FREQUENTLY ASKED QUESTIONS
How long is your program?
6 months.
6 months? That is a mighty long time for an Accelerator Program.
Yes it is. We take our investments very seriously and we are devoted to providing a custom accelerator experience. Here is a brief overview of what those 6 months look like:
Month 1 (Due diligence): During Month 1 we work with each team to perform financial and legal due diligence. Additionally, we use this month to take a deep dive into each company to understand what they will need most during the accelerator period so we can curate where they accelerate, which active mentor they should be paired with, which Founder at WIM they will work with, and what custom curriculum is necessary for success. Prior Planning Prevents Poor Performance—we are all about reducing any friction throughout the acceleration period!
Month 2-5 (Acceleration): During this time period we roll up our sleeves to accelerate each company. We do this through direct work with mentors, WIM Founders, and via a custom curriculum that is specific to our class cohort. We provide additional roundtable programming for CEOs to assist in their development as Executives.
Month 6 (Strategic Planning and Off-boarding): After the acceleration period is complete we take a final month to perform another round of due diligence. That includes working with each company one on one to help them plan out their goals and objectives over the next 6 months-1 year.
So what happens when the accelerator ends?
We are an accelerator with a “VC mindset.” so even when companies complete the program they are still a part of the WIM network. Our CEO, for example, checks in regularly with our initial class. We run a tight ship so we can keep our portfolio companies integrated and in the loop.
HOW DO I APPLY?
Simply fill out our online application.
DO I NEED TO HAVE A BUSINESS PLAN?
We’re more concerned about your business model than a formal business plan (to quote Steve Blank - “A business model describes how your company creates, delivers and captures value“). We do ask for a deck because we want to know that you’ve thought through your business in terms of what problem you’re trying to solve, the size of the market, how you’re going to generate revenue, your competitive differentiation, etc.
DO I HAVE TO HAVE INCORPORATED MY STARTUP TO APPLY?
No. Having an incorporated company is not a requirement for applying.
WHAT ARE THE CRITERIA FOR APPLYING?
It’s pretty straightforward. We’re looking for (a) tech startups (b) with a woman founder or co-founder –yes men can be on the team too! (c) focused on building a mobile technology product.
I HAVE A NOT-FOR-PROFIT? CAN I APPLY?
We’re not a funding mechanism for not-for-profits.
WHAT IS THE APPLICATION DEADLINE?
We have an evergreen application process so there is no deadline. That said, if you want to be a part of this years first class cohort we would recommend applying prior to the last week in January.
IS WOMEN INNOVATE MOBILE EXCLUSIVELY FOR WOMEN?
No, but you must have at least one woman on your founding team. It’s just how we roll!
HOW MUCH DOES WOMEN INNOVATE MOBILE INVEST IN EACH COMPANY? WHAT PERCENTAGE OF EQUITY DOES WOMEN INNOVATE MOBILE RECEIVE IN RETURN?
Women Innovate Mobile will be investing $40,000 in each company selected for the accelerator. However, it’s not just the money. We’re investing other valuable resources in future success of your company: feedback and guidance from mentors and advisors, curated curriculum based on your needs, and design and development services from our service providers. We’re providing resources so you can focus on building a great mobile product. In return Women Innovate Mobile receives an 8% equity stake.
WHY DOES WOMEN INNOVATE MOBILE TAKE EQUITY?
Networks, connections and learning opportunities are resources that have a value. Women Innovate Mobile is invested in the future success of its companies and is doing so by providing them with the greatest opportunities to focus on building their mobile product, to learn, to access funding networks, to receive feedback and access information networks. That’s why accelerator programs take equity.
DO I HAVE TO BE IN NEW YORK FOR THE ENTIRE PROGRAM?
No, but you will have to join us here for select periods of time to take advantage of the resources we have to offer here in the city.
WHAT IF I’M NOT FROM THE UNITED STATES? CAN I APPLY?
Yes. As long as you meet the application criteria, you can apply.
WHAT ABOUT MY INTELLECTUAL PROPERTY? WILL WOMEN INNOVATE MOBILE SIGN AN NDA?
We’re in the business of helping our startups develop and take their ideas to market; we’re not in the business of counterfeit or theft of business ideas. We’re receiving lots of inquiries from around the globe and strongly suspect that many entrepreneurs are coming up with similar solutions to solve similar problems. For this reason we will not sign NDAs.
WHAT IF I HAVE ADDITIONAL QUESTIONS?
Contact our Executive Director Shala Burroughs at shala AT wim DOT co and propose two times to meet. She’d be happy to hop on a call with you for 15 minutes to answer your questions.