Several people have asked me to share my experiences with the Antler program. To address these requests, I’ve composed a review encapsulating my journey with Antler.
I participated in the third cohort of Antler Amsterdam in 2020-2021, navigating through the entire program, securing an investment, and presenting at the demo day.
Overview of Antler and its Target Audience
Antler is a global early-stage venture capital (VC) firm dedicated to enabling and investing in extraordinary individuals who are shaping the future with groundbreaking companies.
In essence, Antler unites highly-intelligent individuals with diverse business and tech backgrounds, fosters collaboration to generate novel business concepts, and subsequently funds the most promising teams and ideas.
Application Process for the Antler Program
Applicants initiate the process online, followed by a call with a recruiter who gauges your past experiences and answers your questions about Antler. I sensed that those with entrepreneurial backgrounds, previous startup experience, or prior involvement in company founding might have an edge in the application process.
Next, you have a conversation with a partner or director-level individual. This part of the process is more engaging as you’re expected to tackle a specific business case. For instance, I was asked to strategize a marketing plan for launching an Uber-like service in a new city. This stage is more about understanding your thought process rather than judging right or wrong answers.
I found the interviews to be friendly and low-stress.
Following a successful interview, you’ll be asked to complete an aptitude test, either the CCAT or the UCAT. If you have been assigned with the CCAT, you will receive 50 questions while the UCAT has 40 questions. The CCAT takes 15 minutes while the UCAT takes 20 minutes. The goal is to answer as many questions as you can get to within the allocated time-frame. These tests assess verbal, spatial reasoning, math & logic and attention to detail. I got the CCAT but Antler never told me the result so I assumed I had passed it.
Visa Support
Having moved to the Netherlands from South America, I received assistance from Antler in procuring a one-year entrepreneur visa for myself and my family. This process was straightforward, requiring minimal documentation. Please note, Antler currently only provides visa support for Singapore and the Netherlands.
I’ve recently renewed my Dutch residence permit for another two years and the process is progressing smoothly.
The Program
The program is composed of several segments:
- Pre-program: Access to the Antler Founder hub, a resource library filled with videos and materials on topics ranging from co-founder search to company formation.
- Phase 1 (11 weeks): The first two weeks are for meeting other founders, followed by nine weeks of ideation and validation.
- Investment Committee evaluation.
- Phase 2 (3 months): Building your product.
- Demo Day presentation.
The Program: Phase 1
Phase 1 aims to help you form a team and acquire the skills and knowledge needed to establish an innovative startup. This phase lasts for 11 weeks and begins with a two-week intensive series of sessions on team formation, product ideation, and business model creation. In this phase, you must interact with all 50-70 founders to understand their values and ideas.
From week 3, your interactions with Antler will largely be on a 1:1 or 2:1 basis, with a mix of group sessions and seminars. The goal here is to assist you in building your startup and securing investment from the Investment Committee. You’ll be partnering with different individuals, conducting market research, validating ideas, and perhaps even building prototypes and acquiring your first customers.
You will have three pre-investment committee sessions. For them you need to have an idea approved by Antler and a team. And ideally even more than that (show market demand, have a prototype, etc). Otherwise, you won’t be allowed to present to the investment committee. In our cohort only around 15 people (who formed 7 teams) were given the green light. For the rest the program was over.
The Investment Committee
So, if you’re going to the IC, this is how it’s going to look like. You will have around 10 minutes to present your idea and 10 minutes to answer questions of the IC board which consists of 2 local Antler partners, 2 global Antler partners, and 2 external experts (usually people from other VC firms). There could be some other parties on the call as well. You need to get 4 “yes” votes out of 6 to pass. We’ve got 6 out of 6.
Overall, 5 teams were offered an investment. 4 teams have taken it and one team decided to pass on for personal matters.
Securing an Investment
Successful pitches to the Investment Committee result in an investment of €100,000 from Antler for a 12% equity stake in your company. However, a fee of €45,000 (+21% VAT) is charged for program participation, meaning €45,550 is transferred to your company’s bank account. The VAT (€10,041) can be reclaimed from the tax authorities within a couple of months.
Update as of February 2020: Exciting news! Antler has revised its offer and no longer charges the €45,000 program fee. This means you receive the full €100,000 investment for a 12% stake in your company.
The Program: Phase 2
The second phase of the program focuses on building and launching your venture. You will be free to reach your MVP however you see fit, with support from the Antler global advisory network.
You still get on a group call once a week to discuss the progress. But you’re basically on your own with your co-founder(s) and decide yourself what’s best for your company.
The program culminates with demo day, and is a chance to pitch your idea to investors, accelerators, entrepreneurs and industry leaders.
Demo Day
Before the pandemic, teams would present at a live session with investors in the room - but during Covid, the presentation is pre-recorded and shown on Youtube.
After demo day, we received around 20 emails from investors interested in our company - we’re still currently in the talks with them.
Post-Program Support
Even after the demo day, Antler continues to support you with your fundraising efforts and leverages its extensive network of VC connections.
You also receive weekly support from a dedicated coach. Additionally, you gain access to the global Antler Slack group, consisting of over a thousand founders and mentors, and a vast database of perks and discounts on various products, services, and coworking spaces worldwide.
Conclusion
I would wholeheartedly recommend Antler if you:
- Need to find a co-founder
- Lack a clear idea or are looking for rapid idea validation
- Have launched an MVP but are pre-revenue and open to advice
- Are seeking a community of like-minded people
- Are in need of a pre-seed round of funding
In these situations, Antler might be an excellent fit for you. Overall, it’s a rewarding experience that combines fun, learning, and the forging of new friendships.
However, if you’re significantly advanced in your startup journey, have a founding team, and are generating revenue from your product, Antler might not be the best fit.
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