All right, what's going on, team? We are back on the Fireside PM podcast, and today I want to share some hard-earned insights on applying to tech startup accelerators. I just finished reviewing over 80 applications for UC Berkeley SkyDeck and Stanford GSB's summer entrepreneurship programs, and I have a ton of thoughts on what makes applications stand out—and what sends them straight to the 'no' pile.
If you're a founder looking to get into one of these programs (or even just raise pre-seed money), listen up. Because after reading and rating all these applications, I’ve spotted clear patterns in what works and what doesn’t.
Why This Matters
Whether it’s Y Combinator, Techstars, or a university-backed accelerator, getting into a top program can significantly change your startup’s trajectory. It’s not just about funding; it’s about credibility, mentorship, and an alumni network that can open doors. But the competition is fierce, and most applications don’t make the cut.
I’m sharing my perspective not as an official spokesperson for these programs, but as someone who has been on the selection committees. These insights can give you a better shot at getting accepted—or at least prevent you from making rookie mistakes.
The Harsh Reality: Most Applications Are Mediocre
The first thing that struck me was how many applications were painfully generic. "We are building AI-powered solutions for X." Great. So is everyone else. The reality is:
"Most applications don’t stand out because they don’t make me believe this team is the one to solve this problem."
The best applications convinced me that the founders deeply understood the problem, had unique insights, and were doing something difficult yet compelling.
1. Show, Don’t Tell: Your Idea Is Not Enough
A huge mistake I saw was founders assuming their idea alone was enough. Just having an idea—even a great one—isn't a differentiator. Execution and traction matter.
"If you’re pre-product and pre-revenue, you better have a crazy impressive background or some early traction that proves you’re not just another person with a PowerPoint."
Some founders just threw in a generic problem statement and a solution slide without showing any proof that they could execute. The best applications showed:
* Early customer interest (waitlists, LOIs, pre-sales)
* Prototypes or MVPs
* Unique industry insights that others don’t have
One application that stood out came from a founder who had already hacked together an MVP and had 100 users testing it. Another had letters of intent from two Fortune 500 companies. Those got a second look.
2. Make Your Founder Story Work for You
Every founder has a story, but not all stories are compelling. A strong application makes it clear why you are uniquely suited to solve this problem.
"The best applications make me think: ‘Of course this person should be doing this startup.’"
If your background doesn’t directly tie to your startup, find a way to make it relevant. Maybe you’ve spent 10 years in the industry and have insights others don’t. Maybe you built something similar before. Maybe you have an unfair advantage in distribution. Whatever it is, highlight it.
Weak applications left me wondering: why this person? Why now? If I can’t answer that, you’re in trouble.
3. Specificity Wins: Avoid the ‘AI-Powered’ Trap
A major turn-off was vague, buzzword-heavy descriptions. If your pitch is "We use AI to optimize X," without specifics, it’s a red flag. AI is a tool, not a strategy. What exactly are you doing that others aren’t?
One founder wrote:
"We use AI to improve customer service experiences."
That’s meaningless. Compare that to:
"Our AI-driven chatbot for e-commerce brands has reduced support ticket volume by 37% in our pilot with three Shopify stores."
The second one gets my attention.
4. Big Market? Show Your Math
Most applications claim they’re tackling a multi-billion-dollar market, but few show how they get there. The best applications broke it down:
* TAM (Total Addressable Market): The total demand if everyone in the world used your product
* SAM (Serviceable Available Market): The segment you realistically reach with your distribution model
* SOM (Serviceable Obtainable Market): The share you can actually capture in the next 3-5 years
"If you just throw a $10B market size number without context, I assume you’re making it up."
Show your math, cite real sources, and make me believe your assumptions.
5. The Team Section Can Make or Break You
Some of the strongest applications had killer teams. Not just impressive resumes, but complementary skill sets that made sense together.
"A red flag is when it’s all business folks and no one technical, or vice versa."
One startup had two MBAs and no engineer. Another had four engineers but no one who had ever sold anything. That’s a tough sell. If you have a gap, acknowledge it and explain how you’ll fill it.
The Applications That Got a ‘Yes’ From Me
While most applications were forgettable, a few stood out. Here’s why:
* Traction: Even a tiny bit of real-world validation (a waitlist, a pilot customer, an MVP) made a difference.
* Deep market understanding: They articulated why now and why them with clarity.
* Clear problem-solution fit: They explained the pain point in a way that made me nod in agreement.
* Compelling team: The founders had unique experience or skills that made them credible.
Final Thoughts: Get the Basics Right
I get it—applying to accelerators is tough, and competition is brutal. But too many founders shoot themselves in the foot by submitting weak applications.
"If your startup idea doesn’t feel inevitable after reading your application, you’re not ready."
Before you hit submit, ask yourself:
* Would an outsider instantly understand why this idea must exist?
* Does my traction (or background) de-risk my ability to execute?
* Is my founder story compelling?
* Have I removed all jargon and made my pitch crystal clear?
If the answer isn’t a strong "yes" to all four, keep refining.
And if you want personalized guidance on your product or startup strategy, check out my 1:1 coaching practice at tomleungcoaching.com and my consulting work at paloaltofoundry.com.
Let’s get back to work.
