How to pass the selection for the international acceleration program 500Global in Georgia

Dinara Uskenbaeva, CEO of GoDays

About the Startup

GoDays is an AI-powered startup that helps identify employee burnout, reduce costs associated with onboarding and hiring new employees.

Why We Chose 500Global

The 500Global accelerator is one of the best acceleration programs in the world. 500Global provides the funding necessary to scale and develop the product. They also help with networking. There are no equivalents to this company in Central Asia: local accelerators are still too young.

Selection Criteria

Startups must submit an application at the beginning. After that, candidates are invited for interviews. We had three interviews.

The first interview was easy, but each subsequent stage becomes more difficult. The main selection criteria are:

1. The Idea

2. Traction

3. Current Results.

We already had sales, which gave us a slight advantage. However, there were other companies that had not yet made any sales. What matters most is how confident you are in your idea, whether you have conducted proper market analysis, and the scalability of the project.

Several startups applied alongside us that were doing well in their home countries but lacked scalability potential. Later, we asked the managers why they were not accepted. It turned out that similar solutions already exist globally, meaning that due to the presence of analogs, they cannot expand into new markets.

I recommend creating a good data room that includes all data about your work. Learn to pitch your project: there are tutorials online on how to give a successful presentation.

If you think your startup is too small for this program, you are mistaken. 500Global focuses on early-stage startups. Among the participants were projects that were created just two or three months ago.

How the Acceleration Went

The program is divided into three phases:

1. On-site in Georgia: two weeks. We came in the morning for stand-ups, talked about what we liked in the lectures, and discussed which KPIs we were working on. You can ask for help from other founders. 500Global is all about community, so you can always get help.

Afterward, we attended lectures on startups. In the evening, workshops took place, after which you could sign up for office hours — you could book individual sessions with mentors.

2. Growth Phase: eight weeks. Lectures and office hours continue, but now the focus is on the practical part — applying skills in work. Therefore, the acceleration is suitable for both beginners and experienced entrepreneurs.

3. Pitch Stage. It will begin for us on December 4. During this time, you prepare for Demo Day. At this event, you present your startup to invited investors.

Results

I became more confident in the startup and in the fact that everything will work out. At the acceleration, you can find answers to questions that cannot be formulated in Google. The company does everything necessary to help your startup develop and strengthen its market position.

It is difficult to understand what exactly to prioritize and where to start scaling — trackers and mentors help structure the chaos in your head.

The acceleration points out obvious things that everyone knows, but at the same time, it shows details that we previously either ignored or did incorrectly. Small changes help the product grow.

500Global outlines the exact steps that need to be taken before entering new markets. Program representatives help find people who work in the selected countries — you can contact them and clarify any questions.

The Difference Between 500Global and Other Accelerators

Acceleration programs in Central Asia are great, but they lack experience and a large community. Achieving this will take a lot of time and resources, and I am confident that they will get there.

There are larger programs, such as Y Combinator, but getting into them is much more difficult. For us, it is the next step.

I recommend going through 500Global to everyone — here you will find a solid foundation and help in developing your startup.