Things you always wanted to know

Frequently asked questions

Acceleration Program

When not to apply?

If you answer ‘yes’ to any of these questions - please don't apply! Everyone else - regardless of your gender, origin, religion, etc. - we want to hear from you!!!

  • Are you a single founder and not willing to share your success with other co-founders?
  • Do you enjoy your current job so much that you're not ready to commit full time for the startup?
  • Are you afraid that if you talk about it someone will steal your idea? Are you smart enough to run the startup without any help and just need the money?
  • Do you believe that your product is so perfect that you don't need feedback from the potential users?
  • Is your idea so unique that there is no competition out there?

What is the key industry focus of Buildit Latvia?

We accept teams that are creating exciting and fresh solutions in the following areas:

Solutions for Industry (B2B):

  • IoT and Connected Industry
  • Software for productivity

Smart Living (B2C):

  • Energy
  • Mobility
  • HealthTech

What does the 'full stack accelerator' mean?

We offer more than the 'average' accelerators. Usually, accelerated teams find it hard to get a follow-on funding to keep working on the product. Therefore we're bridging that gap in the market and have what we like to call a 'full-stack accelerator' - a Pre-Seed fund & Accelerator Program (3 months) and additional Seed fund with a follow-on support program (2+ years).

How do I get in the Accelerator program?

  1. Apply through the form on www.f6s.com/builditaccelerator (applications are always open but the selection is made twice a year);
  2. Update your application as you develop the product or expand the team;
  3. If your product is selected to the interview round, we'll get in touch;
  4. Don't despair if you weren't selected! Instead, work even harder and prove us wrong in the next batch! Seeing dedication and further development of the product will catch our attention more likely than being aggressive or offensive. We can only accept ~10 teams in each batch so the competition is hard.

Do you invest and take equity during the Accelerator program?

In the Pre-Seed stage we're ready to invest up to 50,000 EUR as a convertible loan with discount and valuation cap. The payments are set in 3 tranches - 20k at the beginning of the program and 15k twice during the program.

Why 'up to 50,000 EUR'? What does it depend on?

Since each team might be in a different development stage, we'll set the milestones and KPIs individually at the beginning of each Program stage. Evaluations whether the investment is being spent wisely and there is a visible development of the product according to the KPIs will also be made case-by-case to make the decisions of follow-on funding.

Are we expected to be in the office all the time?

Yes, we think that a good working practice brings better results and growth to the startup faster. Therefore we require our startups to bet at the office on workdays, except for business trips or similar occasions.

What are the key areas covered during the acceleration program?

The Accelerator program consists of 3 stages:

  • “Build-Up” - 4 weeks for getting physically, mentally, and legally ready;
  • “Build-It” - 6 weeks of intense mentoring (strategies for business idea validation, product design and development, product-market fit, sales and marketing, fundraising and legal issues, etc);
  • “Build-Out” - 3 weeks for pitching, pitching, fundraising  and then pitching some more;

At the end of the Pre-Seed Program, you'll have the necessary skill-set to successfully move on to the global startup and investor hubs or take your product to crowdfunding.

Anything I should keep in mind before applying?

During the Pre-Seed Accelerator program, you're expected to live and work in Riga, Latvia. Our team and family of advisors will do their utmost to help you with establishing the necessary legal entity, opening a bank account, finding accommodation and settling in.

The company is already incorporated somewhere else. Can I still apply?

Yes, that is fine. We'll help you with the registration and legal settlements.

Follow-on Program

What is the Seed fund Follow-on program and how do I get in?

The Follow-on program (or “Build-On” stage, as we call it) is an ongoing tailored mentoring program for the best of the crop. For the brightest of the shiny. For the crème de la crème of the Accelerator graduates. You will have an appointed advisor to follow the progress, attract the necessary mentors & experts and make the intros.  

Is Buildit offering Seed Investment?

Yes, if you are selected for the “Build-On” stage, Buildit will invest up to 250,000 EUR and either lead the round or serve as a guaranty for other investors who are interested in investing in your company.

What about the equity?

The equity we're taking depends on the valuation before the Seed Round and other potential investors joining the round.

Startup Requirements

Is there any practical advice on how best to prepare the application and get accepted at BuildIt?

A: To maximise the chance of getting selected, the teams should have:

  • a working prototype / MVP;
  • a strong team with relevant skills and experience;
  • integrity & receptiveness to being coached;
  • confidence that the program can help their challenges;
  • unique selling proposition;
  • growing market.

Why not single founders?

Our Acceleration program is pretty hard-core (pun intended) and the chances of survival are much higher if you have a team to share the tasks with. We'll accept your 'one-man team' if you show that you can take the startup to the next level on your own but are willing to find co-founders in the process.

Do you accept startups from the whole world?

Yes. Global startups from all around the world are welcome to apply. Mind that we expect the teams to be in Latvia for the whole duration of the acceleration program.

Can my company be too experienced to apply?

The Pre-seed Accelerator program is most useful for Early-stage & Pre-seed companies. Regardless, even teams that have worked together for several years and already have traction on market can benefit as the program can be tweaked to fit the needs of the founders.

Do you accept teams that have been through another accelerator?

Yes, we do. Recently many startups decide to go through more than just one accelerator since different accelerators work with startups in different phases. As long as you feel that our programme is what you need - go for it!

An idea is worth nothing until it is executed

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