I can’t believe that it’s already been that long since we first applied to TechStars, but yes, it’s been a year. TechStars is now accepting applications for 2008, and if you think that you have an idea for the Next Big Thing, stop dreaming and apply!
TechCrunch already blogged about it, so chances are that you already knew. So here are some quick pointers for your application:
What’s your name?
What’s your email address?
What’s your phone number?
Get any of these wrong, and you can stop reading…David probably will, too.
Where is your team based, geographically?
I don’t think that this matters too much, as long as it’s in the US. If you’re not in the US, you need to have a visa or some other permission that lets you participate in the program (and TechStars probably won’t be able to help with that).
What will the name of your company be?
This better be good, because it will be the number one point that David will base his decision on…okay, maybe not. Honestly, this doesn’t matter too much, either. At least 4 (I think it was more) of last year’s companies changed their name after starting TechStars.
If you have a web site, what’s the URL?
If you have one, list it here, but make sure that what’s there isn’t totally broken or makes no sense. I think a nice, clean placeholder page with a form for collecting email addresses is the way to go (unless you’ve already launched something, of course). A link to your blog is a bonus.
What will your company do or make?
You might think that this is the most important question, but it actually isn’t. It’s not trivial either, but if last year’s TechStars are any indication, anything you put here will probably change, either dramatically, or in more subtle ways. That is a good thing, because it means that the mentorship you are getting at TechStars is helpful.
So, what is important here? Show that you’ve thought about the problem you are trying to solve, that you understand your target market, your competitors, and that you’re smart. That means don’t “invent” something that is already being done, and if you do, make sure that you get the next section right.
What’s new, interesting, or different about what your company will do?
If you have a totally revolutionary idea, you might have answered this question in the previous section. But more than likely, your idea will be a rehash of something existing, that you want to do better/cheaper/faster/greener/prettier/insert-your-particular-advantage-here. Whatever you do here, be honest, because David can smell BS from a mile away and he’ll challenge you on it (if you get to that part).
Have you already taken any outside investment? Please describe if so.
Somewhat of a formality, I think. Again, just be honest, there is not much you can do about this anyway. If you have taken investment, describe how much, where you got it, and what you’ve done with it.
Explain how the company will make money.
The answer to this will depend on your idea, but don’t be afraid to say “we have no idea yet, but want to explore the following: x, y, z”. If you must say advertising, explain how and why it will work. I think we answered “advertising” on this, but backed it up with some credentials (we had some background in that space).
Tell us about each founder (include their role, skills, education level, schools, past companies, past projects, etc).
If you can only get one section right, make it this one (okay, it would be good to get the name, email and phone questions right, too). TechStars will primarily choose kick-ass teams, and great ideas are secondary. If you have a kick-ass team AND a great idea, even better. But ultimately, I think the team is more important. An idea is worth very little if it isn’t executed properly.
So, show that you have assembled a really great team. If you have a resume that’s 10 pages long with plenty of successes, include that, but chances are that you don’t (we didn’t). Look for ways to show David that you are smart, enthusiastic, driven, but also humble and eager to learn.
If you or any of your team members have built cool stuff on the web, please provide the URLs.
This is the evidence section for the previous section, and is especially important if you don’t have an impressive resume. David and most of the other TechStars guys are geeks at heart and will appreciate anything you can show them. When we applied, we told them about loopnote.com, which we had built on nights and weekends. Ultimately, I think that’s what got us accepted (David, feel free to comment).
Can each of the founders come to Boulder, Colorado for the summer of 2008? If not, please elaborate.
If you answer no here, make sure that you have a really good reason. The program doesn’t work well if you’re not there. Case in point: we were already living in Denver when we applied, and decided to commute to Boulder for TechStars (25 minutes one way, if you’re lucky). It worked out okay, but in retrospect I wish that we had relocated to Boulder. There is more to TechStars than the “official” sessions, and you’ll miss out if you don’t immerse yourself fully.
That being said, some teams had members who couldn’t be there the entire summer, so it’s not a total dealbreaker.
Why should we choose your team to participate in TechStars?
Closing arguments, please. It’s perfectly okay to show some confidence here (”because we’re the best”), but be ready to back it up with some solid evidence. David used to tell us that there are 2 categories of people who he’s really good a spotting: “i don’t believe you” and/or “stupid”. Needless to say, don’t fall into those categories.
I’m by no means an expert on what TechStars wants to hear here, so take everything I said with a grain of salt. With that being said, I must have at least some of it right, since they accepted our application last year. 
Good luck!
