Startup Application & Vetting Process
In this process, full due diligence will include the startup vetting team considering questions like:
  • does this company's product seem viable?
  • is it actually solving a clearly-articulated problem?
  • does it have a reasonably sized TAM, SAM and SOM?
  • does it seem likely the team will be able to deliver on their roadmap?
The startup application & vetting process is broken down as below.
  1. 1.
    Applying (Stage 1: Apply as a Startup from this page - Cohort 1 now closed, but early applications open for Cohort 2, with vetting starting in late 2022)
    • As startups apply to the DAO, either on their own or recommended by the community, they will go through an initial simple sorting process to see if they are in the right stage*, would be able to grow within the 3 months of the accelerator, and have a good track record and future trajectory.
      • *Right now we are mostly interested in technology-driven companies with the below, (though companies outside these criteria should still apply as they will be given equal consideration):
        • MVP-$30k MRR for revenue
        • Bootstrapped-$500k in funding
        • Typically <15 employees
    • Most applications that perform well against those criteria will be accepted and moved onto the next stage at which point the applicant would receive an email stating as much. This keeps them updated on the status of their application and informed on the process.
  2. 2.
    Due Diligence (Stages 2 + 3)
    • Once they have passed the application step, they will be moved on to due diligence.
    • In practice, it looks like this:
      • Stage 2 - Selected applicants will be asked to answer 3 short questions via a 3-minute video response
        • We have clear accept/reject for this stage to decide who goes through to Stage 3 and all notes will be added into the application packet of each startup
        • For this stage 2, our questions are:
          • Why is your team the most likely to succeed in the market you have chosen?
          • What’s the most significant thing your startup has achieved so far?
          • What is your ideal outcome from the SG DAO accelerator? What roadblocks do you hope to overcome while being part of it?
      • Stage 3 (completed by ~late July 2022 for Cohort 1) - The SG DAO team will then schedule a 15-minute call with all startups that have been successful in Stage 2
        • The purpose of this will be to ask final questions to fill any gaps from Stages 1 and 2 and all notes will again be added into the application packet of each startup
  3. 3.
    Final Review (Stage 4)
    • The final shortlist of the top 35 applicants will be presented to the DAO members for voting
    • Members will be provided with a memo summarising each company (the application packet that has been refined at each stage), using which they will vote to select the final cohort of 10
    • The SG DAO terms for the 10 selected companies are $100k for 5% equity on a post-money SAFE
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