Entrepreneur First
| Privately held company | |
| Industry | High tech startups |
| Founded | 2011 |
| Founders |
Matt Clifford Alice Bentinck |
| Headquarters | London, England |
Area served | United Kingdom, Central Europe |
Key people |
Matt Clifford, CEO Alice Bentinck, COO |
| Website |
joinef |
Entrepreneur First is a London-based startup accelerator which assists promising UK and Central European tech graduates and those already working in technology firms to design and run their own startups. Founded in 2011 by Matt Clifford and Alice Bentinck, the program helped establish 50 startups valued at $210 million in its first four years. Entrepreneur First differs from other accelerators such as Y Combinator and Wayra in that it seeks out individuals with concepts rather than existing companies.
Program
Entrepreneur First aims to attract the top graduates in computer science and engineering at UK and Central European universities,[1] with the goal of encouraging them to start their own businesses rather than enter traditional career tracks in the corporate or banking world.[2] The program also accepts applicants who are already working in tech firms.[1] Applicants do not need to have an idea for a business or a team in place before applying, but are evaluated solely on the basis of technical talent.[3]
The six-month, cohort-based program is divided into two parts. The first three months are devoted to building a team and "identifying a problem they want to solve before creating a product to solve it".[2] During the second three months, participants receive guidance in running a business from mentors in the science academic and venture capital fields.[3] Participants also meet with senior business executives and government officials at 10 Downing Street.[2] The program furnishes each startup team with a monthly stipend for living expenses, office space, and administrative and legal assistance.[4][1]
The program culminates in a Demo Day[5] at which each team delivers a three-minute pitch before dozens of venture capital investors and angel investors.[3][4] Entrepreneur First continues to guide startup teams through fundraising and hiring over the next six months.[5][6]
Entrepreneur First invests £16,600 to £19,900 in each startup, and in return claims an 8 percent equity share.[2]
In its first four years, Entrepreneur First helped establish 50 startups valued at $210 million.[3] Among its successful startups are Adbrain, Echobox, Blaze bike lights,[7] Pi-Top, Permutive, Tractable, Code Kingdoms, and Magic Pony Technology.[1]
Application process
The program receives over 1,500 applications per year and accepts 60 of them.[8] Applicants – generally computer science and engineering graduates, along with "self-taught programmers with arts degrees" – are the products of the University of Cambridge, Imperial College London, University of Edinburgh, and the University of St Andrews.[2] Entrepreneur First conducts its own talent searches to find and interest graduates in the program, encouraging them to apply "rather than joining Google or Facebook or doing a PhD or Postdoc".[1]
Program administrators conduct 10-minute[2] interviews via Skype with approximately 400 of the applicants, followed by in-person interviews with about 200.[3] Clifford, Bentinck, and previous startup teams accepted by Entrepreneur First also meet with potential candidates, and each applicant takes a technical test.[2] Approximately 150 individuals are then invited to a weekend "hackathon", described as "an intense coding race", before the 100 finalists are accepted into the program.[3]
Entrepreneur First differs from other accelerators such as Y Combinator and Wayra in that it works with individuals rather than companies.[4] However, its successful startups have gone on to receive investor funding from Y Combinator, as well as from Balderton Capital, Index Ventures, Notion Capital, and Octopus Investments.[1]
In July 2015 Entrepreneur First announced the establishment of an £8.5 million fund, backed by Encore Capital Group, Infocomm Investments, and angel investors such as Robin Klein and Alex Chesterman, which will enable it to accept 200 participants per year for the next three years.[1]
History
Entrepreneur First was founded in 2011 by Matt Clifford and Alice Bentinck, who had worked as management consultants at McKinsey & Company since 2009. According to Clifford, the model was inspired by a McKinsey project to develop a technology cluster in East London, which would tap "talented graduates" to create startups to bolster the cluster. Believing that the model would best succeed independently, Clifford and Bentinck left McKinsey and started the program themselves.[7] Clifford serves as CEO while Bentinck is the COO.[7]
McKinsey & Company provided seed funding, and KPMG, Microsoft, and Sky were early corporate sponsors.[3]
The logo of Entrepreneur First, chosen by Clifford, is a "fierce and scrappy" honey badger.[3]
References
- 1 2 3 4 5 6 7 O'Hear, Steve (15 July 2015). "Entrepreneur First Raises £8.5M To Find Europe's Best Technical Talent And Invest 'Pre-Team, Pre-Idea'". TechCrunch. Retrieved 1 October 2015.
- 1 2 3 4 5 6 7 Weinberg, Jonathan (25 February 2014). "A Tech Accelerator Grows in London". Fortune. Retrieved 1 October 2015.
- 1 2 3 4 5 6 7 8 Davidson, Lauren (20 September 2015). "Could this London accelerator be the biggest creator of start-ups in the world?". The Sunday Telegraph. Retrieved 1 October 2015.
- 1 2 3 Shead, Sam (10 September 2015). "Entrepreneur First: Why it's different to other accelerators and who its latest startup champions are". Tech World. Retrieved 1 October 2015.
- 1 2 "Entrepreneur First website". Entrepreneur First. Retrieved 1 October 2015.
- ↑ Bateman, Kayleigh (13 September 2013). "Entrepreneur First and Code First Girls". Computer Weekly. Retrieved 1 October 2015.
- 1 2 3 "Focus on Founders: Alice Bentinck and Matt Clifford at Entrepreneur First". McKinsey & Company Alumni Center. 22 July 2014. Retrieved 1 October 2015.
- ↑ "Ms Alice Bentinck – Co-founder EF & Code First: Girls" (PDF). Northern Future Forum. 2014. Retrieved 30 September 2015.