Startup Grant

In the Fall of 2017, Ventures from the  2017 i.Lab Incubator program are invited to apply for a Startup Grant. This grant provides selected recipients with an additional $5000 of support, above and beyond the initial grant, workspace, mentoring, and other resources Incubator ventures receive as part of the Incubator program.

The deadline for applications for this Startup Grant program is October 31, 2017 at 11:59PM EST. Selected ventures should receive the grant funds before the end of 2017.

Application Process

The  application process for this grant program has three ingredients:

  1. Your responses to the questions found below, which are submitted through an online application, available here
  2. 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.
  3. An in-person interview with a member of the advisory committee for the Startup Grant program. Date TBD.

Additional Requirements

Additional requirements for the grant program would include:

  • Commitment to meet with and advise, on a regular basis, at least one of the ventures participating in the upcoming, 2018 i.Lab Incubator program;
  • Being a positive and contributing member of and resource to the i.Lab community.

SELECTION CONSIDERATION

Ventures are selected to receive Startup Grant funding by way of the following criteria:

  • Full-time and active participation in their Incubator program (i.e., the summer of 2017), including workshops, check-ins, mentoring, and workspace;
  • Ongoing commitment level of the team and evidence of traction for the venture;
  • Potential for scalable growth and financially sustainability;

Application QUESTIONS

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 after the completion of the 2017 Summer programming in 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, since the summer programming concluded in August?

How have you found yourself working with, helping out, and/or simply connecting with other iLab ventures since the summer programming concluded in August?

Executive Summary

Please email you executive summary to David Touve (david at virginia.edu). And, please feel free to include, in addition to the executive summary, any additional supporting evidence for your application.