Hello and thank you for applying to Techstars San Francisco!
Below, you will find an FAQ to guide you through the next steps of the application and interview process. We hope this resource answers your questions and helps you navigate the selection process smoothly. We’re excited to learn more about you and your company. Best of luck!
Challenge Series FAQ:
1. When is the challenge series due?
The assignment series is due on January, 2 2025 at 11:59 PM PST.
2. How can I submit the challenges?
The challenges are all submitted through this link.
Please be aware that only one submission is accepted per applicant. It is crucial that all assignments are completed and uploaded through the Google Sheet form.
Upload each deliverable in the specified field as a separate PDF:
Commitment Statement
Lean Canvas
KPI Summary
Financial Feasibility (Option to upload a PDF or paste a Google Sheets link to your financial model)
Why are you the right founder(s) to solve this problem?
Jobs To Be Done (Customer Discovery): Combine all materials related to this section into a single PDF before uploading just for this section.
Note: Each deliverable must be uploaded in its assigned field. Combining all documents into one file or uploading files to the wrong section may delay the review process.
Once you submit, you will not be able to edit or resubmit, so please double-check your work before hitting submit. Thank you for your attention to this process!
3. We have already submitted an application through the Techstars portal, why do we have to also submit these challenges?
While the Techstars portal application provides us with a high-level overview of your company, the challenges are structured to provide value to you as a founder by helping you refine key aspects of your business, regardless of whether you are ultimately selected for the program. These exercises are carefully designed to mimic the types of strategic thinking, problem-solving, and planning that successful founders in our accelerator program need to master. By completing them, you’ll gain:
Clarity on Your Business Model
Insight into Your Metrics
Confidence in Your Market Understanding
A Deeper Connection to Your "Why"
Customer-Centric Thinking
A Robust Financial Understanding
Experience in Accountability and Communication
Even if you don’t advance to the next stage, these exercises will leave you with actionable insights and tools that you can continue to use as you build and scale your company. Many founders tell us they’ve used these challenges to refine their pitch decks, improve their investor conversations, and develop a more strategic mindset about their businesses. We see this as a win for every applicant, and we’re committed to ensuring this process is as beneficial for you as it is for us.
4. Is this process unique for Techstars San Francisco?
Yes, the challenge series is a distinctive and unique component of our Techstars San Francisco selection process. While all Techstars programs share a common general application framework, each program tailors its selection process to align with its specific focus and objectives.
5. What format should the submissions be in?
All submissions should be in PDF format. For video submissions, provide a publicly accessible link (e.g., YouTube or Google Drive).
6. Who should complete the challenges?
The CEO should complete the majority of the challenges. However, certain tasks (e.g., financial modeling) may involve other team members if needed. 7. How long should the submissions be?
Commitment Statement: 1 paragraph.
Lean Canvas: 1-page diagram.
KPIs: 1-page write-up.
Financial Modeling: Video (1 minute) + spreadsheet.
Why You’re the Right Founder(s): 1-minute video or up to 1-page write-up.
Jobs To Be Done: Timeline and forces diagrams in a single PDF.
Please ensure each section is clear and concise.
8. How should I approach the JTBD assignment if I don’t have customers yet?
If you don’t have customers yet, you can base your JTBD assignment on insights from potential customers who align with your target audience. Here’s how to approach it:
Conduct Exploratory Interviews: Identify individuals or groups within your target customer segment and engage them in conversations about their needs, pain points, and motivations.
Focus on Hypotheses: Use your interviews to develop early hypotheses about the jobs your potential customers are trying to accomplish.
Complete the Required Components: Fill out the timeline and forces diagrams based on the insights gathered during your interviews, even if they reflect early-stage assumptions.
The goal of this assignment is to showcase your ability to understand and engage with your target customers’ needs, even if you haven’t yet launched your product or acquired paying customers. Effort, thoughtfulness, and clarity are key to a successful submission.
9. What happens if we miss the deadline?
Unfortunately, late submissions cannot be accepted. The selection process is highly competitive, and we encourage you to submit your work on time to ensure your application is considered.
10. Why are assignments released at different times for first-choice and second-choice applicants?
As per Techstars policy, we must wait two weeks after the application deadline to release assignments to second-choice participants. This means that first-choice participants receive their assignments earlier and have approximately 6 weeks to complete them, while second-choice participants have 4 weeks. However, we believe that both timelines provide ample opportunity for thoughtful and complete submissions.
11. Why was only one person from my team emailed about the webinar and the assignments?
We only email one person from your team, as per our standard process, and it is their responsibility to distribute the information among the team members. This is usually the person who submitted the initial Techstars application. If you’d like to designate a different point of contact, please let us know.
12. Can I use AI tools like ChatGPT to help with my Challenge submission?
While AI tools can be useful for refining ideas or improving clarity, we encourage you to ensure that your submission reflects your own original thinking and creativity. We can identify when submissions rely heavily on tools like ChatGPT or other AI platforms. Submissions that are not your own work may negatively impact your evaluation, as we are looking for your personal insights, vision, and execution.
13. Do all applicants have to complete the Challenge Series? Does completing it mean I will be selected for an interview?
Yes, all applicants are required to complete the Challenge Series as the next step in our application process. This step is mandatory and is designed to help us gain deeper insights into your business while providing you with valuable exercises to refine your strategy.
However, completing the Challenge Series does not guarantee that you will be selected for an interview. Our selection process is highly competitive, and we will be announcing selecting candidates to interview following the Challenge Series deadline.
14. Can we receive feedback on our submissions?
While we cannot provide individual feedback on submissions during the application process, we encourage you to approach these challenges as an opportunity to refine your business strategy.
15. Can part-time founders or teams still be considered for the program?
Yes, part-time founders or teams can still complete the Challenge Series and be considered for the program. However, it’s important to note that if selected, founders (and especially CEOs) are expected to dedicate their full-time focus to their company during the 13-week period. If you are not currently full time, please indicate in your application when you plan to transition to a full-time commitment for your company.
16. What if I need to contact the Techstars team during the holidays?
If you need to get in touch with the Techstars team during the holidays, please note that we will be out of the office from December 23, 2024, to January 1, 2025. During this time, responses may be delayed as we focus on spending time with our families and recharging for the year ahead. For urgent matters, please email us at sylvia.bouloutas@techstars.com with the subject line “URGENT: [Your Topic],” and we’ll do our best to respond as quickly as possible. For non-urgent inquiries, we encourage you to email us after January 1 for a quicker response. In the meantime, you can refer to this doc and resources we’ve provided for answers to common questions. To avoid delays, we recommend reaching out before December 22, 2024, for any time-sensitive matters. Thank you for your understanding, and we wish you a wonderful holiday season!
Interview Process FAQ
1. When will the interview process begin?
We will begin reviewing your Challenge Series submissions immediately after the deadline on January 2, 11:59 PM PST.
2. How will I know if I’ve been selected for an interview?
If you are selected to move forward in the process, we will notify you via email on January 8th or 9th. Please keep an eye on your inbox for updates.
3. What does the interview process entail?
If selected, you will receive an email inviting you to schedule a 15-20 minute call with the Managing Director (MD) of the program Neal Sales-Griffin and the Investment Associate, Sylvia Bouloutas. 4. What is the purpose of the interview?
This is a 15-20 minute call with the MD to:
Get to know you as a founder.
Learn more about your motivation and vision for your company.
Understand how Techstars can support your business goals.
5. How should I prepare for the interview?
To make the most of the short call:
Reflect on your motivations for building your business and joining Techstars.
Consider specific ways Techstars can help you achieve your goals.
Prepare to discuss your leadership style and how you approach challenges.
6. What happens after the interview?
Following the interview, the team will evaluate all applicants and communicate next steps. You can expect to hear back within about 1 week of your interview.
7. When will we have a final decision about Techstars SF?