As Chinaccelerator hits the 10th cohort, we’d like to tell you a bit about how we take the top 3% of all the applications we receive. Below are the three questions we ask every startup applicant:
At Chinaccelerator, we bet on people and their ability to solve the problem. What is your unfair advantage? An unfair advantage is one that cannot be easily copied or bought. We like our teams to have a single-minded obsession for the thing they are doing and apply their deep knowledge and insights to solving the problem.
You must have at least two co-founders. Your co-founder is the one who distributes the stress of building a business, validates your one-sided awesome assumptions, and most importantly helps you deal with all the shit that happens. Having a technical co-founder is also preferable to help mitigate the risks of outsourcing key technical aspects of your startup.
For applicants from outside of China, we prefer that you have a Chinese co-founder or at least one senior Chinese person on your team, who can be the “local face” in front of Chinese investors and maneuver in Chinese business dynamics called guanxi in Chinese, which is a wide network of relationships destined to provide support and cooperation in doing business.
3. Do you have traction? 你的公司有traction吗？
Even if the success is small, we want you to prove that people need you. In the early stage, business plans are mostly BS. Don’t sell an idea; sell what has been proven and tested. It is more important to spend time on getting the first user, show a curve that builds toward a financial plan and a MVP. We don’t look at your revenue. Instead, we look for user engagement, retention, and growth.
If you have any questions, don’t hesitate to email: