The Startup Grant provides select teams that have completed the iLab's summer incubator program with up to $5000 of additional support, above and beyond the initial grant, workspace, mentoring, and other resources Incubator ventures received as part of the summer program.
The application process for this grant program has three ingredients:
Your responses to the questions found below, which are submitted through an online application.
A one-page Executive Summary of your venture. You will upload this Executive Summary as part of the online application. Examples of and/or insights into startup executive summaries can be found here, here, here, and here.
An in-person interview with a member of the advisory committee for the Startup Grant program. Date TBD.
Additional requirements for the grant program would include:
Commitment to meet with and advise at least one of the ventures participating in the next year’s cohort of the i.Lab Incubator program;
Being a positive and contributing member of and resource to the i.Lab community.
Only those teams who have participated full-time and actively in the incubator program—including workshops, check-ins, mentoring, and workspace—will be considered eligible for a Startup Grant. Given eligibility, ventures are then selected to receive Startup Grant funding by way of the following criteria:
Ongoing commitment level of the team and evidence of traction for the venture;
Potential for scalable growth and financially sustainability;
Clear contributions to the community of founders participating in the summer program.
Please be prepared to answer the following questions as part of the online application. Your answers to these questions, alongside the content of your Executive Summary, will be taken into account by advisory committee members.
Action & Traction
What key milestones did you set out to accomplish through the summer Incubator program, from June to August? Why?
Which of these milestones have you accomplished and which have you been unable to accomplish? Why?
What evidence have you seen to confirm that real demand exists for the product/service that is being developed by your venture? Please use data to support your answer (e.g., number of new customer signups or sales over time, web traffic, or other sources).
What are the three most important milestones your ventures faces next, and how can the i.Lab help you accomplish these—beyond the financial support provided by the grant?
Dollars & Sense
Through what means do you hope to earn revenue (e.g. direct sales, subscriptions, donations, grants, or other)?
Who or what have been the sources of revenue pursued by your venture (e.g., individual customers, corporate customers, grant makers, etc)?
What revenue have you earned (if any) from these sources, and how has that revenue changed over time? Please use data to support this answer (e.g., sales over time).
Through what other outside sources have you been able to fund the venture (e.g., competitions, loans, investors, etc.)? And, how much funding have these provided?
Active & Helping Hand
Did you fully participate in the summer Incubator programming—attending workshops and check-ins on a regular basis, while also being an active and present member of workspace community?
How often have you found yourself reaching out to and connecting with your associated mentor, or new mentors, throughout the summer program?
How have you found yourself working with, helping out, and/or simply connecting with other iLab ventures throughout the summer programming?