In order to move on to the next phase, you really need to stand out by following these tips:
1.Team, team, team
I know this might sound a bit of a cliché. Everyone talks about the importance of having a good team but that’s no coincidence. Whenever we go through applications, the team is usually what grabs our attention. This is because, at such an early stage of your startup, there is very little evidence to show that your idea is amazing. So, instead, we rely on the team behind it, and their execution capacities, as well as their analytical skills. We like to see how teams validated their idea, specifically what tactics they used, and what conclusions they took out of it. Explain exactly what each one of you does, the background, why you’re building this startup together, etc. We definitely value more teams that have founders that cover both main areas: product and business. Also, clearly explain the equity distribution, because it helps us determine individual motivation and founders direction.
2. Do your homework
It’s really important that our accelerator matches your startup and your own expectations. For Lisbon Challenge we only take startups that are in product development phase, focusing on product-market fit, in particular. This can be Prototype, closed Beta, or MVP. We are not looking for startups that are focusing on growth, sales or internationalization (we used to, but not anymore), instead, we want startups that are building their final versions based on recent problem-solution validation. We like startups that apply lean analytics to their product development and are drawing conclusion based on customer behavior.
3. Get a recommendation
Most of the selected startups for Lisbon Challenge were referred to us by someone within our network of entrepreneurs and investors. See if you can find someone who has been through Lisbon Challenge before or someone close to the Beta-i network and ask for a introductory email.
4. Be detailed and know your numbers
Explain your product and business well. If you’re building a complex technical product, take your time to explain it and find a comparison so that it’s easy to understand the importance of your solution. You should be able to “sell” us your vision and demonstrate clearly what is your roadmap to achieve this vision. If you have any metrics on traction, KPIs or analytics, the more you share with us the better, but remember, you should always explain what are the underlining conclusions you have drawn from it, so we can get a sense of your decision-making process.
5. No bullshit (go straight to the point)
Even though you have to be detailed about your product and know your numbers, that doesn’t necessarily mean bullshit. Go straight to the point and answer the questions. If you don’t have numbers to show don’t try to fake it. Instead, just explain you don’t have it yet, but tell us about how you validated the idea, and what are the numbers you want to track in the future, why, and why will they help you determine your startup’s roadmap.
6. Surprise us – stand out from the crowd
If you want to get noticed you need to stand out from the crowd. Don’t be like everybody else that says they’re gonna get all their users through social media with no further explanations. Think of new channels, growth strategies, anything that can be particularly applied to your startup and business model.
7. Remember to add the video
For the video, it doesn’t matter if it is a phone video. What does matter is that you introduce all of the founders, and show us what you have done so far with the idea, what phase are you now, and where are you heading.
Now that all the tips are here, it’s entirely up to you to get it right. If you are still not sure if you are at the right phase for Lisbon Challenge, than email Isabel Salgueiro (isabel.salgueiro@beta-i.pt) or Nuno Machado Lopes (nuno.lopes@beta-i.pt).
Apply to Lisbon Challenge until this July 15th 2017, and we’ll let you know if you’ve been selected by August 15th 2017.
by maria | May 11, 2016 | Uncategorized
Would you like to meet Elon Musk, Stewart Butterfield or Marc Andreessen in Lisbon this year? Yes? Well, this could really happen since the Web Summit will be in Lisbon this year…
We know that building a startup takes focus, commitment and hard-work. But, it’s also about talking to people and creating relationships. From customers to investors, from partners to other entrepreneurs such as yourself…
You need to meet the right people. And that’s why you should come to Lisbon this year, right on time for the Web Summit 2016 this November.
In fact, we have just opened applications for the Fall Edition of our accelerator, Lisbon Challenge. Meaning, you would be in Lisbon from September to December.
Would you be interested in applying to one of Europe’s most dynamic accelerators?
Here’s what you should keep in mind:
- Alumni network of +200 startups
- Our startups have raised +50 million euros
- A network of +200 mentors you can reach out to
- Free office space in the centre of Lisbon
- Tailor-made workshops on the key challenges your startup is facing
- 150k in perks and no equity taken
Apply here until the 10th of June and grow startup in Lisbon.
What have people been saying about Lisbon Challenge?
“Lisbon Challenge can be the European Y Combinator”
Michael Seibel, Part-time Partner at Y Combinator
“The greatest thing about Lisbon Challenge is that it creates a cluster of entrepreneurs that are all going through the same journey. This means you get fantastic scalability and they learn a lot with each other. It’s also good for investors to meet several companies in one place.”
Mike Butcher, Editor at TechCrunch
“We were in the very first batch of Lisbon Challenge. At the time, we had just launched our student accommodation platform and it was the perfect time for us to get all the feedback from mentors and occasional speakers that Lisbon Challenge brought to us. Lisbon Challenge and Beta-i really helped us kick-start our business.”
Miguel Amaro, Founder of Uniplaces
“Popcorn Metrics was born during the Lisbon Challenge. During the program we were able to get our whole team working together in a super focused environment which enabled us to quickly get the insights to make a massive “zoom in pivot” and focus on building our current product to enable marketers to set-up their Marketing Analytics Stack without depending on IT. We built a hugely valuable network of mentors, investors and other cofounders – a network that still gives great value today. As a bonus from Lisbon Challenge, we also spring-boarded from Lisbon Challenge into London based Seedcamp (the largest seed investment program in Europe).”
Paul Boyce, Founder of Popcorn Metrics
Apply here and join us in Lisbon for the next edition.
by maria | Apr 20, 2016 | Uncategorized
Impraise, the Lisbon Challenge alumni, who is also backed by Y Combinator, has raised 1.6 million dollars to abolish the annual performance review within companies, and replace it with their web and mobile app for timely and actionable feedback between co-workers.
During the last few years, the annual performance review has seen its decline within companies like Deloitte, Adobe or Accenture. According to CEB, faulty performance review processes can cost a company of 10,000 people up to $35 million in lost productivity while 95% of managers are unhappy with the way performance reviews are conducted.
So, to end this lack of productivity, Impraise has built an app that will allow companies to be more efficient when it comes to understanding their employees and take action according to the feedback given between co-workers.
This seed round of 1.6 million dollars includes investors such as Zenefit’s early investor, Palm Drive Ventures, China Growth Capital and HenQ. Coen Van Duiven, CEO of HenQ said: “We strongly believe in the vision that direct and peer-to-peer feedback will be the backbone of a platform which will create continuous improvement, progress and learning for people and organizations”.
This promising startup is already working with some big companies like Booking.com, Atlassian and M&C Saatchi, and they plan to go even further with this investment round.
According to Bas Kohnke, Impraise’s CEO, they’re “building Impraise to help every single professional grow and learn continuously with the incredible power of peer coaching”.
So, instead of exchanging feedback only once or twice a year, Impraise is designed to fit into people’s workflow, making it easy to exchange feedback after meetings or projects, or frequently on a monthly basis.
Since the company’s launch in late 2014 there have been over 300,000 feedback interactions on the platform. And, up until now, the companies that are using Impraise admit that save around 75% of the time that they would usually spend on the annual review. Not to mention that, with this web and mobile app, companies get much more analytics and are able to increase employee engagement.
With this seed round, Impraise will grow their team and further improve the product experience.
by ggomes | Apr 18, 2016 | Uncategorized
Bootcamp Done, What’s Next on the Lisbon Challenge Accelerator?
Until the day comes when we can learn new skills by uploading them directly into our brain, just like in The Matrix, learning processes will always take time. Speaking of intensive learning processes the Lisbon Challenge Accelerator Bootcamp ended last Friday and now it’s time for the next phase of the acceleration program, for four weeks, where execution is the keyword: We saw each Startup presenting their plan of «attack» for the next month. Of course mentors and experts will always be available to guide you, however don’t expect any kind of babysitting – in the end it’s your planning and execution that will decide everything.
To excel in execution, you can be sure planning is a basic need. In this early-stage of a Startup, it always seems there are a thousand things per day to focus on and most of them in the same level of relevance. Without a plan any team can easily get lost in the way, so here’s how you can make the most of this Startup Accelerator.
5 Things to Revisit and Better Prepare for the Challenge Ahead
Vision – Have your vision clearly stated: it’s your ultimate goal and the one that will allow to see the big picture when dealing with the upcoming barriers.
Set your Goals – If you set goals for everything you do, not only you’ll be highly motivated to achieve them but also you can measure performance and detect what needs improvement.
Roadmap: Essential. This will help you to continuously be aware of your focus. You have to bring to life your MVP as soon as possible and work on it so a more general roadmap should be wrapped around your Product Roadmap. Since it’s not easy to know how detailed this one should be, depending on the number of techies on the team between other factors here’s an insightful article on How Detailed Should Your Startup’s Product Road Map Be by Andrew Cohen, Founder & Ceo of Brainscape and Startup Mentor at Techstars.
Decision Making – You shouldn’t rush on hard decisions nor let your emotions guide them, but at the speed you should be progressing you can’t lose too much time overthinking every single decision. Here’s a Decision-making Framework made by Adeo Ressi, Founder & Ceo of the Founder Institute, that will allow you to save time whilst assuring that you’re not making your choices based on impulse.
Priorities – This is another tough challenge. Between all the feedback you’ll be receiving from everybody you’ll talk to and all the ideas for your product that will constantly pop up your head, you have to find a way to prioritize them. Alex Iskold, Investor and Managing Director of TechStars in NYC, tells you how in Use Action and Idea Lists to Prioritize Tasks and Get Things Done
And last, but not least..
Productivity – With so much work to do, even the most focused entrepreneurs can sometimes get lost. On the other hand, maybe working 20/7 can burn you out in less than a month (missing the amazing final day at Lisbon Challenge accelerator) so here’s How to Hack Productivity with tips from 65 Startup Founders collected by Founders Grid on how they deal with Productivity and manage the minimum balance between working hard and having the basic time to rest and unwind.
Make the most of this opportunity
Beyond these guidelines, don’t forget to use all the resources and people that you have available at the Lisbon Challenge Startup Accelerator. Try to get as much feedback as possible, and if you ever feel a conflict between two opposite given opinions, there’s nothing better than getting those two persons to talk.
There will be also an incredible number of persons crossing every day the same working space as you – mentors, speakers, investors, other startups – so leave your shyness aside and don’t miss the chance to network, a lot of opportunities might come up from the people you meet along the way.
Luck is pointed as the number one reason for success by numerous founders, but behind that ability to get lucky there’s always an incredible amount of hard work, so Good Work & Good Luck.
by nlopes | Apr 13, 2016 | Uncategorized
This article is part of the Lisbon Challenge series on culture and how it affects every decision you make. You can find the presentation deck online.
When I first met Tony Hsieh, at a social media conference in Las Vegas in 2008, I was inspired by the simplicity in his message as much as the awkwardness and humility of his public appearance. Tony seemed to be the least probable of people to ever inspire you, let alone run a company with revenues of over $1 billion USD.
Tony’s emphasis was, and has throughout the years, centred on the internal culture of the company. With the passing of time, the only thing that changed was his conviction that in fact culture, and not customers, was the number one priority, a belief that was grounded on the impressive performance of Zappos.
Through time, the core values from which Zappos derives its culture, brand and business strategy have subtly evolved from Core Values to Family Core Values. This is a big change. You can’t enforce a culture at work if those values are not followed through in the private life of the employees.
- Deliver WOW Through Service
- Embrace and Drive Change
- Create Fun and A Little Weirdness
- Be Adventurous, Creative and Open-Minded
- Pursue Growth and Learning
- Build Open and Honest Relationships With Communication
- Build a Positive Team and Family Spirit
- Do More With Less
- Be Passionate and Determined
- Be Humble
Every time I went to a conference in Las Vegas, I always made time to go and spend some time at Zappos. I still remember walking around their Henderson offices, as part of the daily tours they have for anyone to join, and being left confused with the amount of joyful activity yet impressive business results.
As we moved from department to department in a vast open space, each group of Zappos employees put on their best show for the visitors. Some blow horns whilst others put on a wacky dance, most interrupting their work to demonstrate the Zappos culture at work.
I let my group move on and couldn’t resist leaning over to an employee and discreetly asking “what happens when you have shit day?” Her concerned look should have prepared me for the answer. “We don’t have shit days”. And there you go. This is no place for skeptics, naysayers or individuals with chips on their shoulders. This is Zappos – happy land where you are either in, or out.
With time and experience, I began to understand that this isn’t a strategy you copy, but instead one, which you need to fully understand and decide whether you are prepared or not to adapt to your organization.
It’s not about being Zappos or like Zappos, but instead understanding that every decision you make, whether product or recruitment based, must be aligned with your culture yet the hard part is defining it concretely and then executing on it, every minute of the hour, every day of the year.
It’s a process in constant evolution and not something you revisit on a yearly basis. It’s not a strategy, tool or marketing gimmick. It’s central to your existence and of the utmost importance, more so than being centered on your customer.
“To make customers happy, we have to make sure our employees are happy first.”
Zappos
The idea of creating a great company culture emerged in the latter part of the last decade, as companies feared employee turnover simply because working in most companies just plain sucked back then. There were just a few case studies where traditional media focused on the gimmicks – free food, Ping-Pong tables, spas and child care at work. When interviewed, most of these lucky employees seemed overly gracious of their luck in being so happy at work.
In one 60 Minutes interview, an employee walked around a campus describing all the endless perks paid by his employer to ensure they were looked after. The interviewer asked in a skeptical tone “Isn’t this like living in Disney World?” The reply was sharp. “Yes. But who doesn’t love Disney World?”
We need to ensure we don’t confuse the existence of perks with a great company culture. Don’t be fooled by the shiny objects – the visual side of a great company culture: what you don’t see is even better yet. Companies like Zappos don’t motivate their collaborators – they inspire them to learn, share and look after each other. They are building a sustainable and tight community of like-minded individuals with one single goal. Some might see it as a cult. At times, it sure does sound like it but it really is voluntary. Or so I’m told.
In most businesses, product and price play too much importance in the future of the company. Building a strong culture does create a competitive advantage, difficult to emulate, especially compared to the time it takes to copy a product, undercut the competitors’ price or poach their most valuable of employees. Culture isn’t copied. At best, it is understood, adapted and implemented to fit the company, ensuring relevance and context. It’s a monumental commitment that will eventually pay back but it’s no quick fix.
photo: Zappos
