Ideabox

Frequently Asked Questions

 

 

How to submit to ideabox accelerator?
We have several steps for application to ideabox. The first step you need to do is to register your interest and fill in some basic information
at www.ideabox.co.id/apply

Do I need to have a team to submit to ideabox?
We encourage everyone with good ideas and passion to submit to ideabox. Ideally you need to have a team to execute the idea. However, ideabox is an accelerator for seed/early stage startup, and we understand that sometimes you are still in process of gathering a complete team. We encourage you to submit your idea to ideabox but at the same time looking for complementing team mates asap. One-person team will usually be unsuccessful in the final stage of the application.

I have more than 1 idea, can I submit more than 1 application?
Yes, there’s no limitation on how many applications you can submit. However make sure you have done enough work on the ideas before you submit to ideabox. Slideware will be discarded on next step of the application screening.

Do I need to have already launched the product?
We don’t need you to have a launched product, because that’s why we’re here for. But you do need to have a working prototype in order to pass the next screening process.

Will a screen mockup considered as working prototype?
Can it show the functionality of the product? If no, then it is not a “working” prototype.

I have registered my interest at http://www.ideabox.co.id/apply website. So, what’s next?
All submissions will be put through the first screening. We discard applicants who do not show enough work or seriousness in the submissions. Applicants who pass the first screening will receive email from us to submit a more comprehensive application form, which will qualify you for next round, i.e. Phase 2. We usually reply to you a week after receiving your first submission.

What do you mean by applicant “not show enough work or seriousness in the submissions”?
Base on our discretion, we will consider whether you are serious on the application. But when you do not submit complete information, or unable to show enough understanding of the problem, then you may be discarded.
Example :
Q : Define your target market?
A : Our target market is everyone who use mobile phone (automatically rejected).
A: We target Indonesia market, all 250M people, it is huge, really really huge! (automatically rejected)
A: We target everyone who likes to travel (who? automatically rejected)

I have registered my interest at http://www.ideabox.co.id/apply but I have not yet received any feedback after more than 1 week. What happens?
You are likely not passing the screening. You can resubmit again with more complete information, or enter with a new idea.

There’s 2 days Ideation Bootcamp in Jakarta as part of the final screening process. Do I need to attend? Will you cover the cost?
Yes, selected candidates will need to attend the 2 days bootcamp in order to proceed. We may provide stipend to help you with the travel cost for candidates from outside Jakarta.

What if I cannot attend the 2 days bootcamp in Jakarta?
Then, you will be forfeited from the process and your slot will be allocated for other candidates.

How much funding will ideabox provide for the selected companies on the program?
We believe that bigger amount of funding will not guarantee success level of the startup. But the whole acceleration program is geared toward getting the start-up higher chance of success. This is done by working closely with you side by side, fixing your product together, opening up industry network in order to get market validation and commercial deals.

The value provided from ideabox :
4 Months Living Expenses : Usually between USD 30K-50K given in cash
Office & co-working facility : Free
Mentorship & assistance : Free
Go-to market support : Additional go-to market expenditures (case by case, as needed)
All above will have value of more than USD 200K for the startup.

What do you mean by “additional go-to market expenditures“?
Once you complete the product and when there’s a good fit between your product and our partners (e.g. Indosat), then there may be additional marketing spending allocated to support your launch. This, however will be dealt in case by case basis. In the last batch, all of the startups get commercial deal and some get access to additional marketing spending.
e.g.:
http://dailysocial.net/post/apakah-startup-yang-menjadi-basis-platform-e-commerce-indosat
http://indosat.com/Programs/Indosat_Programs/GRATIS_Tiket_Nonton_Blitz_dengan_Aplikasi_Dealoka

How much equity will ideabox program take from the startup?
ideabox will get an option to take up to 20% equity on the next qualifying financing round of USD 1M.
In simple word, we will work together with you to get your startup to reach USD 1M valuation, in which ideabox will own 20% in the company. It is our aim to get your company to be USD 1M valuation within the next 12 months.

What if we are unable to get the startup to USD 1M valuation?
ideabox will still have option to take 20% of the company, but we will both fail and nobody will be happy.

Do I need to quit my day job to enter the ideabox program?
Yes, all successful candidate will need to enter the 120 days ideabox accelerator program in JAKARTA and do the program FULL TIME. If you do not think you are ready to leave your job and work on your startup full time, then you should not apply.

Not all of my team member can do this full time, can I still apply?
The core team need to be full time. You need to have at least 1 business people & 1 engineer to make this work and both need to be full time.

I live in another city, can I do the program remotely?
No. You need to be in Jakarta fully during the 120 days.

Will ideabox guarantee follow on funding upon completion of the 120 days program?
Upon completion of the program, we will organise a Demo Day in which you will meet potential investors.
We help to coordinate and prepare you for the event, but it is your own obligation to secure your next round of funding. We hope that upon completion of the acceleration program, you will have a mature product, commercial deal and some market traction, which will help you secure your next round of funding.

I heard about Indosat – Softbank Fund. Will I get a follow on funding from them?
See answer above. Successful graduates from Ideabox program will have preference for funding from Indosat-Softbank Fund, but again, we will help coordinating, but you need to pitch well and convince the investment committee yourself.

May I answer questions in Bahasa Indonesia?
We are OK in Bahasa Indonesia for initial stage. But once pass the screening we need them to apply in English. It is also expected that all candidates have good English fluency as some part of the program will be in English.

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