Here's a brief overview of the accelerator: Its main office is in San Francisco, and approximately one hundred startups are launched each year. Here are the fundamental participation guidelines:
- You must have at least 2 people on your team;
- At least you must have developed a prototype of an IT product;
- You must know your market.
A little about our product. Workly is a creative time management tool. Workly - gives you precise control over employee attendance by allowing you to determine which employee arrived when and how late. Small and medium-sized companies employing up to 1000 people make up our target market. businesses with multiple locations, such as coffee shops, restaurants, hotels, and chain stores. Factories, factories, etc. make up the manufacturing industry. Workly's interface enables you to efficiently manage corporate resources at any time and identify the most highly skilled employees. Additionally, the system determines the value of the services provided to partners in accordance with the number of hours that they have completed.
How did the interview process and the application process go?
We had to first complete a lengthy form on the website and then post a company-related video to YouTube. David approached us with criticism. And after arranging the day, we spoke with him via Skype.
- What is the company's market?
- It goes without saying that the local market cannot be compared to the markets in America or Europe. But every year, there is a discernible change in the post-Soviet area. There is a market, and our product is well-suited to it. The market has long been ready for such projects on the global stage.
- Who are your startup's main competitors?
- Everything is based on the market in the nation where we conduct business. We are positive that we have no rivals in the Commonwealth of Independent States. Video surveillance and access control systems are fields in which a large number of businesses operate. But we are the first company in terms of time tracking. particularly in the market for mobile time tracking. Developed nations are home to a large number of these businesses. WhenIWork stands out the most among them.
- What are the advantages of your company's product?
- There are enough advantages. Our primary benefits, though, continue to be the product's low price, mobility, and—of course—the cloud, which gives you access to all of the product's features and corporate details from any location in the globe.
- Why did you choose 500 startups?
- It is clear. We are aware that your main investments are in foreign businesses. Given that other venture funds do not offer this strategy, your company has a distinct advantage over all of its competitors. We should speak with an organization that supports businesses in developing nations, especially those without the kind of sophisticated ecosystem that exists in Silicon Valley.
- What is your company's income?
- Our startup's revenue for the previous year was about xxx xxx US dollars per year.
- Regarding your product, do you have events linked to geolocation?
Our first project, Maxtrack GPS car navigation, introduced us to geolocation. We are currently using Workly's office geolocation feature for worker arrivals and departures.
- What is the company's product?
-The Workly time tracking system is intended for businesses with five to one thousand workers. The technical support service can configure it for use in larger organizations if needed.Its application is particularly useful in industries where work involves more than just using a computer, such as trade, catering, and hotel management. You can keep assets in inventory, cut down on paperwork, and maintain records by using the system.
- You've included a list of your company's other products. How are they run?
- Other co-founders of the MyTaxi project include our team member Akmal, who serves as a consultant. Since we are struggling to find investors and make investments, we felt it was necessary to launch the Workly project in addition to Maxtrack, which we had already established and is operating independently. It should be mentioned that Workly was completely redesigned to function without the need for pricey hardware following issues with the biometric equipment it was designed to work with.
- Did the startup raise funds from outside investors?
-The Workly project was funded entirely by us. We were able to reinvest sales proceeds into the creation of the Workly time tracking system through the Maxtrack project.
Results
This is how the discussion unfolded. David thanked us and said he would let us know as soon as the results were known. Ultimately, his response was:
I appreciate your time, guys. I think what you are doing is great and has a lot of potential. I don't think you're the right fit for us right now, but keep that in mind later.
To this we answered him:
Please provide the reasons for our rejection as it is crucial that we go through 500 Startups' acceleration program.
And the final answer from David:
It's good that you have multiple projects, but in order to be effective, 500 Startups requires complete focus. If I were you, I would divide the business to avoid becoming sidetracked.
This was actually the conversation we had. For the straightforward reason that we are working on multiple projects concurrently, they chose not to hire us. I hope those who wish to apply for participation will find this article helpful. I hope you have success! We went to Y Combinator a little while later. Here's a story about what transpired.