InSITE Company Application Frequently Asked Question (FAQ)
Please review the application instructions.
- What services and value does InSITE provide?
- Does InSITE charge a fee or take equity in my company?
- What stage does my company need to be at to be considered by InSITE?
- I need help with my business plan, will InSITE help?
- I’ve applied to InSITE before, can I apply again?
- What are the criteria for company selection?
- What are my odds of getting accepted to InSITE?
- What about a non-disclosure agreement?
- I have more questions!
What services and value does InSITE provide?
InSITE provides an invaluable opportunity for entrepreneurs and top NY graduate students to collaborate on improving a company’s chances for success in venture funding. By closely working together, companies emerge with a stronger business plan and a highly focused message. While our end deliverable is a refined investment presentation and executive summary, the value in the program extends far beyond these documents. Any great investor presentation is really a reflection of a well thought-out business – both in the soundness of the plan and the CEO’s ability to express it.
At the conclusion of the weekly meetings, InSITE companies will pitch at the final pitch and receive feedback from a panel of highly accomplished New York VC’s and angels. This gives InSITE companies even more feedback and potentially establishes connections for funding in the future.
In the years InSITE has been working with entrepreneurs, InSITE companies have raised over $215 million dollars in venture funding. We can’t guarantee that you’ll receive funding or that we’ll introduce you to the VC you need to know, but we can say that our consulting and method gets results.
During our weekly session, we focus on the following areas.
- Business Overview/Elevator Pitch
- Management Team
- Market
- Product
- Business Model
- Customers
- Strategic Relationships
- Competition
- Barriers to Entry
- Financial Overview
- Potential for Business/Use of Proceeds
- Capital Structure and Valuation
When presented in a clear and concise manner, these areas provide VC’s and Angels the information they need when meeting and entrepreneur and learning about a business opportunity. Having this type and detailed feedback before ever meeting a potential investor is extraordinarily powerful and of significant value to the entrepreneurs we work with. (Return to top.)
Does InSITE charge a fee or take equity in my company?
InSITE does not charge any fee for its services. Our Fellows are interested in working with talented entrepreneurs and venture capitalists. By working with InSITE companies, our Fellows gain invaluable experience in venture consulting and startups, helping to advance their experience and carreers. (Return to top.)
I need help with my business plan, will InSITE help?
Again, the deliverables at the end of the semester is the pitch, presentation, and 1-pager, but, what underlies a phenomenal presentation to investors is a clear understanding of the business and the ability to eloquently communicate this vision. As such, as we help you perfect the pitch, we will be helping you perfect your business plan.
Parts of this process will require analysis and adjustments to the business plan, but we are refining your business plan, not creating it. For instance, at times entrepreneurs we work struggle to define their market and competition. Our Fellows offer assistance by thinking about ways that the company can better answer that question and plan a course of action, but do not perform the market research. In other cases, entrepreneurs have issues developing or communicating their financial model. Fellows help entrepreneurs think about the economic drivers or their business from a revenue, cost and milestone perspective, but do not develop the actual models. If you are seeking help primarily to write your business plan, this may not be the right program for you. (Return to top.)
What stage does my company need to be at to be considered by InSITE?
Working with InSITE is ideal for companies advancing to their first round angel, or more commonly VC funding. As such, companies should have a clearly defined mission statement, product, and launch plan before applying to InSITE. Companies may be pre-launch / pre-revenue or fully operational. InSITE does not limit applicants by industry. However, companies should have a business model that is venture fundable. (Return to top.)
I’ve applied to InSITE before, can I apply again?
Absolutely. If you have applied before, please tell us what has changed/developed since your last application. (Return to top.)
What are the criteria for company selection?
Each semester, the VP of Companies pre-screens all applicants based on the following criteria:
- Is this company based in a location we serve (NYC, Boston, DC, Palo Alto)? Due to the nature of our services, we must meet face-to-face with the entrepreneur on a weekly basis.
- Is this entrepreneur committed to attending all five team sessions and the pitch event? Team sessions occur weekly (see below). Since InSITE teams are composed of students from graduate programs at different schools, it is not possible to reschedule any team meetings. Please refer to our calendar for the most up to date schedule.
- Is this company a likely candidate for venture capital financing? This is our focus and specialty. While VC funding is often the best choice for companies poised for extremely rapid growth, many promising start ups are often better served with other forms of financing.
- Is this company at the right stage for InSITE to add value? InSITE is most able to add value to companies that are actively seeking, or preparing to seek, their first significant angel or venture capital investment round. Companies that have already received several rounds of funding or are not looking for funding in the next six months are not a good fit.
- Is this company likely to become successful with the help of InSITE?
- Is the entrepreneur someone fellows are excited to work with? Does the entrepreneur seem willing to take constructive feedback? Will fellows learn from the entrepreneurs experience and vision?
What are my odds for getting accepted to InSITE?
The InSITE selection process is highly competitive for companies. We generally receive 60-80 applications for each semester. We select approximately 20 of those companies for interviews, 10 of those companies for presentations, and approximately 6 companies are selected after the pitch event. (Return to top.)
What about a non-disclosure agreement?
All InSITE Fellows must sign a standard non-disclosure agreement with InSITE to protect the companies we work with during the year. InSITE does not enter into NDA’s with entrepreneurs as part of the application process. (Return to top.)
I have more questions!
If you have any additional questions about the application or the process for companies, please contact Brian Ballan (@bballan) or vp.sourcing@insiteny.org. (Return to top.)