Entrepreneur First Insider Tips for Successful Application

If you're considering applying to Entrepreneur First, it's essential to understand the program's unique approach to entrepreneurship. Entrepreneur First is a global startup accelerator that focuses on building and scaling startups from the ground up.

The program is designed to foster a community of like-minded entrepreneurs, providing access to a network of peers, mentors, and resources. This community-driven approach has led to the creation of over 700 startups and a combined valuation of over $10 billion.

To increase your chances of success, it's crucial to be authentic and genuine in your application. Don't try to fake it – be honest about your strengths and weaknesses.

The Entrepreneur First program is a 3-month long initiative that recruits talented individuals to build technology companies from scratch. Participants are encouraged to test co-founding partnerships with others and develop initial company ideas.

The program is structured into three phases: networking and team formation, idea validation and investment committee evaluation, and preparation for demo day and post-program support. Founders receive help to validate their concept and then jump into hands-on work to build it out the right way.

Here's an overview of what the program entails:

Entrepreneur First was founded in 2011 by Matt Clifford and Alice Bentinck, who had previously worked as management consultants at McKinsey & Company.

The idea for the program was inspired by a McKinsey project to develop a technology cluster in East London, which aimed to tap into "talented graduates" to create startups.

McKinsey & Company provided seed funding for the program, and other notable corporate sponsors like KPMG, Microsoft, and Sky soon followed.

Matt Clifford serves as the CEO of Entrepreneur First, while Alice Bentinck holds the position of CPO.

In 2016, the program expanded to Singapore, marking its first international location outside of London.

Clifford and Bentinck were awarded MBEs in the 2016 Birthday Honours for their services to business.

Reid Hoffman, co-founder of LinkedIn and Partner at Greylock, led a $12.4 million investment into Entrepreneur First in 2017, joining the board as part of the deal.

In 2018, the program expanded to four additional capitals: Berlin, Hong Kong, Paris, and Bangalore.

However, the Hong Kong office was closed in 2019, and a Toronto office was opened in 2020.

The Berlin, Canadian, and Singaporean offices closed in Spring 2023.

In 2021, Entrepreneur First announced a partnership with the Tezos Foundation to launch a platform for building Web3 startups in London.

In October 2023, the program opened a new office in San Francisco, marking a significant shift in its operations.

The Entrepreneur First program is a 3-month long program that recruits talented individuals to meet co-founders and build technology companies from scratch. Participants are paid a stipend to cover their living costs during this time.

The program is structured into three phases: networking and team formation, idea validation and investment committee evaluation, and preparation for demo day and post-program support. Founders must quit their day jobs and focus on their startup, making it a full-time commitment.

Here's an overview of the program's structure:

The program provides a strong foundation in ideation and brainstorming, with valuable guidance on introducing mental models and highlighting golden rules that are vital for startups.

The application process for Entrepreneur First is quite straightforward. You can choose the city or cohort you want to join, and then fill out an application form that delves into your personal journey, growth, learnings, and past experiences.

Entrepreneur First receives approximately 10,000 applications per cohort, and accepts between 50 and 100 of them depending on the location. Many applicants are from top universities such as the University of Cambridge, Imperial College London, and the University of Edinburgh.

The application process involves an online application, a 30-minute get-to-know-you call, a 15-minute technical assessment, and a 15-minute behavioral interview. These assessments aim to identify candidates with traits essential to founding a successful company, such as flexibility, risk tolerance, and narrative clarity.

To ace the application process, it's essential to showcase leadership skills and a willingness to take unconventional paths. You can illustrate your leadership and execution skills with examples of past achievements, show your ability to think creatively, and highlight your expertise in a specific niche.

Here are some key takeaways from the application process:

The application process for Entrepreneur First is quite competitive, with an acceptance rate of about 3%. You'll need to go through several rounds of interviews and assessments to be considered.

First, you'll need to fill out an application form that delves into your personal journey, growth, learnings, and past experiences. This is a crucial step, as it gives Entrepreneur First a sense of who you are and what you're capable of.

The application process starts with an online application, which includes 10-12 questions. This is a great opportunity to showcase your skills and passions, so be sure to be honest and thorough in your responses.

After submitting your online application, you'll be invited to a 30-minute get-to-know-you call with a member of the Entrepreneur First team. This is a chance to build a connection and show your personality, so be yourself and be confident.

The application process also includes technical and behavioral assessments to identify candidates with traits essential to founding a successful company. These assessments will dig into your mindset, flexibility, and risk tolerance, so be prepared to share your thoughts and experiences.

Here's a breakdown of the application process:

Remember, the key to acing the application process is to show leadership skills, a willingness to take unconventional paths, and confidence in your abilities. Be prepared to share your past experiences, both successes and failures, and demonstrate your specialized knowledge and unique perspective.

At Entrepreneur First, they're on the lookout for high-potential individuals who can become successful founders. They decide who to select based on their current trajectory, assessing what they could possibly achieve in the future.

Founders are the key to the program, and Entrepreneur First is taking a bet on them. They're looking for individuals who have already shown promise and potential.

The EF team exists to identify and amplify the impact of these individuals. They do this through their unique approach to company creation, which sees them work with outliers before they even know they're outliers.

Here's what Entrepreneur First is looking for in a founder:

They're not just looking for anyone, though - they want to find those who will have an extraordinary impact by creating technology companies that shape the future.

The sessions are designed to cater to both individual attendees and the entire cohort.

Some larger sessions are cohort-specific, while others are on a global scale, where multiple cohorts worldwide participate.

In addition to cohort-specific sessions, participants have a mentor, an entrepreneur in residence (EIR), who serves as a brainstorming partner, helping solve problems and providing fresh perspectives.

Beyond the EIRs, partners from each cohort are available for short discussions.

The program also includes weekly reviews where teams present ideas, fostering cross-questioning from smart cohort members, which refines the ideas further.

Securing funding is a crucial step in the application process, and it's great to hear that some programs offer opportunities for funding.

We secured two rounds of funding, which provided us with the necessary resources to move forward.

The initial funding came from Entrepreneur First as part of the cohort agreement, which gave us access to a wide variety of resources.

This network of approximately 400 to 500 companies offers a tremendous advantage, providing a wide range of resources and opportunities.

Entrepreneur First provides a full entrepreneurial ecosystem that goes beyond just funding. It offers mentorship, networking, and a structured path to success.

Founders who participate in the program gain access to a robust network and a structured environment to tackle challenges. This support system helps them push beyond initial fundraising expectations and foster investor interest.

The program's mentors emphasize identifying impactful problems and instill a culture of frugality, shaping the startup's operational and resource allocation approach. This guidance is invaluable for first-time founders who are still learning the ropes.

Founders who graduate from the program often report feeling more confident and prepared to take the leap into entrepreneurship. They appreciate the safety net and framework provided by Entrepreneur First, which helps them navigate the challenges of starting a business.

Here are some of the key benefits that founders have reported:

Entrepreneur First provides a standardized package for fundraising, which includes a thorough evaluation process. This ensures that startups receive essential support to turn their vision into reality.

The program's fee is a significant aspect of the funding package, taking up 33% of the pre-seed amount. This amount is around $55,000 in the form of a SAFE note.

Founders pitch to the Investment Committee after three months, but only a few secure funding. The investment typically comes halfway through the program and leads up to Demo Day.

The funding generally takes the form of a convertible loan note, with terms that translate to about 10% of the company's equity when it converts during the next investment round. This means that founders can expect to give up a portion of their company's ownership in exchange for the funding.

Here's a breakdown of the funding process:

Founders face the Investment Committee again after the first three months of the program to pitch their idea. This is an opportunity for them to refine their pitch and secure funding.

Entrepreneur First provides a full entrepreneurial ecosystem, including mentorship, networking, and a structured path to success. This comprehensive support system is a key benefit for founders beyond just the money.

Founders have reported that the accelerator provided a robust network and a structured environment to tackle challenges. This environment helps them stay focused and motivated to achieve their goals.

The program is designed to be a high-speed treadmill with intense deadlines and community support. This structure helps founders push beyond their initial fundraising expectations and foster investor interest.

One of the most valuable aspects of Entrepreneur First is the mentorship. Mentors emphasize identifying impactful problems and instill a culture of frugality, shaping the startup's operational and resource allocation approach.

Founders also appreciate the guidance on traits common to good founders, setting KPIs, pitching, and market strategy. This support helps them develop the skills and confidence needed to succeed.

Here are some key benefits of Entrepreneur First's mentorship:

The program also provides a safety net and framework for first-time founders, giving them the confidence to take the leap into entrepreneurship. This support system is invaluable for those just starting out.

Many graduates of Entrepreneur First still reach out to the program for introductions and connections. This active alumni network is a testament to the program's lasting impact on founders' careers.

Entrepreneur First founders have had some incredible "Aha moments" that have helped them grow and succeed. One of the most important takeaways is the importance of integrity and shared values in a business partner.

Founders who graduated from the program realized that the right co-founder is about more than just skills or ideas. They learned that a strong co-founder relationship is key to success.

The program also taught founders that startup creation is a process of solving real-world problems, rather than waiting for inspiration to strike. This mindset shift has helped many founders overcome initial sales challenges and find product-market fit.

Founders discovered the value of extensive customer research and customer problem validation before product development. This approach has helped them create unique offerings that meet real customer needs.

Here are some of the key takeaways from Entrepreneur First founders:

Many founders also found the program's focus on diversity and creativity to be a major draw. They were attracted by the emphasis on leadership and building the right team from the ground up.

The program's fast-track company-building approach and mentorship opportunities were also major selling points.

Applying to Entrepreneur First requires a straightforward process that starts with choosing the city or cohort you want to join. You'll then fill out an application form that delves into your personal journey, growth, learnings, and past experiences.

The application form is quite detailed, with 10-12 questions to answer. This is followed by a 30-minute get-to-know-you call, a 15-minute technical assessment, and a 15-minute behavioral interview. These assessments are designed to identify candidates with traits essential to founding a successful company.

Entrepreneur First receives roughly 10,000 applications per cohort, and accepts between 50 and 100 of them depending on the location. The acceptance rate is about 3%, which is quite competitive.

To increase your chances of getting selected, it's essential to show leadership skills and a willingness to take unconventional paths. You should illustrate your leadership and execution skills with examples of past achievements, and demonstrate your ability to think creatively.

Here are some key points to focus on during the application process:

By focusing on these areas and showcasing your expertise, you'll be well on your way to acing Entrepreneur First's application process.