Why should you participate in the accelerator programme?
The programme is designed to get startups to the next level in the fastest possible time and in the best shape. The goal is that startup companies participating in the accelerator programme will be able to attract investors who will give them additional capital for growth or to become a sustainable business through revenues.
Will we steal your idea?
Anyone in the startup business will attest that they see hundreds or even thousands of ideas every year. Ideas are rarely unique. Execution plays a more important role than idea in determining whether startups succeed or fail. In other words, we probably have seen your idea before and no, we will not steal it. We want to help you execute your idea better.
Why should you choose to work with WTF?
The Accelerator is operated by people with the passion to grow exceptional entrepreneurs. Our tagline is 'We Start Things.' We are good people (really!) with the connections and experience (been there, done that) to help you.
What are your criteria for selecting startups?
We look at two things. First, we assess the founders. Do they have entrepreneurship DNA? Will they quit when the going gets rough? The going will get rough, rest assured. Secondly we are looking for companies that have a good chance of growing quickly and beyond Malaysia.
Are there any preferred types of companies or an industry focus for the accelerator?
Broadly we are looking for startups that are addressing the following areas: Big Data Analytics, Creative Content, Information Security, Mobile Internet, Cloud Computing, Green Technology, Wearable Technology, Biotechnology and Smart Grid Technology. We think that covers just about any tech startup.
At what stage should startups need to be in order to apply to the accelerator programme?
This is on a case by case basis. In general, there should have been some work put into the idea. It probably has not seen significant capital put in yet.
Can a single founder startup apply?
We are looking for teams as we believe that startups succeed when more than one person is involved. If you are a 1-man team, feel free to apply but be aware that at some point you will be expected to evolve into a team.
What is the accelerator programme?
It is a structured venture development programme with a strong emphasis on networking and mentorship and access to funding avenues
Do I have to be in the accelerator office daily during all working hours?
The accelerator programme will be an intensive experience for the founders. However, that does not mean that you will be expected to be in the WTF office all the time. On the contrary, we expect you to be doing what is actually more important. And that is to work on building your product and growing your company. There will be times when you are expected to be at the office for individual sessions or group meetings. Other than that, you will work where you are most comfortable at.
Can I be a student or have a fulltime job while participating in the accelerator programme?
We handle this issue on a case by case basis. In principle, it would be best if all founders can commit full time but there will be times that may happen at a slightly later stage. In any case, at least one full time founder is essential. Keep in mind too that we will be providing seed capital that can be used to support founders during the period of the acceleration programme.
How much equity does the accelerator take from the startup?
WTF takes an 8% stake in the startup in exchange for participation in the programme and the seed capital given. In other words, the accelerator will make a cash investment of up to RM50,000, provide programme delivery, mentorship, advising, free services, space, and the Demo Day opportunity. Beyond wanting to make money, we take the stake so that we have skin in the game and thus, the same passion and desire to grow the company. The stake also allows us to sit with the founders in any negotiation with new investors, including new angel and venture capital investors.
How are these corporate transactions handled?
The founders and WTF will go through a terms sheet and upon agreement on important sections, a formal agreement will be executed between the company, founders and WTF. The startup will be incorporated if that has not taken place yet.
Why are we doing this?
We want to see more startups! We love working with startups. Having said that; It must be pointed out that we are a business. We want to see startups that we mentor become successful, growing, self sustaining companies. We want to produce highly successful startups that will attract investors.
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