Ever since its inception last year, 10xC has had two successful cohorts that have led to seed investment in around 19 startups. After following an extensive process and being shortlisted from numerous applicants, each startup is asked to undergo a rigorous 4-month program at our premises. They are provided with an initial seed investment of PKR 1 million, office resources to further work on their ideas and hands-on mentoring from the leading entrepreneurs in Pakistan.
Whenever a startup gets shortlisted by 10xC for its seed fund program, it’s quite imperative for them to make full use of their time to reap future benefits. Hence, an initial idea as to what is expected of them over the course of the upcoming four months would help them plan accordingly. Taking a closer look at 10xC’s 4-month program, we have divided it into three significant phases:
1. Initial Phase (Product Definition)
Usually taking around one month, the initial phase requires startups to work on transforming their ideas from concept paper into a final product. During your first week at 10xC, you will be expected to get your team finalized and all initial details sorted including the proof of concept. This includes going into the huge market for your product and identifying the targeted audience so as to make sure your efforts are made in the right direction.
Furthermore, you will be required to select the most suitable technologies needed to make sure that your potential customers gain full value from your products. There is no such thing as a best strategy for you to follow and all you need is to meet your demand requirements accordingly.
2. Middle Phase (Product Development)
For nearly two months, the startups are asked to build prospective future strategies that they will be following for their product distribution. In this time period, the most crucial role is played by the Chief Technical Officer (CTO) who recognizes the product demands and drafts an effective plan for its completion.
Ideally we expect the team to complete the product development by the end of their initial two months. However, startups who are still in the process are encouraged to start working on their distribution and marketing strategies simultaneously. Additionally, we keep holding business-focused interactive sessions with renowned advisers from the industrial sector who would assist them in setting their operational discourse.
3. Final Phase (Product Distribution)
In the last month, the major focus of the startups would be on the product distribution. For this purpose, they are asked to come up with a distribution model which will help keep them a balance between the supply and demand of their products. Moreover, they also pitch their ideas to various companies and possible vendors who would be willing to work in collaboration with them. Many of them could also turn out to be their potential customers in the coming future.
After the conclusion of four months, your startup will be evaluated on the basis of achieving the key objectives that you had identified in the first month. By this time, we expect you to be in the process of revenue generation of at least PKR 1.5-2 lakhs and have a strong plan in place to ensure long-term sustainability.
Applications are now open for our next round of investments which begins in August 2017. Apply here.