Rackspace Cloud – 1M/1M Startup Challenge Application
This competition is only for entrepreneurs working on CLOUD startups.
In order to apply, please completely answer the 13 questions listed below in order to be considered to be one of the 5 finalists chosen to pitch their businesses during a 1M/1M online roundtable competition on Thursday, May 30, 2013, 8:00 a.m. PDT. This process will also serve as good grounding for developing your ideas into a marketable venture.
Four of the finalists will be awarded $1000 per month worth of cloud hosting for one year from Rackspace.
The winner will be awarded $2000 per month worth of cloud hosting for one year PLUS a one-year scholarship to the 1M/1M program.
Again, this contest is only open to entrepreneurs working on CLOUD startups.
Important instructions:
– Copy the questions below into a document so you can give some thought to your responses.
– Make your responses brief but with enough detail to explain your business.
– Email completed application to Maureen Kelly at maureen@1mby1m.com
– We will accept applications through the deadline on Friday, May 17, 2013
QUESTIONS
1. Value Proposition: What are you trying to create? How will it benefit your customers?
2. Describe the customer segment that you are servicing.
3. Validation: Have you validated your business idea with any potential customers? Why do you believe customers will want to use your idea/platform/service?
4. Positioning: What is the positioning of your offering? Who are the competitors? How do you compete? Differentiate?
5. Monetization: How do you monetize? What is the business model?
6. TAM (Total Available Market): How big is your market opportunity? This determines your financing and go-to-market strategy in a significant way. Please note that we look for bottom-up TAM analysis.
7. Bootstrapping: Have you done enough bootstrapping before approaching investors? Is your company fundable, or is it one that needs to be bootstrapped all the way (which is okay with us, too)?
8. Financing: Are you bootstrapping? Are you planning to raise money? Have you raised any money so far? From whom? How much? What are your capital requirements to build this business?
9. Customer Acquisition: What is your customer acquisition strategy, cost, conversion rate, channels, channel costs? How many paying customers do you have right now? How much traffic? How many free users? Any other information on traction / validation metrics?
10. Team: Who is on the team, and what functions do they cover? Don’t worry, we believe in lean, capital-efficient startups, and hence, small teams. Freelance resources are perfectly acceptable to get things done.
11. Stage: Identify what stage from the following you are at and provide further details. a) Concept b) Minimum Viable Product c) Free Users d) Paying Users e) Revenue f) Profitability
12. Anything else that is interesting about your venture that you think we should know?
13. Explain why you are best positioned to execute on this initiative.
VIDEOS ABOUT THE 1M/1M PROGRAM
Please take a look at the short videos about the 1M/1M program below. They answer some frequently asked questions about 1M/1M and show how we work with entrepreneurs. Based on this information, please tell us what your objectives are and how you would use the program if you were to win a scholarship.
2. Can 1M/1M Help Me Raise Money?
4. Testimonials
7. How Does 1M/1M Democratize Entrepreneurship Education?
8. How Does 1M/1M Democratize Management Consulting?
9. When Is The Right Time To Join 1M/1M?
10. Why Is It Important To Study With 1M/1M Now?
11. Can 1M/1M Help Me With Business Development?
12. Can 1M/1M Help Me With Market Sizing?
13. Can 1M/1M Help Me Validate My Product?
14. Will I Have Private 1-on-1 Sessions In 1M/1M?
15. How Does 1M/1M Help Entrepreneurs Connect With Silicon Valley?
Please apply for the scholarship if and only if you are serious about using the program. If you want to to talk to someone about the program, please contact Irina Patterson at irina@1mby1m.com | Phone: 786-301-2456 | Skype: irina_patterson.
Also, meet some people from The Million Dollar Club and study the 1M/1M ROI equation.
