Hey guys, we are three guys from India who are currently working on an AI based startup. We have the idea ready an structured found a product market fit but we dont have a fully functional prototype, the prototype works but still in the initial phases do we have a chance at request for startups with just an idea and a basic prototype or do we need an MVP and an user base to get selected?
Comments
bosky101•8mo ago
Yes, anyone can apply. But it's important to refrain from over engineering how it's built, what framework or what model. These are all secondary for a startup.
MVP matters.
Customer traction outweighs all.
Getting folks to pay for AI is challenging. If you manage to crack a niche and do so and pay or pre-order - that will give you an understanding and core tenant that is expected from companies to scale once they get accepted into YC.
It's tougher to get the average chatgpt free user - to pay for an unknown startup. All you need is one company to agree to pay. Because if you can get 1 (not friends & family), you get 10. And then get 100.
If I were you, my #1 focus for the entire team would be to get 1 company to pay, before starting to build or touch code. Get the initial NO's to tweak every cold call/email/pitch refining every day until you crack your first deal. I would stay away from long tail consumers.
Good Luck!
Akshaiy•8mo ago
Heyy is there any funding organization that will invest just for the idea?
bosky101•8mo ago
For unproven entrepreneurs, YC is the best bet.
Confident and serial entrepreneurs are able to raise with just an idea/meeting because there is some precedence.
But there is a silver lining.
You don't need funding to startup.
If you do anything that gets a lot of users using it. I guarantee you investors will be the ones chasing you.
Akshaiy•8mo ago
Thanks a lot for your insights would love to work on something with you.
bosky101•8mo ago
MVP matters.
Customer traction outweighs all.
Getting folks to pay for AI is challenging. If you manage to crack a niche and do so and pay or pre-order - that will give you an understanding and core tenant that is expected from companies to scale once they get accepted into YC.
It's tougher to get the average chatgpt free user - to pay for an unknown startup. All you need is one company to agree to pay. Because if you can get 1 (not friends & family), you get 10. And then get 100.
If I were you, my #1 focus for the entire team would be to get 1 company to pay, before starting to build or touch code. Get the initial NO's to tweak every cold call/email/pitch refining every day until you crack your first deal. I would stay away from long tail consumers.
Good Luck!
Akshaiy•8mo ago
bosky101•8mo ago
Confident and serial entrepreneurs are able to raise with just an idea/meeting because there is some precedence.
But there is a silver lining.
You don't need funding to startup.
If you do anything that gets a lot of users using it. I guarantee you investors will be the ones chasing you.
Akshaiy•8mo ago