Tips to fill out Gen.8’s application

If you’re in the process of completing your application for Gen.8, our team has some tips for you! Check them out and make sure to submit by next Monday, February 17th, 2020 for a chance to become a #P18Startup with all the right business and investment connections.

Don’t stress over the pitch video

No, it doesn’t have to be made like a pro. We do not expect people who apply to be experts in video and sound production or that they spend money on creating one. The video can be recorded using a tripod and a cell phone.

What’s important is that the video looks and sounds good. Judges should be able to see the faces of those who speak, and, above all, understand well what they say. Why? This is the only chance the parallel18 team and the judges have to put a face to the entrepreneurs they are evaluating.

If you and your team members are in different places, you can each record yourselves separately and then edit it in one single video.

Also, we cannot watch a video if it’s private or has a passcode. It may seem obvious, but many applicants forget to do so. So, pleaseeee, remember to upload your video to YouTube or Vimeo and make it public. Just don’t reveal confidential information in it.

PS: The video can be made in Spanish as long as it has English subtitles. Remember the program’s curriculum will be imparted in said language.

Have your numbers clear

One of the main requirements of the program is to have enough traction to scale operations. We want to help you take your startup global and, for that to happen, you should be at a level that allows you to focus on expansion.

What does that mean in terms of your application? Startups have to be super clear with their numbers. We encourage you to go back and check how your traction is displayed. Plus, don’t assume that the judges will have time to analyze your projections and understand how you make money. Pro tip? Do the math for them.

PS: Startups with no traction will be eliminated in the internal judging round. If this is the case, companies will be notified by email, where you’ll be able to ask for feedback regarding your application and why you didn’t make it.

Describe your product or service while also acknowledging the competition

In this particular question, our judges want to understand how your company stands out in an ever-changing and competitive market. Our advice is that, you deep dive into what makes your solution different and efficient. Explain in detail how the company has a viable future, what you’re offering, and why should customers choose you over similar services.

To make sure that your descriptions aren’t being too technical, share your application with people who don’t know much about your business to make sure that your company’s pitch, market, and business model makes sense.

Furthermore, we strongly recommend acknowledging your competitors in your application. Even if it seems counterproductive for your startup, it isn’t. Judges trust a team that’s aware of the challenges they might face. And they’re particularly interested in how the company is planning to solve them. And remember, all the startup info you provide will be confidential.

This does not mean you have to dedicate a whole paragraph to your nemesis, but rather dedicate a whole paragraph describing how you’re different from them. Just mentioning their names should be enough.

PS: Don’t use too many adjectives! Go straight to the point without being ambiguous. Each open question has a character or word limit!

Tell us why you’re the dream team

It isn’t enough to introduce yourself. We want to know who the team members are and what their background is. Think about what exactly does each person in the team does to bring success to your company.

It’s ideal that the team is present in the video. Likewise, they must complete their profile within the application and answer each question like it were for a big job interview.

PS: Team members should check their junk mail or spam to confirm that the YouNoodle link has not reached that folder. The application can be submitted if they do not complete their profile, but we strongly recommend they do.

What’s your position in the market?

All instances of the evaluation criteria are somewhat tied together. Aside from describing your product, knowing there’s a market for it is essential.

In this item, the judges want to see which is your target market. Is it too crowded? Is it a not-so-humble niche? The idea is to understand how you stand out in an oversaturated space or if you’re serving a group that has been overlooked.

Keep in mind that, when applying to an international program, the solutions you present need to have a global scale. You might have started solving a local issue, but you must make clear how it can be translated to a global landscape. Which leads us to our next tip.

Think about your plan for Puerto Rico

Be clear as to how parallel18 can play a part in the startup’s plan for expansion and growth. But why does this matter? P18’s mission is to help startups scale from Puerto Rico to global markets, mainly the United States. Puerto Rico is a U.S. territory so, by definition, making business on the island is making business in the mainland. Besides, we want startups to put down roots in Puerto Rico. And this is why the Selection Committee really takes how the island and the program can help you into account.

For this specific part, we recommend you go beyond Puerto Rico’s strategic location. Think about the type of industries that have traditionally been successful within the island. For example, the country is big on B2B businesses, pharmaceuticals, insurance, banking, and telecommunications.

While you don’t have to be a startup in one of those industries to get accepted in the program, you do need to make us see which business opportunities Puerto Rico has to offer and how coming to our program can benefit your company.

When in doubt, reach out to us!

If you have any questions regarding these tips or the application, reach out to us via cobi@parallel18.com! Remember to submit by February 17th. Becoming a #P18Startup is closer than ever.