Techstars investment-readiness program for Cardano Builders

[GENERAL] Name and surname of main applicant

Techstars - the world's most active pre-seed investor

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Requested funds in ada

1600000

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

10

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarise your solution to the problem (200-character limit including spaces)

Techstars will train Cardano Builders, making them investment-ready, and providing access to the world's most active pre-seed investor network.

This program will convert Cardano builders to companies.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs.

While we will share many metrics and content being transparent in our approach, we cannot guarantee we share every aspect of our business as a privately owned and operated company.

[SOLUTION] Please describe your proposed solution.

Around 70m USD were granted in 11 Catalyst funds for over 1600 projects. Many great builders got funding to work on infrastructure and use cases for the Cardano Blockchain.

However, there is a missing layer, recognized also by the Catalyst Working Groups proposal in fund 11 and with ongoing working group sessions around the world (started in Barcelona).

  

The missing layer is how to transfer those great teams and initiatives into investable companies that can build great products on Cardano.  

Our proposal is for Techstars to partner with the Cardano ecosystem in support of its innovation mission to broaden its startup collaboration capabilities and support a holistic group engagement, by providing an investment-readiness program to its existing builders.

Techstars Startup Community Catalyst aims to support Cardano’s mission to work with thousands of startups for the years to come and integrate them into its platform.

We will achieve this through the following two program pillars:

1. Ecosystem Development Lab (EDL) - A proven and immersive, two-day peer-to-peer training program designed to train, activate, and connect Cardano community leaders.

We will make this in-person session around the Cardano Summit in Dubai in October to benefit from and support the summit and the community members who will be attending the summit.

2. Founder Catalyst (FC) - A ten-week virtual part-time program that includes mentorship, networking, and critical entrepreneurial skill building for selected Cardano Builders to be investment-ready.

 

This second program will include also an investment pitch day for Techstars teams and Techstars investors network.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

• Ecosystem Development Lab

The Techstars Ecosystem Development Lab (EDL) further strengthens the foundation of Cardano’s entrepreneurial ecosystem from the ground up by educating, activating, and connecting local stakeholders with foundational knowledge and resources to build sustainable and resilient companies through Techstars Community methodologies, networks, and programs. 

Techstars Community Experts lead the 2-day immersive program, as participants meet fellow community leaders, learn key program methodologies, and grow their network. The program is designed to be practical so that participants can quickly adapt, and then apply the knowledge they gain to further develop their ecosystem.

• Founder Catalyst

The Cardano Builders selected for the program will benefit from Techstars' curated content, best practices, and early-stage methodologies. They will gain access to an unmatched global network of founders, mentors, investors, and corporate innovators.

The program will focus on 4 pillars:

I. Founder Best Practices

Program participants will learn best practices on how to build a scalable high-growth company. The program specifically focuses on the needs of Early Stage Startups that are preparing to raise initial capital. After the program, you will have 20 new experts in your ecosystem steeped in the #GiveFirst culture of Techstars. Raising the level of Venture Capital expertise in your community and having a positive impact for years to come. 

II. Connection to a Global Network

The success of Techstars alumni companies is partially a credit to our mentor-driven approach. Your early-stage startups will learn from the wisdom of experienced founders, operators, and experts in our network.

III. Readiness to Raise Capital

Founders Catalyst alumni have the experience to make them good candidates for Techstars Accelerators and other forms of early-stage Investment. The strongest graduates will be referred to Techstars Accelerator teams for consideration.

IV. Stakeholder Reporting

We will provide a comprehensive report on the activities, connections, and mentorship that occurred during our program, providing the data analysis you need to inform your stakeholders and assess the value of our program.

In summary, this program will convert teams building in Cardano to companies.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Techstars’ Startup Community Catalyst empowers communities and enterprises to grow and sustain a vibrant entrepreneurial ecosystem through entrepreneur-led development. For over 12 years, Techstars has worked with more than 1,850 cities, 300 corporate partners, and over 175 countries around the world. 

Furthermore, Techstars has run more than 400 startup programs, and invested in more than 4400 companies, resulting in:

• 74% of Techstars companies raise capital within three years after their accelerator program, more than any other global accelerator surveyed by Pitchbook (Source: PitchBook)
• 31% of Techstars companies exit within eight years after their accelerator program, more than any other global accelerator surveyed by Pitchbook (Source: PitchBook)

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

• Onboarding to project catalyst.

• Interacting with the Cardano community and setting up a group of Cardano mentors from the community.

• Ecosystem Development Lab (EDL)

Up to 50 participants from the Cardano ecosystem will meet fellow community leaders, learn key program methodologies, and grow their network. We intend to host the (EDL) during the Cardano Summit in Dubai, therefore maximizing its impact and ensuring maximum attendance.

• Founder Catalyst for 30 startups from the Cardano ecosystem.

Startups selected for the program will benefit from Techstars' curated content, best practices, and early-stage methodologies. Additionally, they will gain access to an unmatched global network of founders, mentors, investors, and corporate innovators. Our partners receive accurate reporting on program performance to demonstrate return on investment.

Founders apply to Founder Catalyst and selected companies will go through an interview process with a pre-selected panel. The Techstars team will shortlist candidates and work with Cardano in the selection process.

End of Program Pitch Day

• Virtual event hosting and outreach to highlight the success of the supported startups on a national, regional, or global stage.

• Techstars and Cardano will invite investors and relevant stakeholders to attend the event live and record it so it is sharable and available asynchronously.

• Techstars will connect supported founders with its global accelerator programs, such as Techstars Tokyo, if relevant to Japanese companies.

Please find here the recording of our Global Pitch Day, wrapping up one of our programs with JETRO - the Japanese External Trade Organization.

Final report

• Cardano will receive a comprehensive report on the activities, connections, and mentorship that occurred during our program, providing the data analysis you need to inform your stakeholders and assess the value of our program.

Post-program support

Techstars will onboard graduated founders on its platform, connecting with program resources, and other Founder Catalyst alumni, and providing access to the Techstars network.

Techstars will track and support founders' performance up to 6 months after program completion. 

• Direct introduction to the Techstars Accelerator Sourcing Team for consideration in other programs
• Invite to ongoing Slack community for class to stay connected with fellow founders and Techstars
• Access to Techstars Entrepreneur’s Toolkit platform
• Suite of Techstars perks, credits, and discounts

[RESOURCES] Who is in the project team and what are their roles?

Kathryn Smith

Head of Ecosystem Development

Oko Davaasuren

Director of Ecosystem

Program design and implementation

Emily Skinstad

Director of Ecosystem Operations

Program design and implementation

Pete Townsend

Managing Director Techstars Web3

The team above will support program design and implementation. Moreover, we'll assign Program Managers, Speakers, and a pool of dozens of international Mentors, bringing specific skills, from its network and the Cardano ecosystem.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Ecosystem Development Lab - ₳250,000.00 including:

• Dedicated Program Leadership
• Consultants/ Support Staff
• Speakers
• Program design and coordination 
• Travel and Expenses

Founder Catalyst program - ₳1300,000.00 including:

• Dedicated Program Leadership
• Consultants/ Support Staff
• Back Office Costs/ Central Resources
• Software & Tools
• Marketing and Events
• Travel related costs

Admin, Program, and Post-program reporting - ₳50,000.00

• Milestone reporting
• Closing report and video
• Internal admin
• Community communication

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

• Project Catalyst has already deployed $79M for projects built on Cardano. It is crucial to support those projects and help founders build sustainable companies, turning Cardano Grants into investable businesses. 

• Some of those projects will naturally apply to Techstars Accelerators, where Techstars is investing. 
• For instance, companies based in Japan can then apply to Techstars Tokyo.

• The average acceptance rate to a Techstars Accelerator is c.a. 3%

• By attending an investment-readiness program, founders multiply their chances of acceptance by 4.

• Techstars will train up to 50 Cardano ecosystem leaders during the Ecosystem Development Lab, during/around the Cardano Summit in Dubai.
• Techstars will support 30 companies building on Cardano with the Founder Catalyst program.