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We held an AMA with Techstars’ Co-CEO, David Cohen, where he answered commonly asked questions from founders about topics such as forming a team, developing an MVP and applying to an accelerator program.

This post is the fifth in a series of five. To sign up for our next AMA, check out the schedule here!

I am in the middle of building out my prototype and I want to apply to an accelerator. The longer I wait to apply, the more functional my prototype will be. Based on that, should I apply as late as possible? Why or why not?  

My general advice on this is apply as early as you can. Apply the minute that you know you want to. The reason for that is because of the multiple touchpoints and experiences you can have with the selection group that is selecting the companies. I’m part of that group usually later in the process, when we have it down to about 20 or 30 companies that we are looking at for the 10 or so that will get in.

There is a group of people that are going through those applications early, screening them and filtering them. It’s not “yes or no”, it’s, “that’s interesting, I’d like to learn more.”

As you update the application through the application system (F6S), we get those updates and we see the progress. My friend Mark Suster wrote a great blog post a long time ago that I refer to all the time called, Invest in Lines, Not Dots. That means, as investors, you are trying to see progress over time and have multiple experiences with an entrepreneur or with a company before you have to make a decision.

Don’t think of it as a snapshot in time, think of it as a relationship that you build throughout the application process, and apply early.

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David Cohen
(@davidcohen) Founder & Co-CEO of Techstars, previously founder of several technology companies. David is an active startup advocate, advisor, board member, and technology advisor who comments on these topics on his blog at DavidGCohen.com