How do we pick the startups we work with?
The ProVeg Incubator team is currently reviewing applications from founders looking to join its next batch of startups. The process involves analysing all of the companies that apply, conducting interviews, and hosting pitch sessions. How do we move through these phases to select a new cohort? Read on to find out.
“How do you pick the startups that you work with?” is a question that we often get asked at the ProVeg Incubator.
Every year, we work with around 20 startups, split across two batches. To select those companies, we run a global call for entries, and we always get more companies applying than we could possibly work with.
Our most recent call for entries closed on 31 July and we received a record number of applications. Since then, the Incubator team has been diligently reviewing all of the applications and deciding which companies to move forward with.
Delving into the details
The first stage is to analyse the written application that startups submit via our website. At this point, we are looking mainly at the type of product or service a startup is offering, as well as the team and what kind of progress the company has made to date.
For the upcoming cohort, we are particularly interested in startups developing egg, chicken, and seafood alternatives. However, we will of course also be accepting companies that are working on other exciting and impactful innovations.
The second stage in our process is to conduct an (online) interview with the founders we are keen to move forward with. This helps us get to know the people behind the projects, and learn more about how they plan to build their startups. It also allows us to identify the areas in which they will need the most support.
Finally, we reach the pitch round. The startups that have made it this far have five minutes to pitch their companies and products to a panel of ProVeg Incubator team members and external experts. The pitch is followed by a Q&A session.
This is an opportunity for us to delve deeper into the details of a company and look at everything from financing and product development to branding, go-to-market strategies, and team development.
It’s also a chance for founders to ask us questions and learn more about the programme we offer. At this point, we also ask startups to provide certain documents, such as financial projections, and clarify any remaining questions they may have.
Then comes the hardest part (for us at least) – deciding which startups to invite to join the Incubator.
The final stretch
During each stage of the assessment process, we unfortunately have to let some startups go. That means that, by the time we come to the point of selecting the final cohort, we are down to what we believe to be the strongest companies.
We use all of the information and feedback that we have gathered during our evaluations to make the final decision. There are a number of key factors that we examine, which we covered in more detail in our blog post: What do we look for in a startup?
In short, you need to have a strong team, an innovative product or service, and your mission should align with ours. As part of the organisation ProVeg, we are working to reduce the global consumption of animals by 50% by the year 2040.
If your startup doesn’t contribute to that mission, it doesn’t make much sense for us to work together. In addition, your business model should be defensible and scalable. By supporting companies that tick all of these boxes, we’re giving ourselves the best chance of being as impactful as possible. That’s important to us.
Every startup that joins the ProVeg Incubator receives a grant of €20,000. Following completion of the programme, ProVeg has the option to invest a further €30,000 to €180,000 in those startups. This means that we also look at how much investment potential a startup has to offer.
What if I didn’t get in?
If you didn’t get selected to join the ProVeg Incubator this time around, don’t be disheartened. The process is very competitive. We receive many applications to join the programme and can only select a handful of them to work with each round.
Not getting in does not mean that your startup is not good or that your ideas are not valuable. It could be that your mission doesn’t align closely enough with ours or that you need to strengthen your team in order to achieve your ambitious goals. If you believe in what you are doing, then we encourage you to keep going!
Don’t forget, you are always welcome to apply again to join the Incubator in the future. We also host various events and webinars and publish informative content on our blog and social media. Be sure to follow us on LinkedIn, Instagram, and Twitter for all the latest updates.