The last three days, I introduced Tech Wildcatter micro-seed project, their program, and some of their philosophy for a successful fundraiser. Today, we look at the startup selection program and how discussed their program for entrepreneurs.
Gabriella Draney and Jon Feld started Tech Wildcatters. On Sept 3, I had the great opportunity to sit down with Gabriella and talk about her new venture. I organized her responses into each of these general question categories.
What types of companies are they looking for?
Tech Wildcatters will target IT professionals: one to two people with a good idea and some prototype.
What areas of interest?
In no particular order or priority:
- Transportation and logistics
- Energy
- Retail/Consumer Goods
- Education
- Real Estate
- Travel/Leisure
What stage should the startup be at?
They would like to do something that has an alpha or prototype already developed but can do a pre-seed company.
Does the product need to be patentable?
Not necessarily! The idea is to get early to market, and be best in market.
What are the characteristics of the team?
Two or three founders with the skills of business, product development, and designer spread between them. They need to have the entrepreneurial spirit.
A big question for them will be their ability to devote 100% of their time to this endeavor. This is not something that can be done in a typical 40 hour work week. Will their other commitments be manageable? Will their spouse be able to handle it and be supportive?
Key questions they will consider:
- How well have you thought out your idea?
- How much have you worked on it?
- How dedicated are you, especially when the 12 weeks end?
- Can you develop your own product? (If it is going to take 30 programmers, this will not work.)
- Can you be in Dallas for three months? (After the program ends, you can be anywhere)
Two or three people? Why not one?
Gabrielle described how Tech Wildcatters do not want someone working in a vacuum. “Companies are not built in isolation,” she said. It is unlikely to find someone that is great in the business, development, and design. With two people, they have the other person who can review their ideas and offer critical feedback.
What will be their selection process?
Their criteria they are keeping to themselves for now, but the process is fairly simple. They will have three passes. The first will be whether or not the entrepreneurs fit the criteria. Based on these criteria, Tech Wildcatters will select who they will contact.
The second will be an email to the entrepreneurs and their response. See other comments in this article about the biggest mistake being lack of follow-up. If you are applying to be a part of this, definitely return all email as fast as possible.
Finally, they will do phone calls and interviews. They will narrow it down to 10 to 15 companies for the first group.
Ultimately, there will be a selection process and it will start soon. They plan on selecting companies starting December 2009. Tomorrow, I will tell you how to contact them (if you have not already done a web search for the name Tech Wildcatters).
