Without a doubt, one of the hottest new startup accelerators in tech right now is Andreessen Horowitz’s Speedrun program. Launched in 2023, the accelerator has an acceptance rate of less than 1%. In a January blog post, the program said that over 19,000 startups pitched and fewer than 0.4% were accepted into the latest cohort.
The program used to focus on gaming startups, then expanded into entertainment and media, and is now a “horizontal program,” Joshua Lu, the program’s general manager and a partner at a16z, told TechCrunch. Today, founders of any type of startup can apply, and the program runs for about 12 weeks in San Francisco. It once had a program in Los Angeles, but Lu said the focus will be on SF from now on.
There are two cohorts a year, and around 50 to 70 startups are accepted into each. The program invests up to $1 million into each company, though the downside is that it’s a bit pricey. It typically invests $500,000 up front in exchange for 10% of the startup’s company via a SAFE note, and another $500,000 if the next round is raised within 18 months, at whatever terms agreed to by the other investors. In comparison, Y Combinator typically takes 7% of the company for $500,000.
Speedrun said its program is more “equity expensive” because of what it offers founders. It provides them with access to a16z’s advisory and business networks that assist with tasks like go-to-market, brand development, media strategy, and talent sourcing. Plus it offers the startups perks like $5 million in credits to vendors such as AWS, OpenAI, Nvidia, and Deel.
Given the high interest, and low acceptance rate, TechCrunch spoke to Lu for some tips on how startups can best stand out. The latest cohort began in January and will end in April with a Demo Day. Applications for the next cohort open in April, though it looks at off-season applications year-round, Lu said.
Focus on the founding team
Speedrun focuses on early-stage startups. Because of this, they really examine who is on the founding team and whether their skills complement each other, Lu said.
“That doesn’t mean one has to be technical and one has to be commercial and one has to be marketing,” Lu said. It means that “we prefer not to see any glaring holes in capabilities or interests. We want the founding team to be self-aware and for that to be part of the hiring plan.”
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