313 Views

5 tips for making your funding application stand out

500 Startups Vietnam
by

March 22, 2019

Written by Emily King

Here at 500, every time a new batch opens up we receive a flood of applications to sift through. As we review them, we often see a lot of the same common mistakes repeated over and over, so we figured it was time to give a quick 101 on how to give your company the best head start when application time rolls around.

 

1. It’s all about the traction.

It’s important for us to understand what stage your company is at—be clear about any traction you may have and put it front and center. This will look different if you are a B2B or a B2C company, so we’ve broken it down below:

  • B2B: Highlight any pilots you have, and include if they are paid or not. Even LOIs are important to mention. If well-known companies are testing out your product, we want to know about it. Although you may not be generating revenue yet, this shows us that you’ve built something people want.
  • B2C: Talk about the velocity of your growth—this can be early stage or late stage. We want to see that you have momentum, so tell us how your user growth has improved since you launched. If you have just started charging for your product or service, talk about engagement or conversions within your customer base.

 

2. Break down your business model

Have you started charging for your product yet? The answer doesn’t have to be yes—but the answer should be honest. We want to know how your team is thinking about monetization. 500’s superpower is growth, so we want to find companies that are ready to scale.

 

3. Tell us your unfair advantage

Ideas change and companies pivot, but it’s the belief in the team that we’re betting on. If there are members of your team that have unique domain expertise, make sure that that’s clearly communicated in your application. We invest in a wide range of diverse and global founders; we’re not looking for big name logos or universities—we’re looking for the reason why your team will win.

 

4. Differentiate your product

As previously mentioned, we evaluate a high volume of companies during each application season. This means the chances of us seeing your competitor is high, so make sure you explain what makes your product unique and address any major competitors in the space. If you don’t think there are competitors in your market, you probably haven’t done enough research, so look again. Find the closest competitors you can and tell us why the route you’re taking to solve your market’s problem is smarter than anyone else’s.

 

5. Don’t forget your pitch deck

One of the biggest mistakes you can make is not including a pitch deck with your application. Think of your pitch deck as a chance to tell your company’s story. It should be clear, concise, and convincing. Talk about the problem you’re solving, and then present your solution and why it’s better than anything else out there. Include any notable metrics you’re tracking and the size of the market you’re looking to tap. And don’t forget to include your business model—how do you plan to make money?

 

NOTE: This article first appeared on 500’s website under the title “5 Tips for Making Your 500 Startups Application Stand Out

Author: Emily King

Emily is on 500’s Portfolio Management team, where she helps manage our community of over 2,000 portfolio companies.

Ready to pitch?

Apply to 500 Startups Vietnam

San Francisco
814 Mission St., 6th Floor
San Francisco, CA 94103, USA

© 2010-2019 500 Startups

Most Popular

November 09, 2020

October/November 2020 Newsletter

September 07, 2020

August/September 2020 Newsletter

Recent

December 2020 Newsletter

Dear all, After 89 days without community transmission of the coronavirus, in late November, Vietnam had 3 local infections. The government responded swiftly, including contact tracing, limited ...

October/November 2020 Newsletter

Dear all, Over the last couple of months, we have found ourselves amid extraordinary scenes. Vietnam’s economic growth accelerated in the third quarter, retaining its status as one of the few pl...

August/September 2020 Newsletter

Dear all, Earlier in July, Vietnam was lauded in the coronavirus fight and reported zero deaths thanks to its drastic early actions. On July 25, a new wave of outbreak shattered the calm as Viet...

July 2020 Newsletter

Dear all, Vietnam continues on its economic recovery. Last week, the IMF published an analysis of how Vietnam's success in containing COVID-19 offers a roadmap for other developing countries. Th...
en_USEnglish
en_USEnglish viTiếng Việt