Checklist for Running Your First Board Meeting


A first board meeting is a big and life changing milestone. As founders, you survived weeks of due diligence, followed by a term sheet and then a wire of a few million dollars. Now it is time to be a CEO and experience and run your first board meeting with the investor or investors who sit on your board and blessed the deal.

It can be overwhelming. Here are a few coaching tips, based on my experience as a board member, to help first time CEOs be prepared and maximize the limited time you have with your board.

Checklist For Your First Board Meeting:

  • Get On Calendars: Executives’ calendars fill up months in advance. Remember that you are asking for 3 hours of a partner’s time, several times a year. In some cases, investors will have to fly in for the meeting. As a best practice, ask one of your board members’ administrative staff to own responsibility for scheduling the meetings.

  • Pick the Best Dates: The board meeting should take place after the quarter ends. This gives your finance and sales team enough time to close the quarter, giving the complete picture of sales data. Your cash runway is a key metric. Missing one deal could have a big impact. Having board meetings after the end of the quarter ensures you have the actual bookings number. (Note: most boards also have standing calls during the quarter.)

  • Share Decks: Email your board decks at least 72 hours in advance. This will help the board be prepared to ask meaningful questions and give feedback. Board members might also request that you pull additional information for the meeting. Emailing decks ahead of time gives you and your leadership team a few extra days to meet any such requests.

  • Use the Preferred Template: Ask the lead investor if they have a template that they would like you to follow. Chances are they sit on multiple boards and have a preference how they like to review the data. Once you have the template, share it with your leadership team. Have them fill out their section. For example, Sales, Finance, Product, Operations will each have their own slide or slides. Each section should start with a high-level overview of the insights and learnings of the quarter.

  • Prioritize Board Discussion: Always have two or three meaningful topics that you want to discuss with the board. Interact with the board as you prepare your slides. They are a sounding board for what you want to cover. Remember they have done this before and can only help when they know what problems you are trying to solve.

  • Leave Time for Governance: At the end of each board meeting, you will do the housekeeping: approve stock grants, minutes and other items that the board needs to vote on. Always have the most current cap table handy. That gives the board perspective on the impact on the employee option pool as they approve grants.

  • Hold a Dress Rehearsal: 24 hours before your board meeting, meet with your leadership team and do a dress rehearsal. It is important that everyone is on the same page. This might be the first board meeting for them as well.

  • Take a Breath: Congratulations on making it this far! Give yourself and your team the credit you deserve for the huge milestones of a Series A raise and first board meeting. There’s a vast amount of work ahead, but this is an achievement to celebrate.

About Darren Kaplan

Darren Kaplan is the co-founder and founding CEO of hiQ Labs (www.hiqlabs.com), a data science company, informed by public data sources, applied to human capital to make work better. Mr. Kaplan is an Alchemist Accelerator mentor, working with Augmented Reality, Cyber Security, and HR enterprise SaaS startups.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

Using Design to Inspire Disruptive Thinking

Image result for design principles

Emotion factors into customer experience, and as a result, into purchasing decisions. A customer’s experience isn’t just about features, it also includes how the product or experience makes them feel. It’s the moments of delight a customer encounters, and also the overall feeling they take away after interacting with your product.

Great customer experience is why travelers opted for Virgin America when United and American Airlines offered more flights per day. The Virgin experience, and the brand’s unique personality was ultimately more appealing than other airlines’ “feature” set

Investing in design to create an experience, rather than just a product and feature set, can be a key element of a company’s success.

Design is empathetic

Design can be seen as abstract concept. Robert Brummer, industrial designer and founder of SF-based design studio Ammunition has said: “Everyone is a designer.” What he means is that all of the people involved in bringing a product to life (the engineer, the manufacturer, the product manager...) need to be bought in to the design vision since they’re executing on different parts of this shared strategy.

Empathy is critical for design success. When you understand the context of a product's use (and how the person using it feels), you make really important discoveries. Understanding your users doesn’t just mean interviewing them––observation can be even more revealing. Observations uncover insights that interviews may not because users will often tell you how a process is supposed to work, rather than show you how it actually works.

To ensure that every decision reflects the best user experience, startups can keep these key principles in mind:

Five Key Principles

  1. Make it simple – Find a way to make someone's life easier, and maintain your focus there. It takes discipline to keep things simple, but focusing on doing one key thing really well could be a differentiator.

  2. Inspire delight – Create efficiency around a pain point. Help users complete something in an engaging and compelling way.  

  3. Exhibit craftsmanship – Pay attention to details. Think about going to a Disney resort:you instantly become part of a crafted, well-orchestrated experience.

  4. Deliver unique value – Avoid getting trapped in incremental improvement. Be sure you're focused on doing something unique and different. The NEST thermostat is a great reminder that there are opportunities for  breakthrough innovation even for everyday household objects.

  5. Focus on human goals – Understand your customer's world. Take time to understand who your users are.Don't trust internal opinions only because your perspective may not reflect the greater population.

A design-focused process

Design-driven companies use collaborative teams to get to disruptive ideas faster. Product management, product marketing, and design  should work together from day one. Here’s an outline of a development process that puts your users first:

  • Discovery – Focus on your customer development work to uncover your users’ needs first.

  • Conceptual design – Use the data you discovered to ideate upon possibilities.

  • Detailed design – Narrow your scope. Sketching, wireframing and prototyping, and then sharing these prototypes can help you get specific and disrupt assumptions.

  • Implementation – Discuss tradeoffs and ensure that with every change you’re not compromising the overall experience.

  • Post ship – Go back and talk to your users again. You may find new opportunities for the next version.

Find the right people

For small companies unaccustomed to hiring designers (and other user experience professionals like researchers, prototypers, or writers), finding the right people can be challenging. Design is an iterative process, so whomever you hire should be willing and able to work with you through a development process, listen to feedback, and make changes.

Communication is key. Your designer should be able to answer questions about why they made certain decisions, communicate to you why the overall design proposal works, and, as noted before, take constructive feedback. There’s lots of talented new grads and contractors who’d be motivated to work with startups and small companies. Working with a company where design is a priority at the earliest stages of growth should be an attractive prospect for designers. The benefits gained from designing an overall customer experience should prove invaluable to your business.

About Catherine Courage

Catherine serves as Vice President of Ads & Commerce User Experience at Google Inc. She was previously SVP of Customer Experience at Citrix Systems, Inc. where she led the company-wide customer experience initiative with responsibilities covering brand, social, web, product design, information experience and business process reinvention all to drive adoption and loyalty among customers, partners, and employees. She also served as SVP of Customer Experience of DocuSign, Inc. and the Founding Member of the experience team at Salesforce.com. She has twice been recognized by Silicon Valley Business Journal as one of 2011's 40 under 40 and 2013's Women of Influence. Ms. Courage holds a Masters of Applied Sciences, specializing in Human Factors, from the University of Toronto and Bachelor of Science from Memorial University of Newfoundland.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures/year. Learn more about applying today.

Emotional Triggers and Investing

Directors like James Cameron, James L. Brooks, and Steven Spielberg are masters when it comes to understanding human emotion. In just a few short scenes, they can leave a whole audience in tears. They aren’t doing anything magical. They’re just appealing to the same human emotions we all have. As an Alchemist Accelerator Partner, I teach founders how to apply the same principles to fundraising. Get an investor emotionally excited and investment comes naturally. Try to beat them to death with numbers and figures, and you’ll just spin your wheels. Investors see thousands of pitches a year and fund a handful. If you want to win, you have to get them excited and snap them out of their default behavior of “no.”

Luckily for founders, investors are human too. So naturally, they have common emotional triggers that spark excitement, and ultimately, investment. In working with hundreds of founders, as well as raising $5.4million in seed funding for my own startup, I’ve identified eight emotional triggers nearly all investors respond to. By focusing on conveying these points to prospective investors, founders stand much better chances of raising capital and ultimately building great businesses.

The eight emotional triggers are:

  • Big Market

  • Rapid Growth

  • Why Now?

  • Unfair Advantages

  • Founder Strength

  • Founder Bond

  • FOMO

  • Confidence

Big Market

Investors live and die by their returns. The only way to get big returns is to invest in companies that have potential for big exits. For most investors, big market is a fairly binary measure: “Is the TAM (total addressable market) large enough to get me outsized returns on my investment?” they’ll be thinking. If the TAM is over $2B, you’ll get a check and if it’s less than $2B, they’ll likely have to pass—even if they really like you. So make sure you help your investors know exactly how big your market is by helping them do the math. If an investor is asking questions about how many customers are in your space or how big you think the market is, don't make them guess at the answers. Give them all the data they need to help them understand the TAM. This is especially important if there's a general perception your market may be too small.

Rapid Growth

The only thing that separates a startup from a small business is rapid growth. It’s literally the definition of a startup. The easiest way to demonstrate a rapidly growing company is to, of course, be growing rapidly, which typically means you’re adding users, customers, or revenue quickly. However, if you’re pre-revenue or pre-launch, growth projections can also help to convince an investor that your business is about to take off. If you've done the work in Excel to know you're adopting the best business model, now is the time to use it to convince someone else.

Why Now?

The why now question is really a two-part question of movement. Why has this business never been possible until now? What has changed now to make this business possible for the first time? After all, fresh ideas are nearly impossible so chances are others have come before you and failed. You need to explain what has changed that will make your vision succeed. Market movement creates opportunity. You see it. They see it, but only you know how your business can best seize the opportunity to create billions more for the benefit of both of your organizations.

Unfair Advantages

Investors recognize there are lots of smart people in the world, so becoming a successful company in a crowded marketplace requires more than just efficient execution. Describe precisely how you're creating a new earnings engine as well as any unfair advantages you may have. For example, if you have extreme domain knowledge around analyzing very large datasets or have worked in the industry you're targeting with your new product (e.g., healthcare), you should highlight that in your pitch.

Founder Strength

Building any successful company is hard. Building a multi-billion dollar company is nearly impossibly hard. When investors invest in your business, they can’t just believe in your idea. They have to believe in YOU. The best way to convince them is to show them a history of exceptional achievements. For example, if you have a new security technology, are you already an inventor holding patents or do you have a CISSP? Name drop. Make connections to your market. Mention achievements and show off logos. Be sure to share all of your founding team strengths.

Founder Bond

Co-founder conflicts are among the top reasons startups fail. It’s not talked about every day on TechCrunch, but investors see it all the time in their portfolios. So when a potential investor asks, “How did you and your co-founder meet?” he or she actually doesn’t really care about your cute story of growing up together and your mutual admiration of Pokemon. What the investor really wants to know is if you and your co-founder are committed to each other enough to stick it out through the ups and the inevitable downs of startup life. Founders who have bonded because they've known each other awhile often have an edge because (presumably) their relationship has already weathered some turbulence.

Fear of Missing Out (FOMO)

In the public markets, investors pay big money for the privilege of investing in stocks at a future date, at a current known price. It’s called option trading and it’s a multi-billion dollar market in the U.S. alone. In the private market, investors get “free options” all day by telling founders simple things like “We’re still discussing things internally” or “We’re still working through diligence items.” As a founder, it’s your job to move these maybes to real answers. The best way to do this is by appealing to what we all fear, which is missing out on something that might be amazing.

Confidence  

Investors are looking for founders with confidence. After all, if you aren’t confident in your own business, why should the investor be confident in your ability to make it successful? One of my fundraising mentors, Michael Carter, used to remind me, “It’s your job to be confident.” That haunted me during my own fundraising process, but it also provided a healthy reminder that confidence isn’t an emotion. It’s something you can project through tone, body language, and deliberate actions—even if deep down inside you feel anything but confident.

Emotion stays with us, making the discovery of the right human connection a significant factor in an evolving investment strategy. Talk. Uncover. Discover. Emotional triggers have the power to accelerate your funding success.


About Michia Rohrssen

Michia Rohrssen

Michia Rohrssen is the CEO of Prodigy, the fastest growing auto startup. He is also a founder/blogger at B2BFounder.com, providing actionable insights from a founder in the trenches. Before Prodigy, he served as Head of Growth at VentureBeat and CEO of Smarter Solutions. Learn more at https://getprodigy.com.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

Crossing the Chasm and Spinning Up the Web

Innovation has been difficult for traditionally successful companies. While leaders such as Intel, Oracle, and Microsoft spent time improving performance, entrepreneurial founders from Facebook, Google, and others moved in, creating new earnings engines by delivering faster and with less friction.

When I speak with Alchemist Accelerator entrepreneurs, I first describe the hierarchy of powers because it's how investors think about the origins of future growth. They want to understand how your company is going to win based on what power it will exert on the market:

  • Category power - Growth from category expansion where secular growth increases spending

  • Company power - Growth from competitive advantage (e.g., the 800-pound gorilla analogy)

  • Market power - Growth born from customer commitment and loyalty (think: Mac owners of the 1990s)

  • Offer power - Growth born from unmatchable offers

  • Execution power - Growth born from reaching tipping points

This last point -- reaching the tipping point -- is what founders delivering consumer technologies have to focus on just as business-to-business (b2b) startups have to put all of their energies into crossing the chasm. Each is a critical step to becoming a successful business or what accountants commonly refer to as a “going concern.”

Crossing the Chasm

When I introduced Crossing the Chasm in 1991, the idea of a technology adoption life cycle with different categories of enterprise technology buyers was novel. Now, most b2b founders recognize the value of aligning their businesses with innovators and early adopters (a.k.a. lighthouse customers).

At the same time, they realize reaching beyond those groups to the early majority is much more demanding, and can sometimes feel like a futile exercise similar to poor Sisyphus pushing his boulder up the hill. Yet when they find pragmatists, or what I refer to as a "bowling alley" group of users that share similar pain points, the business can successfully cross the chasm to “viable” and enter the tornado phase, when it seems everyone--from techies to Main Street conservatives-- purchase. After all, adoption is social, so the skeptics come along too, and that's when you have total assimilation.

Spinning Up the Web

Interestingly b2c companies don't cross a chasm, but rather spin up a motor with a variety of gears to generate a tornado. Two gears -- acquisition and monetization -- were what early investors questioned most. How were companies running experiments and based on results, tweaking accordingly. However, the other two--engaging traffic and enlistment behavior--have turned out to be longer-term predictors of success. “Spinning up the web” or a mobile app today requires viral engagement. When Net Promoter scores reach 9 and 10, you know you have a winner.

While not impossible, crossing the chasm or spinning up the web within a traditional business is hard because innovation can be distracting and require reassigning top talent. You, as an entrepreneur, can use their continued focus on performance to your advantage, executing on one of the framework powers to grow your business or be acquired by theirs. Getting traditional enterprises to effectively create new earnings engines is outlined in Zone to Win. For now though, startups like yours that can cross the chasm or spin up the web still have the edge.

About Geoffrey Moore

Geoffrey Moore is an author, speaker, and advisor who splits his consulting time between start-up companies in the Mohr Davidow and Wildcat Venture Partners portfolios and established high-tech enterprises, most recently including Salesforce, Microsoft, Intel, Box, Aruba, Cognizant, and Rackspace. Moore’s life’s work has focused on the market dynamics surrounding disruptive innovations. His first book, Crossing the Chasm, focuses on the challenges start-up companies face transitioning from early adopting to mainstream customers. It has sold more than a million copies, and its third edition has been revised such that the majority of its examples and case studies reference companies come to prominence from the past decade. Moore’s most recent work, Zone to Win, addresses the challenge large enterprises face when embracing disruptive innovations, even when it is in their best interests to do so. It’s time to stop explaining why they don’t and start explaining how they can. This has been the basis of much of his recent consulting.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

You Need Paying Customers, Not Free POCs, to Survive Your Fundraise

First-time entrepreneurs that are building an enterprise SaaS company and trying to raise money without having paying customers will typically find it difficult to raise capital. As an Alchemist Accelerator CEO mentor, I help founders understand this point as early as possible. If you want to survive, meaning close your Angel or Series A round to live another day, you must prove that customers will pay for a solution to the problem you are solving. That is table stakes in Silicon Valley.

Early Stage, SaaS, Enterprise Sales is Really, Really Difficult.

You don’t have brand recognition, customer references, case studies, engaging slides, or a fully functional product. And most technical co-founders do not have sales experience and would prefer to spend their time coding versus updating salesforce or talking to people.

Capital comes in two primary forms: paying customers and venture term sheets. Non-paying “proofs of concept” (POCs) are not customers. The Valley VC deal flow is massive so POCs with no path to revenue from small logos (companies with under 400 employees) will get a response that sounds like “come back in six months.” That is a major problem when you have only 90 days of cash and no salespeople.

Founders need to clearly understand their prospects’ buying and decision-making processes. Everyone knows your product is in beta, but you shouldn’t be giving it away for free. Founders need to know their worth and show the value of their products. It’s important to explain to early prospects that free trials equate to no funding to hire engineers to scale the product. Even worse, they lead away from a path to raise money.

Be honest with your first 10 potential customers. Let them know that you need a financial commitment from them and that they need to be a reference for potential investors. Listen carefully to their feedback when you make that ask. Do they have a budget to pilot new technologies? What are the barriers to your deal getting signed in the current quarter? Are they in the midst of a reorganization? Did a new boss just arrive? The signal will be high on your first call as to whether or not this lead has real potential. If a prospect tells you his or her company’s security assessment will take six months and the purchasing process another three months, believe that person and say thank you, don’t forecast them and then move to the next deal.

Your First 10 Logos Matter

Many founders sell into small businesses (20 – 400 employees) because they think the process will be easier. Logos matter and the first customers you attract are important. VCs call these lighthouse customers. They represent early market validation and big budgets. If investors have never heard of the logos on your traction slide, there’s little excitement to listen to your pitch. Similarly, if your first four customers are due to your friends or family network, investors will be

skeptical of your ability to cold call and introduce your new product/service in a compelling way outside of your immediate contacts. Remember VCs backchannel before they cut checks. They call their networks of lighthouse executives to get a sense of market needs.

Have A Path to Scale Early Customers

Investors will be interested in your traction. They know that your first few deals will be priced below market to get the relationship started. But you need to show them a path—how you are going to grow early customers from five-figure deals to six-figure deals. (In effect, showing now that you won your first deal to prove your value with one business line, how you will get the rest of the business.) Great founders set this path to scale at the earliest stage of deal. They do this by value setting at the beginning of the relationship.

So take the time to build a solid pipeline of customers not POCs. It’s easier to raise money when you have paying customers. Founders selling early-stage enterprise SaaS solutions should think in these terms: every $50K SaaS sales order should equal $300K in funding. If what you are selling has value, people will pay for it.

About Darren Kaplan

Darren Kaplan is the co-founder and founding CEO of hiQ Labs (www.hiqlabs.com), a data science company, informed by public data sources, applied to human capital to make work better. Mr. Kaplan is an Alchemist Accelerator mentor, working with Augmented Reality, Cyber Security, and HR enterprise SaaS startups.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

Lighthouse Customers: Four Best Practices


A lighthouse is a great metaphor, symbolizing safe passage ahead. Throughout my career, I've associated it with really important customers because they're the ones that help safely navigate small startups into burgeoning businesses.

Lighthouse customers are similar to anchor tenants in a shopping center. Others follow their lead. Lighthouse customers are your company’s champions (and hopefully become members of your Advisory Council). Lighthouse customers support your vision and have tremendous influence on your product or service roadmap because they've committed to you and you've committed to them. You’ll have other customers, for sure, but these lighthouse accounts are the shining examples of your software and service in action. They’ll be your references to investors. They’ll speak to analysts and press. They are your showcases.

That said, they don’t all have to be from the same industry. However, they do have to share the pain points your business is solving.

When it comes to lighthouse accounts, here are four things I tell the Alchemist Accelerator startups that I mentor to keep in mind:

1.     You're forming a partnership that requires commitment on both sides.

2.     Find big names that can be “company makers.”

3.     A solid ‘how many’ rule of thumb is 1:1.

4.     Companies do change.

Both Sides Commit to the Partnership

In the era of subscription selling, it's more important than ever for you to have happy and satisfied customers. Lighthouse accounts provide an inside view into what prospects and customers really need and what your organization is doing (and can do better) to deliver.

For your part, your company will need to provide direct access to your CEO as well as establish a dedicated support team. Best practices with lighthouse customers include

·      Monthly check-ins between executives

·      Quarterly in-person, on-site meetings at either the customer or company location

·      Bi-monthly meetings with clearly defined action items by team

·      Weekly internal email updates about lighthouse customer progress

Recognizing the importance of these key accounts, some startups showcase lighthouse customer logos on their walls. Others host lunch & learns about the customers' businesses, hearing from champions, investors, influencers, and even media presenters.

But the relationship can’t be one-sided.

Lighthouses have to commit, too, meaning they should allocate executive access and provide significant input to your roadmap, but without too many absolute demands. There’s also financial equitability. Lighthouse accounts should pay for what they use, with the exception of possible discounting in exchange for specific marketing activities, such as quotes in press releases or speaking engagements at industry events. Remember, our companies charge customers for our software and services because nothing should be free when you’re providing a valuable service or product.

Find Big Names that Can Be “Company Makers”

Lighthouse customers should be well-recognized brands. It may not be widely known, but forward-looking companies across industries -- think Starbucks and Target, VISA and Mastercard, JPMorgan Chase and PNC, for example -- want to work with you as much as you want to work with them. Global giants stay ahead of competitors by finding ways and new technologies that improve processes, increase customer engagement, drive revenue, and reduce costs. If you have something that can give them an edge, they’re interested.

Association with a few big brands puts a company on the map. Lighthouse accounts not only open doors, they offer tremendous opportunities for the kind of high-scale growth that can make a company wildly successful. Teaming with the right internal champion can turn an initial 50-seat sale into an enterprise-wide deal.

1:1 is the Ideal Executive Ratio

Too many and there's no way to support them. Too few and you don't have enough feedback to improve your product/service nor investor references to continue building. Lighthouse accounts should be the best example use cases of your software or service, making them the most strategic to your company. That’s why each lighthouse account must have a company executive sponsor, leading the relationship to greater success. The ideal ratio for lighthouse accounts is one executive from your company to each lighthouse customer organization. That basically means if you have five execs in your company including the CEO, you can handle five total lighthouse accounts.

Embrace Change

It doesn't have to be the end of either business if a lighthouse customer relationship dwindles. Change is constant. Some companies advance faster than others and timing is everything. Should the bright light of one customer begin to fade, be sure to replace it with another. This goes for both startups and global Fortune 100 companies. There should never be a time when employees don't know the name of your company's lighthouse customers.

Lighthouse accounts help companies of all sizes, across industries, safely navigate forward. They keep teams innovative and competitive. Who are your company's lighthouse customers? It's important for you and everyone else in your business to know.

About Kris Duggan

Kris Duggan is an entrepreneur, advisor, investor, and educator. He's advised and invested in a variety of Silicon Valley-based companies, including Palantir Technologies, RelateIQ (acquired by Salesforce.com), Addepar, Blend Labs, Turo, and Gusto. He co-founded and was the founding CEO of Badgeville and BetterWorks before co-founding a new technology company, based in Palo Alto, CA, this year. Kris is the Chief Sales Mentor at the Alchemist Accelerator. He previously served as an Adjunct Faculty for Singularity University, and is a frequent speaker on the topics of scaling startups, customer loyalty, gamification, employee engagement, and performance management.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

What’s HQ (Hustle Quotient) And Do You Have Enough Of It?

Hustle isn’t just the difference between good and great: for start-ups, it’s the difference between existence and non-existence, between “good enough” and “gone”. Companies in an industry will experience roughly the same degree of luck. Hustle is what makes the most out of good luck and sidesteps and perseveres through the worst luck. HQ, your Hustle Quotient, is how effectively you leverage your IQ and EQ. Hustle is a resource available to all, and this article explains 6 ways to increase your startup’s HQ. The article also explains the interaction of HQ with social, financial and human capital; and in what way HQ supports anti-fragile companies. Concepts are illustrated via examples from history and industry.

In my experience, one factor — a factor available to anyone — opens the door to success for startups: Hustle — the difference between existence and non-existence. Hustle has to be your guiding compass.

Your organization’s HQ, its Hustle Quotient, measures your perseverance and resourcefulness. HQ is how effectively you leverage your IQ and EQ.

It’s not new. Here’s a life-and-death example of HQ outside the realm of this century’s technology startups.  More than 100 years ago Amundsen and Scott led two separate expeditions in a race to be the first to reach the South Pole. Presumably, their goal was to also return from the expedition.  Amundsen reached the pole first, and he returned with every member of his expedition. Scott and his entire team perished and likely did not reach their goal. The difference in outcome — existence vs. non-existence — boils down to hustle.

Amundsen insisted on 20 miles a day, no matter the conditions, and he never went more that 20 even in great conditions. Scott rested on bad days and covered as much ground as possible on good days. Both teams had roughly the same conditions, but their outcomes were vastly different. Amundsen covered twice as much ground — returning from the expedition. Existence vs. non-existence.

Amundsen had broad contingency plans — literally. He carried three times the supplies that he calculated were needed, and he marked the caches with a 10km band of flags so he wouldn’t miss them. Scott carried the exact amount needed, and planted a single flag for each. Amundsen’s team was fed; Scott’s experienced starvation. Existence vs. non-existence.

Amundsen researched how the Inuit lived in order to understand the problems he would encounter. Scott knew how to use horses, so he used horses—which were not able to survive the conditions.

Three HQ lessons from these expeditions:

  1. Persevere through periods of bad conditions
  2. Contingency plans enable you to persevere
  3. Understand the problems before you choose your solution

A start-up adventure has striking similarities to the Antarctic expeditions, though not that fatal consequences of failure. There are many unknowns, but a bright north star: becoming a billion-dollar company. Startup companies have, on average, similar resources and luck. Hustle is what you make of the good luck, and how you persevere during the bad. Contingency planning gives you the backup you need to survive when the goal takes so much longer to reach than you expected, to endure during the bad luck, and as you navigate the unknowns. In a startup, you can’t dream in a vacuum — you have to address how to solve a real problem. Just as Amundsen created solutions correct for Antarctic conditions, startups must understand the market needs, headwinds, and pinpoints. Outcomes are also similar: existence or non-existence.

Here’s a Hustle example from the technology world: Imagine Larry Page steps on the elevator with you. You could be immediately star-struck and ask for an autograph, while expressing admiration for his accomplishments. Or you could engage him in a conversation that shows off your chops: “BTW I was at the GoogleNext conference last month, and it brought home to me that Google is really giving AWS a run for the money.” Larry is now compelled to say, politely, “Oh, thanks. So, what is it you do (that brought you to the conference)?” You use your HQ to deliver an answer gets his interest, and he agrees to connect with you. Now, although you don’t have an autograph, you do have potential to establish a relationship with Google. This IQ leveraged by hustle.

Anyone and any organization can have hustle. It is a renewable resource with no marginal cost.

So how do you get that hustle, or evaluate your HQ?

  1. Force yourself into uncomfortable situations, outside your comfort zone. Such as promoting your company even when it feels unbearably awkward.
  2. Work on things that truly move the company forward. For example, making 20 prospect calls. You’ll probably have to be uncomfortable — overcoming the feeling of failure that prospecting often brings, which is really overcoming yourself.
  3. Hire people with high HQ. Make HQ central to the interview. What have you done outside your comfort zone, or that’s risky, or leaps into the unknown. You must hire the hustle mindset and behavior, not the job skill set.
  4. Create a culture of tinkering. The route to success is faster if you try over and over, experimenting and learning until you find solutions.
  5. Create options where none exist. If you are prospecting, and get no response, what do you do? High HQ  people brainstorm on how to get a response. Who else could reach my prospect? How can I get near my prospect? How can I create more prospects?
  6. Do not accept binary outcomes. You reached your prospect and delivered your most persuasive arguments, yet you got turned down. Don’t react as if the outcome is Yes or No. You got a No to your offer, so now you ask  “What happened? Why not? What would have led to Yes? Who do you know who might want to use us?” Answers to any of those questions put you far ahead of where you were after No.   

High HQ teams make more of their startup capital. Startup capital is the combination of your social, human, and financial capitals. Financial capital is your buffer for hard times. Human capital is the skills and experience you collectively have. And social capital is your network in the industry you are in. Hustle makes you assess what you can do with your capital. How many people in cloud computing do you know, or how many people in your network know people in cloud computing? What are the gaps in your network? How will you fill those in? Our human world operates within clans or tribes. Hustle is identifying groups that are critical to your success, making sure you invest time and energy in becoming an integral part of them and using them effectively.

As you apply your elevated HQ to your organization, keep your scope broad. Company building is not product building. Product is only one of the variables to manage. The others include finance, advisors, investors, co-founders, talent customers, legal, HR, and partners. Some of these you can select based on their HQ. Some, like co-founders, advisors, and partners, will complement what you do, filling in for your organization’s gaps. It’s all about existence or non-existence.

This manifesto is a result of my constant research into what drives success.  I’ll share my reading list with anyone who reaches out to me.

About Asim Razzaq

Asim Razzaq is the co-founder and CEO of YotaScale. Prior to YotaScale, Asim was Senior Director of Engineering at PayPal and eBay. He built and ran the PayPal cloud infrastructure and his engineering teams made significant innovations in the area of manageability and system administration. He helped build the PayPal Developer Platform from zero to a billion dollars in payments volume. Asim was also responsible for all core infrastructure at PayPal processing 5 million transactions per day. He has lead engineering for multiple early and late stage startups in Silicon Valley and Austin with two of the companies exiting to Netsuite and Navitaire. 

Asim co-founded YotaScale to bring his expertise in large scale, mission-critical, cloud infrastructure management to companies beginning to use cloud services as well as those that are well on their way.

Asim holds a BS (Honors) degree in computer science from the University of Texas at Austin where he conducted research in distributed computing and large scale infrastructure sponsored by IBM Research. He is a published author in the field of computer science in the area of resource management for large scale, distributed systems.

About the Alchemist Accelerator

Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

Demo Day Advice - From a VC Turned Entrepreneur

Entrepreneurs - congratulations on approaching Demo Day!  You'll soon be surrounded by interesting people, inundated by emails, and distracted by countless potential conversations that you'll need to prioritize carefully.  Based on several years of experience and more than a handful of “Demo Days”, including the Alchemist Accelerator’s, here are a couple of tips I hope you’ll find useful:

1)  Remember that 5 Minute Demo Day presentations are NOT enough time for listeners to decide whether to invest or not.  Your goal for the Demo Day presentations, therefore, is to attract the attention and trigger the NEXT CONVERSATIONS with the individuals in the audience that could be the best sources of feedback / investment ($) / advice / or customer introductions.

  • Sometimes all of these dimensions happen at once, usually feedback and "advice" happens first as a precursor to investment or introductions.
  • None of these dimensions, however, will happen if the listener (for whatever reason) decides they are not interested in having a follow-up conversation.
  • If you think someone or some firm could be a good fit for you, then be proactive in getting their attention.

2)  The demo day presentations are only 5 minutes, if not shorter!  The short format requires you to present in "broad brush strokes" that capture the most important highlights.  Prioritize what content to present and what details to highlight most efficiently.

  • Sometimes the slides you create for "full" 30/60 minute conversations with investors are good ones to reuse.  More frequently, it helps to edit and consolidate top-level takeaways or "aha moments".
  • Pay special attention to feedback from listeners who are hearing your pitches for the first time, domain experts who know your space, and non-experts who don’t know your space.  Each of them will give you different types of feedback, and you'll need to decide who to optimize for carefully.

3)  From my experience as a VC and angel investor, the most important questions to address within an abbreviated Demo Day pitch to trigger follow-ups from the right prospective investors are as follows:  
a.  Why now?

  • Compelling answers to this usually involve something significant changing in the market, with new/different customers or pain points that are growing, or new technology breakthroughs enabling problems to be solved, or something else encouraging different behaviors (such as government regulation or customer psychology).  
  • All of you are smart and talented.  Articulate (in simple terms to someone who is not an expert in your field) why you are excited and passionate enough to be dedicating your life to your companies right now.

b.  Why you?

  • The big opportunities and major inflection points across industries will be discovered by several, (usually many) different teams. What makes your insights unique or authentic?  
  • What experience or exposure do you have to the domain?  Have you or your co-founders been entrepreneurs before, or have you had other exceptional experiences in your life that will make you succeed when others give up?

c.  Target Market.

  • What subset of the market and subset of customers are you going to start targeting first, and how big can that "slice of the pie" get as you grow your product / team / business?  
  • Most VC's focus and talk about Billion dollar markets because its difficult to build large businesses in small markets, but it's rare that new products and new companies can target actual Billion dollar markets from the start.  Usually, whether limited by feature set, market awareness, or geography, most startups have to start by focusing on small pieces of big markets to grow into bigger markets and bigger companies.
  • I prefer to see a tighter focus and deeper understanding of smaller markets as precursors to bigger / quickly expanding markets rather than claims to HUGE markets that are crowded with competition or demonstrate lack of focus or deep understanding of target customers.

    d.  Product (or service). What are you building, creating, or enabling?

    • A single sentence that clearly articulates (again in simple terms that someone who is not an expert in your field can understand) is best.  That single sentence will keep evolving, and it will require more detail when you explain it to people with domain expertise. Even so, you should aim to distill the core trajectory of your company into to a single sentence that can be remembered.
    • What signs of customer validation, or market adoption, or business potential do you have?

    e.  Differentiation. What is defensible now and into the future?

    • What is the strategy for expanding, and what will become the more UNIQUE and compelling dimensions to your product offering vs. inevitable competition?
    • Are you 2x better or 10x better than the alternatives? Across what dimensions and subject to what assumptions?

    e.  Business Model.

    • At the seed stage you don’t need to have the world’s most comprehensive business model, nor a combination of 3 different business models.  You do, however, need to have some ideas on how you might start to capture the value or benefits that you provide.
    • Again, what signs of customer validation or business potential do you see? Deep understanding of how much customers are paying for alternatives, or inferior solutions, or notable competitors in the market are good proxies.

    Overall, strong Demo Day presentations usually weigh heavily towards addressing <Why now> + <Why you> + <Target Market>, with lighter treatments of <Product> + <Differentiation> + <Business Model> (due to time constraints).  Follow-up conversations, and deeper diligence from potential investors will go deeper into the areas of <Why you> + <Product> + <Differentiation> + <Business Model>.
    You can identify individuals/VCs who are a better "fit" for you on the basis of how well they already understand <Why now> + <Target Market>, and how deep they can dive into discussing the other areas. Individuals/VCs who don’t already share your opinions regarding the <Why now> and who don’t ask thoughtful questions about the other areas are usually dead ends, or will require a lot of time to be convinced.
    4) Have fun and stay positive!  Prioritize your time and scheduling of follow-up conversations!  The Demo Day pitches and many conversations that will follow are a unique and special time for you as entrepreneurs.  Build relationships, follow-up with the most relevant potential sources of advice or funding. Don’t let the many NOs and frequent radio silences you will encounter discourage you from progressing up the paths you are on.  You are privileged to see opportunities where others are blind, and courageous to climb routes that others are too scared to explore.

    Onwards!
    About Luis Robles

    Startup advisor & Angel Investor, Blockchain enthusiast, Experienced Company Builder & VC Investor (previously @ Sequoia Capital). Co-Founder, VP Products & Marketing at Diamanti. Knowledgeable about enterprise businesses, datacenter infrastructure, cloud computing, distributed + open source software, big data, IOT. Senior Product Manager and early engineer at VMware. BS and MS degrees in Computer Science from Stanford + an MBA from Harvard.
    About the Alchemist Accelerator
    Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

    Customer Advisor Board: Early-Stage Hack to Getting Your First Customers

    As a founder and former CEO, I'm delighted to see so many Alchemist Accelerator portfolio startups executing highly engaged Advisor Councils (AdCos) when acquiring their first 10 paying customers. Yet most startups fall short of scaling their AdCos beyond a few influencers and MVPs. This is a critical mistake.  

    Active AdCos drive you to deliver more customer-focused products while creating momentum in the form of champions, stakeholders, thought leaders, communities, and loyal customers. Think of your AdCo as part of your startup's secret sauce, helping you scale quickly from Council (10-50 people) to Community (50-100 people) to User Conference (100+ people).

    As you embark on your customer development journey, an AdCo can serve as an enticing carrot to attract smart and talented individuals with the pain points you've outlined. Joining an AdCo comes with personal and professional perks—from new skills development to high-quality peer networking. Those joining AdCos recognize these benefits, but they'll become your first customers for two additional reasons: first, they really want the product you're working hard to deliver, and second, they want to help you succeed (and have funding to budget to do it).

    Qualifying early AdCo members is important. You want individuals that are

    • Thought leaders with deep experience and knowledge about the problem you are working to solve

    • Open and willing to co-build a solution with you

    • Able to access budget and have decision-making authority to buy

    Prioritize Your AdCo

    There are benefits across the business to establishing and scaling your AdCo:

    1. Product: Ongoing customer-focused product feedback

    2. Sales: Demand Gen (SQLs) of qualified leads and referrals

    3. Fundraising: Venture capital (VC) due diligence during your current or next round

    Product: Build WITH Customers Not FOR Customers

    AdCos instill a customer-first mindset while providing a critical product feedback loop. Product decisions and team scrum/sprints shift from sharing “I think” to “they said, they want, and they need” inputs.

    Data and insights from your AdCo need to be meticulously recorded and then shared “in their words.” At hiQ, we always found the devil was in the details. You should plan for your AdCo members to spend a full day alongside your engineers, data scientists, and product team members in structured round tables, breakout sessions, and panels.  

    Power tip: Host your AdCo meeting at a Council member’s location. Enterprise companies have conference rooms that can seat more than 20 people, and often, the organization will provide the drinks and snacks.

    Sales: Advisors Become Champions, Then Customers

    Your AdCo is one of the tools in your demand-gen and pre-product sales arsenals, and a measurable outcome of establishing one. AdCo members need to be in your sales pipeline as they move from Advisor to Champion to Customer to Reference and Referral. You'll be able to quickly qualify which Advisors will become champions and customers. They're the ones that will write the internal business use case for budget approval because they can’t live without the product(s) you are building. They'll be the ones standing on stage next to you when you officially launch.

    Power tip: Use a pending AdCo meeting to close a late-stage deal. Prospects enjoy talking with customers before they sign, so have them sit next to each other.

    Fundraising: The Best 2 Hours VCs Spend on Due Diligence

    AdCos will scale with your customer growth, and VCs will notice. VCs think in terms of product market fit. This is validated when they walk into a packed ballroom full of clients, prospects, analysts, and job applicants—all wanting to be part of what you're building. There's no better and bigger moment for you and your employees then having customers on a main-stage talking about your product and how it saves them millions of dollars.

    Power tip: Invite VCs to Council meetings as soon as possible. Their calendars book up a few weeks out.   

    About Darren Grant Kaplan

    Darren Kaplan is the co-founder and founding CEO of hiQ Labs (www.hiqlabs.com), a data science company, informed by public data sources, applied to human capital to make work better. Mr. Kaplan is an Alchemist Accelerator mentor, working with Augmented Reality, Cyber Security, and HR enterprise SaaS startups.

    About the Alchemist Accelerator

    Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.

    The Key to More Sales: Focus on Your State

    It's not the product. It's not the timing. It's your body language and tonality. Both have more to do with sales success than other factors because at the core, sales is result-driven communication.

    I've been leading sales organizations for more than a decade. However, when I speak with entrepreneurs as an Alchemist Accelerator mentor, I’m reminded that although not everyone is employed in sales, at different times, we all sell—to potential investors, co-founders, employees, partners, and perhaps, even family members.

    Your State Matters

    Take a minute. Consider how you feel right now. You should care about your state of mind because it’s influencing the work that you're doing and the effectiveness of your communication (i.e., your body language and your tonality). You need to ensure your mood is making a positive impact, helping you achieve what technical professionals call flow or being in the zone. This is your peak state, and it affects the results that you want. It heightens your performance. The opposite is also true. If you are in a bad state, your performance dips, you communicate poorly, and you make mistakes.

    A few months ago, I went to a demo-day event where a number of founders were pitching their products to a large audience. After noticing a disturbing trend in a few sessions, I did a little experiment. What I observed was this: at the start of every presentation, attendees sat up, ready to listen. But by the two-minute mark, most attendees lost interest and were looking at their laptops or phone screens. The presenters were dull. Some lacked energy, others lacked enthusiasm, as they pitched their products.

    One presenter was different. He started with high energy. He sounded passionate and engaging. Attendees looked up from their screens and listened. He asked questions, and they paid attention. Yet within a few minutes, his energy dipped and he lost them. The attendees went back to their devices because he couldn't maintain his state.

    I spoke next, determined to engage the audience’s attention through the entire session. My product wasn't any better than the others being presented, so I knew my communication needed to be different. I took a moment to get myself into a peak state. Then I made my pitch with a powerful and palpable energy. I was loud and enthusiastic. I moved around the stage, and asked a ton of questions. Above all, I maintained intensity during my entire talk, and I paid careful attention to the results.

    Throughout my session, the vast majority of the audience was attentive and engaged. I had five times the number of questions about my product than any presentation before me, and at the end, a number of attendees came by to meet me in person. My pitch was successful, and it had very little to do with the product I was introducing.

    The secret to a successful sales pitch is more than the initial spark—it's sustained energy and enthusiasm. If you can achieve peak state, getting into the zone, you communicate better. Your body language and tonality automatically attracts people and significantly enhances your influence over them. If you can consistently attain this state, you can consistently elevate your performance above the norm.

    Two Simple Ways to Master Your State

    There are two simple steps you can take to very quickly make a meaningful difference in the result of any communication:

    1.     Hack your brain

    2.     Hack your body

    What is hacking your brain? In effect, it's an exercise to change your state. You hack your brain before a big pitch by taking five minutes and focusing your thoughts on these things: (Hint: It helps to write them down.)

    • Think of one thing you are truly excited about today. If it's a thing, imagine receiving it right now or if it's an event, imagine it taking place right now. Focus on how you feel.

    • Think of one thing you are truly thankful for in your life? Take a moment to appreciate that feeling.

    • Think of one person you are thankful to have in your life? Take a moment to consider why.

    When you hack your brain, you put it in a different mood. You replace negative emotions with positive ones—excitement, thankfulness, and appreciation—and those excrete the chemicals that get you closer to your powerful peak state.

    Hacking your brain isn’t enough. You need to hack your body in a similar way because emotions and your body are connected in a profound way. If you change the state of your body, you change the state of your mind and vice versa. As Tony Robbins often says, “motion creates emotion!” Doing any form of exercise (e.g., fast-paced walking, running, dancing, or even some jumping jacks) can influence your mental state and put you in the zone. With the right mental state, you'll start to notice that your communication and body language improves. You do better things and you do things better. Sales is one of those things.

    After hacking your brain and your body, you feel better. Your body language automatically improves, and your tonality matches your positive, confident, and empowered emotions. At this moment, you have the best chance to influence others through your communication.

    Achieve Results

    Your body language and tonality are what people use to interpret what you are saying. It’s not what you say, it’s how you say it that matters. Frame of mind and tonality are the reasons two sales people using the exact same script, answering the same questions, can have very different results.

    The next time you're ready to make a cold call, close a deal, pitch to investors, or present in front of an audience, pay attention to your state. If you’re not in a peak state, take a minute to hack your brain, then hack your body. You'll be glad you did.

    About Kevin Ramani

    Kevin is the Head of Sales at Cobalt Robotics, and was one of the founding team members of Close.io, helping to build the company from the ground up. Kevin is also a startup advisor and a mentor to several Silicon Valley startups. Connect with him online.

    About the Alchemist Accelerator

    Alchemist is a venture-backed initiative focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). The accelerator’s primary screening criteria is on teams, with primacy placed on having distinctive technical co-founders. We give companies around $36K, and run them through a structured 6-month program heavily focused on sales, customer development, and fundraising. Our backers include many of the top corporate and VC funds in the Valley—including Khosla Ventures, DFJ, Cisco, and Salesforce, among others. CB Insights has rated Alchemist the top program based on median funding rates of its grads (YC was #2), and Alchemist is perennially in the top of various Accelerator rankings. The accelerator seeds around 75 enterprise-monetizing ventures / year. Learn more about applying today.