CAJ#6_Want to apply? All you need to have...

Maybe my last post about the German Silicon Valley Acceleration and the benefits you gain from participating in the program convinced you and you now want to join the program. Unfortunately, you are a bit late as you missed the application deadline on March 15. You could start, however, working on your idea for next year. If you really do so, make sure you know the most important selection criteria. Here are the most important ones:

As GSVA is investing significant time and resources into program participants, the Steering Committee’s role is to select the most promising companies of all applicants. It does so by focusing on the following areas:

Overall concept: Does the company address a clear and large market need with an innovative solution?

Market opportunity: Is the market size and opportunity large enough to make this a compelling business? Remember: GSVA is striving to support the creation of the next global category leader.

Competitive landscape: Are there significant or dominant competitors? Has the company constructed strong differentiation and/or barriers to entry?

Product execution: How much work from concept to current status? Smart engineering, good use of technology. Degree of product/market fit.

Business execution: Partner deals. Customers. Distribution. A clear go-to-market strategy being executed and proven traction.

Team: The right combination of dedicated individuals with the required experience and skills. Are team members “knowers” or “learners”? Are they open to questioning their ideas and brave enough to try new behaviors that will enable them to be successful?

Business model: Revenue streams or customer acquisition model is determined. Will it work in the U.S. market?

Entrepreneurial mindset: Will the company be able to develop a Silicon Valley-like mindset and entrepreneurial culture? Will they discover the critical success factors for their company?

Program relevance: Does the company have a clear perspective on how it will benefit from the GSVA program, i.e. has it identified specific U.S. customers or a U.S. customer group? Does the company have the potential to become a global category leader?

To sum it up your idea needs offer an innovative solution for a problem of a global market, you should be the first to come up with this idea, you should already have improved your first concept to show how efficient you use technology, you should already have partners who support you and your idea, your team should be experienced but still show willingness to learn, your idea should meet the needs of the United States….

Seems like simply having an idea is not enough :)