Tell me more about the accelerator program and what’s new?
It’s a rolling and a distributed cohort. Which means there are no start or end dates for the cohort nor for applications and you get to stay and operate from your home location while working with us for a period of six months.
Because our program will not have start and end dates, you can apply at any time and be selected for the program as early as the next month from the date of the applications. No more waiting for the next ‘cohort’ to start.
As a distributed program, you will not have to move with your team to join the program. You can continue operating from your own base, wherever it may be. Once a month, you will be asked to spend a few days (3-5 days) with us where we’ll have regular sessions, 1-to- 1 mentoring and coaching and learning programs that you may need. This is also an opportunity for shared learning and socializing with other founders and startups and forming a connected peer group.
During the rest of the month, we’ll do remote sessions to give you the support that you need and check up on your progress.
How much do you invest in the companies?
We would offer up to ~USD 38500 to each startup for 6% of ordinary share equity in the company. Of this amount, we would charge, a fee of ~USD 7500 for your time with us and in the program.
This means you get a net investment of ~USD 31000 for 6% of equity to give away.
We don’t really need the money. Can we still apply?
If you don’t need the funding but still want to work with us, we ask for 4% of ordinary shares equity.
When is the program application starting?
We are in the final stages of prepping for the program. Once it begins, there will be no specific deadlines before which you ‘have’ to apply.
What are the timelines from application to induction that I should expect?
We would take about 2-3 weeks to evaluate the applications and make the offer. You should expect anywhere between 4-6 weeks from the time you apply to the time you get on board.
What can we expect during the program?
The program takes different shapes for different startups. However, these are the things you may expect: intense mentoring and/or training during the week on co-located working, investor meets, expert talks, networking events, etc. We expect you to commit to the program and be available for the monthly offsite at our location and for all weekly review calls.
I just need advice. Do I need to apply/be selected to get that from you?
No. At Spark10, we are happy to provide guidance and counsel over email (email@example.com ) anytime and to anybody. You don’t need to join the program for that.
What’s the eligibility criteria? OR How do we know if we are eligible to apply?
What documents would be required from us during the application process and after selection?
During the application process:
- A completely filled up form with accurate and adequate information
- A video/demo link of your product
- Your cap table
After you are inducted, you’ll be required to submit or sign, at the least, the following documents:
- Company registration certificate
- Bank Account Details
- Employment Agreements of the founders of the company
What if we can’t travel for those weeks of co-located working?
If it’s just once, we can consider, but if you really and absolutely cannot travel for any or majority of the weeks, then this program may not be right for you. Look for virtual accelerators or one in your city, country or region.
If we are already a funded company, can we still apply?
Yes, you can still apply. However, you might want to talk to your investors about it because we do ask for 4% equity from funded companies for the support we provide. Also, if you have raised Series A, then probably we are not the right accelerator for you.
Do we have to be incorporated/registered before applying?
No, but you will have to do that soon to allow us to give you the money. You need to be incorporated/registered as a “Private Limited” company in India or “Limited” company in the UK or an “LLC” in the US.