It's simple. If our founders don't raise at least $10K (the same amount as the initial investment to join our program) in follow-on funding within 6 months of starting the program, then we provide their money back. This ensures if the worst case scenario happens (you're unable to raise any funding), you don't risk a thing. This essentially makes our program free; you either raise funding to cover the cost of our program, or you pay nothing.
First, we are fully remote, whereas most incubators and accelerators are in person. Second, we utilize a co-investing model which allows you to keep your equity whereas most incubators and accelerators will ask for a not insignificant amount of ownership of your company. Lastly, and most importantly, we are investor-operators, meaning we do work with and for you, such as branding, design, prototyping, development, etc.
Yes. We don't have anything against accelerators and incubators, what they offer often times complements what we offer (we offer operational expertise while they offer mentorship and office space).
If you're accepted to join, you'll invest $10K into your startup in the form of cash to join our program, while we'll invest $20K in the form of a promissory note. The entire amount is used to pay for our program and services as outlined on our home page.
A promissory note is essentially an investment into your startup that is paid at a future conversion event, which will be when you obtain at least $100K or more in startup funding.
Here are a couple scenarios to make it easier to understand:
- Through our program you receive follow-on funding of $250K. That would be considered a conversion event, which means $20K of your funding would be paid to our team.
- Through our program you don't receive follow-on funding, or you raise less than $100K in funding. Because our 'conversion event' of raising over $100K didn't happen, nothing happens and you don't owe us the $20K.
If you have more questions about how this works, click here to apply and chat with a member of our team.