Startups: criteria for selecting startups and questions to ask a founder
Every day there are new ideas and innovative products, and new projects turn into startups. Startups often turn to large manufacturing companies in search of investment and partners. IRZ receives applications through the website "invest.irz.ru": our highly qualified team analyzes each of them.
When reviewing applications, we focus on innovative projects in electronics, medicine (devices), telecommunications (5G/6G solutions, antennas, radio units and heads), robotics, ecology, and energy. IRZ JSC is interested in projects with high export potential and coverage of a new market.
If the proposed project meets the basic criteria, IRZ analysts contact the founder. Our goal is to get detailed information about the project, the general vision of the startup itself, the conditions of interaction with investors and production partners.
In the current environment of covid-19 proliferation, we can't see each other in person, so video conferencing is our everything. We have developed a short list of questions that help us better understand both the product itself and the startup founders' goals. So, the startup is up and running, the analysts are up and running, and we're starting our survey:
- What is the stage of readiness of the product at the moment? The IRZ company needs to understand: whether a proof of concept (PoC) has already been obtained, whether there is a prototype or MVP, whether additional device testing is needed.
- Technical characteristics of the device: what restrictions there are on the use, the size of the device and usability, the competitive advantage and features of the product.
- What is the cost of the product assumed by the funder? The cost of production, the cost of R&D, the calculation of the cost for different markets - all this allows you to estimate the potential of the product.
- Who the target audience of the product is, as well as the planned business model for the development of the startup. How does the funder see the future work of his project and interaction with the target audience?
- IRZ is a large full-cycle production, so we always ask about the availability of production sites for a startup.
- IRZ is a Russian company and it is important for us to bring innovative products to the Russian market: we suggest that startups consider localization of production in Russia or licensed production.
- Perhaps the most important question for any startup is: how much investment the company needs, and for what purposes they plan to use it.
Only after receiving all the information from the funder is the startup's application sent for a detailed multi-level analysis by our specialists. The result of this analysis is a presentation of the project at the IRZ Investment Committee. We will tell you about these two stages: the multi-level analysis and the investment committee in the next article.
Or you can apply to email@example.com and find out everything in person! Tell us about your project: we are developing ourselves, developing and scaling startups. Become part of a big, innovative program right now.