Three Tips for Getting Accepted into Chinaccelerator’s Next Batch

 

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:

听中国加速内部成员为你支招如何进入这家亚洲最早的创业加速器。

Batch 10 on "Geeks on a Train" (GOAT) trip

Batch 10 on “Geeks on a Train” (GOAT) trip 在“极客快车”旅途中的第十期学员

 

1. Is it a problem worth solving?你解决的问题够大吗?
In other words, are you solving a major pain point? You won’t be able to scale if your startup is not solving a big enough problem. Eric Ramsay, Associate at SOSV who helps to review Chinaccelerator applications, notes that we reject most applicants who are targeting foreigners in China because the problem is not big enough. The only exception is if the small problem has the potential to tap into the larger China market. For example, Groupmall and Coolhobo currently in Batch 10 sell imported foods to expats in China but have the potential to sell to China’s upper-middle class, who is willing to pay a premium to enhance a personal sense of well-being, such as fancy, healthy imported foods. According to McKinsey and Company, China’s upper-middle class will account for 76% of the country’s urban population by 2020.The reason why we emphasize on “problem” over “solution” is that your solution may change. In fact, we encourage and teach you how to test your solution every week in order to validate the problem and growth potential.
你是否解决了市场上主流用户的痛点?创业者容易将自身的生活经历总结成客户的痛点,进入“伪痛点”误区。相对于解决方案,我们更关注的是你要解决的问题。在三个月的加速过程中,我们会帮助你问出最正确的问题,解决方案也许会依据问题的改变而进化。你需要向我们展示数据证明你的痛点。营收并不是唯一指标,下面几种也是你可以展示的成果:你有多少邮件订阅户、已支付用户、活跃用户、订单数?2. Are you the right team to solve the problem? 你们是解决这个问题的最佳团队吗?

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.

Chinaccelerator Office

Chinaccelerator Office 中国加速位于上海静安寺的办公室

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.

VC投资的是人,是团队。你的团队具备无人能及的行业知识、经验以及技术吗?你们拥有坚定不移的创业理想和信念,而不会遇到挫败就退缩吗?中国加速董事总经理宾威廉常对创业者说,人生中有五样重要的事情:家庭,朋友,工作,睡眠,运动。”当你加入创客大军时,你只能选三样。我选了家庭、工作和睡觉。” 说罢,他摸了摸自己的肚子。

我们要求你有一位以上联合创始人。虽然独自创业听起来冠冕堂皇,但我们认为创业路孤独,你需要有人陪伴、分担,也需要有人挑战你的主观假设。创始人之间产生矛盾是创业团队失败的第一大原因。如果你的联合创始人是你在某个活动上刚认识的“牛人”,创业团队通常走不远。如果几个创始人相识很久,甚至共同经历过波折,这样的创业团队是不会轻易被一些分歧拆散的。所以在申请的过程中,你应该尽情炫耀你们团队的凝聚力。你的联合创始人最好有技术背景,因为外包公司核心技术有一定的风险。Y Combinator和TechStars的254家创业公司的LinkedIn资料显示,接近80%的创业公司都有至少一位技术型的联合创始人。

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.

我们认为,创业早期谈BP都是扯淡。我们会通过观察你已经做过的事情,来判断你是否能反复做成这些事儿,哪怕是一个很小的样本。如果你可以吸引到早期注册用户,即可证明你的项目正在解决的是一个真实存在的痛点,拥有traction——成长动力。Traction没有绝对的衡量标准。在创业早期,营收并不是唯一可以证明项目发展进度的指标,我们更关注你的用户活跃数、留存率以及增长率。

If you have any questions, don’t hesitate to email:

如有疑问,随时欢迎联系我们:

cateam@chinaccelerator.com

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