Can you answer these questions?

  1. For each customer segment in your business model, is your total cost to acquire a customer (CAC) less than your life time value (LTV)? 
  2. Can you provide convincing evidence that your distribution channels are scalable? (See Casey Winter’s explanation on How To Measure Retention & Product-Market Fit for more detailed explanation.)
  3. Does your business model possess any of the highly defensible attributes preventing future competitors from challenging you?
    • Supply Economies Of Scale – Driven by massive fixed costs of production. Margins improve with scale. ex. auto, railroads, oil, gas, mining, pharmaceutical development
    • Strong Network Effects – The more users the greater the value on the platform. ex. Facebook, Amazon, LegalZoom
    • High Multihoming or Switching Costs – Monetary or other costs associated with using multiple products in the same market. ex. file storage, CRM

 

Can you produce these documents?

  1. Business Overview deck and/or Executive Summary
  2. Latest Financials (recent year & 3 year projections ideal)
  3. Summary of funding status, funding needs and planned uses of capital
  4. Summary of how your startup meets our criteria

 

Then apply here:

 

Startup Application

  • Great North Labs prefers to invest in startups based in the upper midwest (MN, WI, IL, IA, WI, ND, SD) but will consider investing in underserved markets within reasonable proximity.
    If your product isn't yet live, it's likely too early for us to invest.
  • Drop files here or
    1. Business Overview deck and/or Executive Summary 2. Latest Financials (recent year & 3 year projections ideal) 3. Summary of funding status, funding needs and planned uses of capital 4. Summary of how you meet our criteria