Frequently Asked Questions (Round 1)
We’ve gotten quite a few questions from applicants recently that are worth sharing. If you have questions about the program, the application process, or just about anything else Ignition related, just drop us a line.
Q: Is the application process for Launch Pad Ignition tied directly to the TechStars network?
A: The application process is independent for each network program. At some point there will likely be sharing of applications between regional programs where it makes sense, but for this year Launch Pad Ignition’s application process is entirely our own.
Q: Who reviews and how is the confidentiality of my application (and the ideas therein) handled?
A: As business founders ourselves, we understand the value of ideas and the confidence each company is placing in Launch Pad Ignition by sharing their concept with us during the application process. Each application is reviewed by our management team only for the first round. As we go through the application process, companies that make it further along may have their applications reviewed by select mentors. Confidentiality is important to us and all applications will be treated with respect for their inherent value.
Q: Is an actual business plan necessary? What degree of importance is the level of detail? Will a mission statement, detailed business case outline, product differentiation and bullet point monetization strategy be effective in the application?
A: The short answer is no. The slightly longer answer is that the degree of detail you provide is definitely important and something we will take into account as we review applications. That said, it’s not about copious amounts of content as much as it is about clarity of vision and purpose. The more we understand and “get” your business concept, the fundamentals of how your business can provide a valuable product, and the plan for monetization, the better. In the end, we don’t want you to spend hours filling out the application, but we do want to get a clear picture of why your company is right for the program.
Q: What kind of feedback can I expect from my application?
A: We plan to provide feedback on applications on a case by case basis. We are getting a high volume of applications, which makes it difficult to provide detailed feedback on each one. Any feedback we do provide on your application can be used in anyway you see fit. We also are happy to allow people to update their applications up until the deadline.
