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ee-startup-visa-questionnaire.md

These are the questions asked when you apply for an Estonian Startup Visa program.

Intro

Welcome to Startup Committee. You will be guided through the application process.

If you already have a company profile in Startup Includer, it will take only few clicks to share the data.

If you are new to the system, you will be asked some information about your business. Provided information can be used for all the future applications as well.

Please be informed that by clicking “Continue” you agree to the terms and conditions of this application process:

  1. We do not assess products/companies in Idea stage - to be eligible for assessment you need to have at least an MVP or a prototype to show us. Idea phase applications will be rejected without being rewieved.
  2. We do not assess applications in any other languages besides English. Non-English applications will be rejected without being rewieved.
  3. We do not assess applications that do not show sufficient amount of information about a company/product (e.g. one word or sentence per question). These applications will be rejected without being rewieved.
  4. When the sections “Market” and/or “Business Model” are not filled sufficiently the Startup Committee has a right to reject the application.
  5. Adding your Linkedin profiles or CVs is strongly advised. Startup Committee has the right to reject the application if these are not provided.
  6. Adding the webpage and/or pitch deck is strongly advised. Startup Committee has the right to reject the application if one of these are not provided.

Problem

  • Summarise the problem you're solving in 2-3 sentences.
    Describe the customer problem you’re trying to solve with your product or service.

  • What are people forced to do now because what you plan to make doesn't exist yet?
    Describe how people are currently solving the same problem that your product or service will solve for them.

Solution

  • Describe your solution in a few sentences
    Please explain in simple terms. Imagine that readers don't know anything about this subject. What is your company going to make? How does it solve the customer's problem?

  • How long will it take before you have a prototype? A beta? A version you can charge for?

Market

  • Summary of the customers and market in a few sentences
    Who are your validated customers? What sales channels are you using to reach them? How many of them are there? What progress have you made with customers?

  • Who desperately needs your product?

  • How fast is the market growing and why is it going to be big in ten years?
    Give concrete examples of growth such as referencing trends and other companies in the same field.

  • What's new about what you're doing? What is your unique value proposition?
    What exact features or benefits differentiate you from the competitors and existing solutions?

  • What is the competitive advantage of your company?
    What do you understand about your business that other companies in it just don't get?

  • Why would your business be hard for someone else to duplicate?

  • Please list your competitors
    In case you don't know any direct competitors, please think about solutions that your potential customers are using today to solve the same problem.

Strategy

  • Summarize the business model in a few sentences. How will you make money?
    This is a summary for your short profile.

  • How do you plan to acquire more customers?

  • What is hindering your growth potential? And/or, what do you foresee as a barrier to your growth potential?

  • Cost structure (customer acquisition cost, distribution costs, hosting, people)
    Please outline the proportions of the main fixed and variable costs your project incurs.

  • What are going to be your main cost drivers?

  • What have you achieved so far? Include revenue, traction, major investments etc.
    This is a summary for your short profile.

  • What are the most important metrics by which you are following the development of your startup (e.g. revenue, churn, MoM, CaC, LTV etc.) and what progress have you made in terms of these for the last six months (or the months you have data)?
    Please provide numbers

  • What are your next milestones and when are you planning to reach them?
    Product development, IP, customer traction, etc. Please include measurable milestones and approximate dates when you are planning to reach them.

  • What might go wrong? (This is a test of imagination, not confidence.)

  • Which companies would be most likely to acquire you and why?

  • If you got a chance to exit your company in 3 months time, what is the lowest offer you would accept?

Other

  • Do you have any ideas you consider patentable? Which ideas?

  • Pitch deck (PDF)
    Slides or presentation that summarizes your company. PDF file is required. Other file types are not allowed.

  • How did you hear about Startup Visa program?

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