Insecurity is creeping in as I am submitting my applications. Would love to hear what you think my chances are.
Major: Economics
Stats:
Iraqi public school student. No APs or A-Levels offered
93/100 (roughly 4.0 GPA)
Going test-optional because of mediocre SATs
ECs:
Founding member of startup that raised ~$10 million. Led marketing
Travelled to the US for a month-long program sponsored by the US Department of State. Met community leaders, CEOs, politicians
Host a moderately successful business podcast (10k followers, 500k reach, 1.5m impressions)
Organized:
cultural exchange trip for 10 students and school staff to Beijing
bring-and-buy fair for charity at school 3
15 startup gatherings sponsored by US Embassy
Interned at a business incubator
Attended model UN about ISIS
Essays:
Not very confident about personal statement. 6/10
Supplemental essays, “why us”'s, and "why major"s are good though. 8/10
Objective: building a micro-mobility startup (scooters or e-bikes) subsidized by Middle East governments as a transitory alternative to major transportation infrastructure projects
Do you have a dollar amount your family can contribute annually? I’m asking because many schools are need aware for international students…meaning your level of need is considered when your application for admission is considered.
What happens to the start up when you go off to school? Are your investors comfortable with you being a full time student? Did you integrate the start up into your applications?
This is a big achievement (and claim) congratulations! If properly leveraged and accurate it could get you into several schools who have dedicated entrepreneurship curriculums and resources. If however it doesn’t pass a “reality check” it could serve as a red flag.
So how much equity did your investors receive in exchange for the $10mm you raised through your marketing? A $10mm angel round is huge unless you had a proven revenue model so what was the $10mm used for? Typically founders aren’t easily “substituted” and why would you walk away having been recently funded?
Your average AO won’t be asking this but at several schools you are applying to your application could get bumped to someone that would want to know more in the hope of recruiting you.
You mention an incubator, was it the likes of Techstar, Y Combinator or Mass Challenge? Each has extensive direct calls into T20 entrepreneurship faculty. A founder that has those contacts and raised $10mm in HS could use that experience as a strong hook.
I ask this having been involved or aware of several ventures that were conceptualized and then developed and angel financed while founders were in college such as you describe.
Your initial mention of it suggests a lot of good possibilities but in all candor your response raises more questions than answers.
I appreciate the questions, they are very valid and I’d be happy to answer them in detail to an AO.
Long story short is that we were backed by a venture builder who led our seed round. There was an emphasis on streamlining processes and making the business independent of a single person/entity from the beginning, which isn’t hard considering the proven and tested sector we’re in. So there is a founding team, and a team of consultants (think ex-MBB) and executives from the venture builder abroad.
So yes, I’m ready for hard-hitting questions for sure.
The incubator I interned at was a local one with weak connections to Techstars and the like, but nothing major.
So do you have a continued interest or did you cash out? How much did you make?
So I thought you said you raised $10mm by marketing. Sounds now like you had a single“venture builder” get involved. Sounds like he bought the company versus an investment? Specifically what was your role in building or financing the business.
Again not trying to be brutal but if what you described initially is accurate and you have a continued interest or other $10mm ideas there are several schools and specific staff I can direct you to that would likely want to talk to you aside from the normal application process.
Here are starting points for 3 schools that are pumping resources into their entrepreneurship areas and or offer “certification”. As you sort through the websites you will note they provide incubator support, access to a variety of financing options and the resources of a globally recognized university.
Good luck and given our side comments have no doubt you will be successful in many future endeavors. Happy to further DM if any questions or contacts come up or would be helpful.
