Since we opened the gates to Seedcamp 2008 we’ve been fielding some questions about the program and its application process. As there’s likely to be overlap amongst potential applicants we thought those of you who’ve had similar questions but not the time to ask them might still benefit from hearing the answers.
Does Seedcamp have any age restrictions?
We have no age restrictions for Seedcamp necessarily, but we do require that applicants be able to work full-time on their business for three months here in London if they are selected as one of our winning teams. That would rule out student-aged groups who are not able to take time off from their studies.
Must entrants already have formed a legal company?
We don’t require that you’ve incorporated or any other legal formalities. In fact, that’s something on which we can advise the winning teams.
In what stage of development should our product be? Are we applying too early? Too late?
It’s hard to define exact boundaries, with all the variables at work. Our general advice is that you should at least have something to show for your existing effort: ideally an alpha/beta product or solid proof-of-concept, but if not then at a minimum a video demonstration or something equally illustrative which shows off your idea in action.
Once you’ve reached that point then the decision of whether you’re too far along is up to you. Different applicants will have different motivations for applying and thus different consequent definitions of what constitutes “too far”. You may have a fairly mature product and no need to look for immediate funding but still desire access to Seedcamp’s extensive and deep advisor network. You may already have a beta site with minimal operating costs and a large passionate user base but want three months in which to devote yourself to its growth without distraction. Or you might be running a side business on the weekends with a growing client roster and want to turn it into a full-time pursuit. In each case of these cases, and more, teams might be in a relatively advanced stage of development but still benefit. The choice is yours – think hard about what you hope to gain from Seedcamp.
Is this a regional competition or are applications accepted from all over the world?
Seedcamp is open to entries worldwide, from the hallway across from our offices to our geographical antipode (a charming patch of the South Pacific ocean approximately 1000 kilometers south-east of Christchurch, New Zealand), from the largest megalopolises to the smallest rural hamlets.
That said, there are two important considerations which are related to your location after the competition:
- Seedcamp looks for ideas and businesses with global potential. You can of course start out focusing on a particular region but if that’s where your plan ends it may not be right for Seedcamp.
- For several reasons we do stipulate that teams come to London not just for Seedcamp Week in September, but for those that win also the three months following it at a minimum. Of course part of the program is that the expenses for those three months are covered, but it’s still an undertaking to move halfway around the world cost aside.
If either of these conditions aren’t right for you then you may want to consider some closer alternatives. If they don’t pose a problem we look forward to seeing your application.