How to be NOT SUCCESSFUL in an “accelerator”

Sadjad FallahCo-founder of lendem

+Co-founder of drupz.ir

What’s lendem?

A mobile based social network

that helps people share their belongings and recommendations.

The team

Mohammad Tootia

Management

Mohammad Sadjad Fallah

Technical

Omid Jafari

UI/UX

How it all started

Our journey at avatech

The experience of being in the first cycle

workshops, mentoring and pitch sessions

University, best place to find users

Building the product before selection day

Our first version of the application

We got accepted in the selection day

We started recruiting (very fast)

Until we became a big team

Building versions (second)

Designing what we thought would work

Giving it one last try before demoday (Third Version)

Tried to market it - won some prizes

Demoday lendem style

But what we had to struggle with

Term sheet

Executive summary

Registering the company

Valuation

Milestone based forecasts

...

So what went wrong?

Lendem is the only team in avatech so far that graduated and didn’t get investment

What I learned from my experience (Not to do)

No 1In anywhere except silicon valley,

you must make money

No 2Listen to the ones that talk harsh

No 3Be Lean, Execute fast

No 4Nobody cares more than yourself

No 5Prizes are not success

No 6Don’t let acceleration program waste your time

They are here to accelerate you

No 7Don’t grow your team to soon

No 8Know what state your startup is currently in

No 9Never dump your products too soon

No 10Have the skills you need in the founding team

No 11Never stop learning

Thank you all for your time

Any questions?