Frequently Asked Questions: Program
- What is the application process?
- Will I need to bring a business plan to the interview?
- When will we find out if we have been accepted?
- Then what?
- Are we guaranteed second round funding?
- How does the funding work?
- How will this money help me?
- How will my company get incorporated?
- What about confidentiality?
- What if I don’t live in West Michigan?
- Do I have to relocate to West Michigan?
- Where will my office be?
- Who’s behind Momentum?
- What is Demo Day?
What is the application process?
Momentum will accept up to 5 start-ups with 2 to 3 founders each for its 2011 program. Applications will open up on November 5th and are due with a 90 second video pitch by February 4th. The Momentum vetting committee will review the applications and contact the top 25 teams. Those teams will be asked to submit a pitch deck demonstrating how well they have thought out their idea . The top 10 to 15 teams must be prepared to come to West Michigan for in person interviews on March 17th.
Will I need to bring a business plan to the interview?
No, but you and your team will be expected to expound on and answer detailed questions about your application.
When will we find out if we have been accepted?
Decisions will be made within days of the in-person interviews.
Then what?
If accepted, you and your team will move to the Grand Rapids area the second week of May. We will help you incorporate, make initial investments in your company and provide housing assistance. Once you are here, we will introduce you to experts who will help you further develop your technology and business model and provide you with office space and networking opportunities. The program will end with an Demo Day where you will pitch your company to people who will help you take it to the next level. The program will end the first week of August.
Are we guaranteed second round funding?
No. We will help you develop your investor pitch and introduce you to investors who may be interested in your company. The rest is between you and the investors.
What type of company will Momentum fund?
We fund internet technology start-ups. Are you developing a web based application, software or service that has a national or global reach? Then we’d like to hear more from you. We don’t fund medical device companies, biotechnology companies, inventions, consultancies, restaurants or other local service-oriented companies.
Do you only fund companies that take part in the Momentum program?
Yes, you must apply and participate in all 12 weeks of our program.
What is the Elevator Pitch video?
90 seconds of your elevator pitch, posted on Vimeo. The Vimeo URL to your video is what you’ll submit in your application. (Later, we’ll add your video to our Momentum channel on Vimeo.)
What is the Pitch Deck?
If we ask you to return with a pitch deck, it means we see potential in your idea. This is where you show us you have thought through your value proposition and market potential.
How does the funding work?
Momentum makes a pre-seed investment of up to $20,000 in your company in exchange for 8% equity. We also cover up-front incorporation costs associated with the seed funding.
How will this money help me?
The money should cover the development of your prototype and your living expenses during the Momentum program.
How will my company get incorporated?
We help you become incorporated and cover the up-front incorporation costs.
What about confidentiality?
Momentum doesn’t sign non-competes, non-disclosures or confidentiality agreements. We can’t, because we see hundreds of ideas, and a lot of them are similar. We won’t share your application beyond our investment committee. Of course, you don’t have to disclose your secret ingredients in your application. Think of it as serving your favorite meal without sharing the recipe.
What if I don’t live in West Michigan?
We have access to off-campus housing with a number of downtown Grand Rapids’ universities. It’s not free, but our funding should cover your housing (and other living expenses). It’s within easy walking distance of a bunch of great coffee shops, pubs, restaurants, stores and parks.
Do I have to relocate to West Michigan?
Yes, but only for the 12 weeks of the program. We’re here to help you succeed; we can help you best if you engage in all that we have to offer.
Where will my office be?
Momentum Headquarters is located in the heart of Downtown Grand Rapids. Just bring your laptop and we’ll take care of the rest.
Who’s behind Momentum?
Pomegranate Studios, The Windquest Group, and a community of mentors and advisors who love working with start-ups.What is Demo Day?
Demo Day is when your pitch and business model that you’ve developed during the program hits the road in a room full of potential investors. It’s not just the culmination of a 12 week boot camp, but possibly deployment of your business plan.