Recruitment Process Details

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Overview

Launch Factory’s Founders Recruitment Process spans a period of 6-8 weeks and is split into four phases. In each phase, teams of two entrepreneurs are challenged with tasks that are required in a real startup environment. These tasks span multiple disciplines such as marketing, finance, and strategy.

Teams are either eliminated or progress to the next phase based on their performance relative to other teams. The recruitment process culminates in a final in-person event where four teams pitch their vision for the new company and the Founders are selected.

Tasks & Additional Details

Phase I:
Brand Development

Teams will develop a brand package for the new company that includes things like a logo, tag line, color palette, presentation template, and brand analysis. This task tests each team’s marketing strategy and design abilities.

Case Study

Candidates will work through a case study and produce both a spreadsheet and a brief written response. This allows us to evaluate team’s reasoning and communication skills in the context of finance and business strategy.

Phase II:
Market Analysis

Founders will research the industry and segments relevant to the new company and document their findings. This provides an opportunity for teams to show off both their research skills and presentation skills.

Product Definition

Candidates will define the new company’s product concept, features, and positioning. This is the first opportunity for Founders to formulate strategy for the company and demonstrate their strategic vision.

Founders Video

Teams will make a two minute video describing why they’re the best potential CEO & COO pair to lead the new company. This provides an opportunity for Founders to highlight their personal strengths.

Phase III:
Business Model & Go-to-Market Strategy

Candidates will develop the business model and a go-to-market strategy for the new company. This lays the groundwork for an eventual business plan and provides another opportunity to evaluate strategy reasoning.

Draft Financials

Teams will develop initial pro forma financials for the new company forecasting net income, cash flow, and investment needs. This task evaluates teams’ understand of startup finance and financial modeling abilities.

Letters of Recommendation

Each Founder will provide a letter of recommendation from someone they’ve worked with directly. This is meant to provide outside input on the candidate’s abilities and work performance.

Phase IV:
Business Plan

Teams will build on their work up to this point to compile a full business plan for the new company. This allows them to revise strategy proposals based on feedback and assesses their overall vision for the venture.

CEO/COO Tasks

Each CEO & COO will individually complete a task at the final event designed to challenge them in areas uniquely important to their future roles. This gives us an opportunity to see how each Founder performs on their own.

Final Pitch

Founder teams will pitch their business plan and vision for the new company in person at the final event. This provides an opportunity for them to show off both their presenting skills and their business plan.

Additional Details:
Challenge Awards

One task in each phase will be designated as the primary challenge for that phase. The team with the highest score on this task will receive a Challenge Award, which will guarantee they progress to the next phase.

Judging

Team submissions will be evaluated by a panel of judges within Launch Factory and will be scored on several criteria specific to that task. The teams scoring in the upper 50% will proceed to the next phase.

Rules

All submissions throughout the process must be the work of the Candidate team and be completed on time. Late submissions will not be accepted and any team found plagiarizing or outsourcing their work will be disqualified.

Key Dates

Registration:

May 10th, 2019

Candidate Registration Begins

June 5th, 2019

Last Day for Individual Candidate Registrations

June 12th, 2019

Last Day for Team Formation & Registration

Phase I:

June 15th, 2019

Founders Recruitment Process Kickoff Event

June 26th, 2019

Deadline for Phase I Deliverables Submission

June 29th, 2019

Teams Notified if Eliminated or Continuing

Phase II:

July 1st, 2019

Phase II Update Session Event

July 10th, 2019

Deadline for Phase II Deliverables Submission

July 13th, 2019

Teams Notified if Eliminated or Continuing

Phase III:

July 15th, 2019

Phase III Update Session Event

July 22nd, 2019

Deadline for Phase III Deliverables Submission

July 23rd, 2019

Teams Notified if Eliminated or Continuing

Phase IV:

July 24th, 2019

Phase IV Update Session Event

July 25th, 2019

Deadline for Candidates to Book Travel to San Diego

August 1st, 2019

Deadline for Phase IV Deliverables Submission

August 3rd, 2019

In Person Final Event & Founders Selected