Program Eligibility & FAQ
These FAQs are answered in our 30-minute pre-recorded Informational Webinar. Watch the webinar here.
1. Do you support both for-profit and non-profit entrepreneurs?
Yes! The program is open to both for-profit and non-profit entrepreneurs.
2. How big is each cohort?
We operate cohorts composed of a mix of 6 to 8 for-profit and non-profit companies.
3. What is the cost of participation in an FS6 cohort?
Through the generous support of our funding partners, we are able to offer the FS6 program to non-profits at no-charge, while for-profit companies are required to make a 1.5% equity contribution. All participants are asked to cover travel and lodging expenses.
4. What stage of company does FS6 support?
FS6 supports early stage companies.
For nonprofits, that typically means that you are within 3-5 years of formation.
For for-profits, that means seed or pre-seed, with some sort of revenue, product in market, or significant proof of concept. In rare cases, we may work with pre-revenue companies.
The materials requested in the pre-application will help to determine if you are at the right stage to apply.
5. Does FS6 offer funding to their cohort? Does FS6 take equity stake in companies?
For-profit companies that are selected to participate in the 1-year core program are asked to contribute 1.5% in equity to FS6 upon acceptance to the accelerator program. In addition, thanks to a partnership with investment fund 1st Course Capital, eligible* participants will receive a $25k SAFE note upon successfully completing the initial program.
After the 1-year core program, entrepreneurs can opt-into the 2-years of ongoing support by contributing an additional 1.5% in equity.
Non-profit organizations are accepted into the 1-year core program at no cost and are invited to join the FS6 Portfolio at the conclusion.
*See FAQ #14
6. Is there an investment or grant available for non-profits?
As this time, we are able to offer the 1-year program at no charge to non-profits but are not able to offer a participation grant. Our goal is to offer a stipend to support participation for non-profits and we are currently fundraising to activate this benefit.
7. Who is eligible to take part in a cohort from each participating entity?
Our program is explicitly focused on supporting the primary leader of the company, typically the CEO. If accepted, the CEO must participate in all cohort sessions. At the discretion of FS6, a secondary C-suite executive may be invited to participate to support the CEO in the program.
8. How is the accelerator structured?
The FS6 Accelerator Program is a 1-year non-residential program with 4 in-person sessions – for information on specific dates, see the Apply page. You need NOT move to the San Francisco Bay Area to participate, although the primary participant must be present at all four in-person sessions. The formal program concludes with a showcase forum event in the Fall.
The Program is collaborative in nature, and the in-person sessions are designed to work on elements of the startup process that are broadly useful to all cohort members. In addition, our goal is to create a community of entrepreneurs who can help each other in their long and challenging journeys.
For companies that would like to engage FS6 for coaching and mentorship beyond the 1-year accelerator, we offer 2 additional years of executive advising to CEO's of for-profit portfolio companies for an additional 1.5% equity contribution.
9. When can I apply for selection?
Pre-Applications will be accepted on a rolling basis for the current or a subsequent cohort.
To be assured consideration for Cohort 5, your pre- application must be received by October 15, 2019.
10. How will I know if my pre-application qualifies me to apply to the accelerator?
Once we receive your information, FS6 will be in touch if you are qualified to formally apply to the accelerator program.
11. Will you work with non-US based entrepreneurs?
FS6 sources entrepreneurs and their innovations from all over the US and all over the world. We support international companies when they are working on US market entry, as this is where our greatest breadth of knowledge lies. If you are an international organization looking to be part of the FS6 community, but are not ready for expansion into the US, you can follow our Newsletter for information about Open Cohort Programming.
12. Do applicants need to be US citizens?
No, though you do need to be able to participate in the on-site portions of the program.
13. What does it look like for a company that completes the 1-year accelerator program but does not opt in for 2-years of executive advising?
All entrepreneurs that complete the 1-year accelerator program are invited to join the FS6 Portfolio. FS6 supports portfolio members through inclusion in FS6 events - such as the annual Portfolio Retreat and the Open Cohort program - targeted community-building, and on-call support, as available. FS6 is committed to actively advocating on behalf of our portfolio.
14. What are the terms of the $25k investment that is being offered by 1st Course Capital?
1st Course Capital (1CC) will offer each eligible company a SAFE note to convert in the company’s next priced round equity financing. To be made eligible for investment, the company must complete the initial 16-week portion of the accelerator program (Session 3) and they must be incorporated as either a C-Corp or an S-Corp. The offer of investment is made available after the 16-weeks and will be open until 120 days later. 1CC reserves the right to determine final eligibility for the SAFE investment.
15. Which types of for-profit companies are eligible for the $25k SAFE note?
The 1st Course Capital investment is only available to for-profit companies that are incorporated as either a US C-Corp or S-Corp.
16. If a foreign company or an LLC is accepted into the accelerator program, will they be eligible for the 1st Course Capital investment?
Companies may become eligible for the investment if they change their corporate structure to a type that is eligible prior to the expiration of the 120 day time period following the initial 16-week program.
17. What if I have more questions about my application?