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I have filled in my application and no one has contacted me yet – what should I do?
It usually takes a few weeks to process the applications and contact you for an interview. If you think it has been taking too long, or something may have gone wrong, please send us an email to [email protected] (based on the location you are applying to) to ensure that everything is in order.
When should I expect a call back after I submit the application?
This depends on how many applications we receive. Once we have revised them all, we will call back all those who met our criteria for an interview.
What happens during the Bootcamp?
The bootcamp is designed as an intensive workshop for each team to work on developing and testing their idea further (e.g. via a Lean Methodology workshop) for us to have a better and more detailed understanding of their business. It also serves as a very important filter for identifying founders who we believe have what it takes to “make it in the real world.”
What can I do if I need to change my answers on the application after submitting it?
You can revisit your application and edit it even after you've submitted it.
On what basis do you select the participant teams in each cycle?
We don’t have a score sheet for applicants; we simply review applications. We then interview the teams and determine based on their innovative idea, the market size, business model, scalability and how strong, dedicated and ready the team is.
Do I need a business plan upon applying?
No, we don’t ask for a business plan when applying to Flat6Labs, but we encourage all our startups to have one ready in time for Demo Day.
May I change the scope of my project during the 4-month cycle?
Yes you may, as long as the new scope is agreed upon by all stakeholders.
How will you receive a return on your investment?
Upon joining Flat6Labs, we acquire a max. of 10% equity stake in the company (across all our Flat6Labs office locations). We also acquire another negotiable amount of equity when we choose to further invest in a company by graduation time.
What if more than one startup is working on the same idea during the same cycle?
We do our best to select diversified ideas during each cycle, but if this scenario happens or if any team pivots during the cycle, we will always look for ways of cooperation between the concerned teams rather than pitting them against each other. This should be simple, especially since it's highly unlikely that any two ideas can be identical in the ever-changing world of tech.
My application got rejected, should I reapply?
You can reapply to the upcoming cycle but not the same one you just recently applied to. We would advise you to reach out to us for feedback on why it wasn't accepted in order for you to revise what aspects need to be amended (if possible) and/or what certain criteria we usually look for.
What’s your most common reason for rejecting startups?
Our reasons for rejections are standardized, and your startup didn't meet one or more of the following criteria: your product or service is not tech-enabled, you didn't provide adequate evidence that can demonstrate key customer interest and proven Product-Market Fit, your startup doesn't have a well-rounded team that has the ability to grow the business, or your target market is very narrow or wide. Lastly, you didn't provide detailed and complete information about the company.
What is the deadline for submitting my application?
Each of our regional offices have a different deadline so you will need to check the deadline of the office you're applying to on our "Apply Now" page.
How much funding do you offer?
For each startup we select, depending on the Flat6Labs office location, we invest $65,000 - $120,000 in exchange for minor equity in the company; in addition, you receive various in-kind services. For follow-on funding, we offer around $120K to $500K also depending on location.
Our team has two ideas – can we submit two applications ?
Yes, just apply twice with one idea per application.
I have a great idea, but I can't find any team members - would you help me find the appropriate ones?
We always recommend that you select your team members yourself and that you make sure they are the right ones for the job, but in some cases, we will do our best to match you with suitable partners.
Should all the team members be working from Flat6Labs office?
We ask all teams to work from our offices, so we can closely work with them and support them with the mentorship and advice that they need to accelerate and grow. However, in light of COVID-19, teams can work remotely where we will be in constant communication in order to continue supporting them.
How many startups do you invest in each year?
We invest in 8-10 startups per cycle (at each location) and we have 2 cycles each year, so we generally invest in around 20 startups each year.
What does “graduation time” mean?
It denotes the time when the 4-month cycle ends and the startups have to acquire a premise other than Flat6Labs. However, by no means does this mean that our services and support are discontinued to our startups.
What is the ideal size of the startup team?
Ideally, the team can have up to 4-5 founders – we prefer 2-4 founders.
What type of startups do you fund?
We fund a wide variety of technology-enabled startups in sectors ranging from SaaS, FinTech, EdTech, Gaming, On-demand Services, HealthTech, E-commerce, Fashion and Beauty and everything in between.
Where are Flat6Labs offices located?
Flat6Labs is currently operating out of Cairo, Bahrain, Beirut, Tunis, Jeddah, Abu Dhabi and Amman with immediate efforts to expand to more locations in the MENA region.