As part of HATCH pitch’s mission to work with revolutionary startups making life better, we have enhanced the application screening process to include feedback to applicants who apply by the deadline.
HATCH pitch has partnered with Qukku as a means to capture the teams’ applications and provide real time feedback. We’ve also built a Screening Portal to efficiently assign screeners and capture scores and comments for HATCH’s eyes only.
LAST BUT NOT LEAST (so I’ll put it first).
HATCHworthy – possibly the most important is to use your judgment to assign the applicant company to one of these four buckets. There can be only 12 and we have to reject many many good companies with high scores. This is where we make some hard decisions and identify the best of the best.
For each topic (Market, Product, Team, and Awesomeness) we score differently in the two scoring rounds.
Round 1 (feedback): Provide your assessment of the application based on the information presented by the applicant. If they don’t say it, assume they don’t know it.
Round 2 (screening): Provide your assessment of the application based on your understanding of the opportunity regardless of information provided. Use your knowledge of the industry and market where possible.
Scoring is on 10-point scale (1 = low / 10 = high). Top scores should meet the following criteria:
Market - significant growth rate, large market size (at least $5 billion worldwide), limited competition in first 1-3 years, and established distribution channels.
Product - proprietary protection/barriers to entry (technology or business processes that will give the company an advantage in the marketplace. Also includes operational advantages, marketing strategies and tactics, or financial advantages.), demonstrated market acceptance/ validated need of product in market space, and working prototype.
Team - thorough market/industry knowledge, track record relevant to venture, significant past leadership roles, referred by reliable sources, and great reputation.
Awesomeness – really making life better, super exciting presenter, controversial, simply awesome company or team.
USING QUKKU TO PROVIDE FEEDBACK
If you’re not familiar with Qukku, walk through the Welcome to Qukku idea that’s pinned in the navbar on the right. This is not a journey for the faint of heart, but we know you can handle it.
Back to the HATCH pitch application (use your browser’s Back <- button if necessary). The general idea is that the teams post their application content in the yellow area of the screen and the screeners post feedback in the blue comments area of each section. After brainstorming/discussion in the blue comments area, the authors will integrate the comments into the yellow area and dispose of comments. You can see how things evolved by looking at previous versions.