Wednesday, August 30, 2006

Funding Application

Some of the questions which are a part of the YCombinator's application for funding are worth answering for anyone thinking of a startup. So what I am doing here is filling up the application even if we might not be eligible. The questions seem to be real thought provoking and I will not have answers to all the questions.
  • What is your company going to make?
  • Please tell us in one or two sentences something about each founder that shows a high level of ability.
  • What's new about what you're doing?
  • What do you understand about your business that other companies in it just don't get?
  • What are people forced to do now because what you plan to make doesn't exist yet?
  • How will you make money?
  • Who are your competitors, and who might become competitors? Who do you fear most?
  • How long have the founders known one another and how did you meet?
  • What tools will you use to build your project?
  • How long will it take before you have a prototype? A beta? A version you can charge for?
  • Which companies would be most likely to buy you?
  • If one wanted to buy you three months in (March 2007), what's the lowest offer you'd take?
  • Why would your project be hard for someone else to duplicate?
  • Do you have any ideas you consider patentable?
  • What might go wrong? (This is a test of imagination, not confidence.)
  • If you'll have any major expenses beyond the living costs of your founders, Internet access, and servers, what will they be?
  • Are any of the founders covered by noncompetes or intellectual property agreements that overlap with your project? Will any be working as employees or consultants for anyone else?
  • Was any of your code written by someone who is not one of your founders? If so, how can you safely use it? (Open source is ok of course.)
  • Please tell us something surprising or amusing that one of you has discovered. (The answer need not be related to your project.)
[Answers in the comment section]

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