Frequently Asked Questions: Program
- What is the application process?
- Should I bring a business plan to the interview?
- When will we find out if we have been accepted?
- What if I’m accepted?
- What is Demo Day?
- What happens after Demo Day?
- 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 the application process?
Momentum will accept up to five start-ups for its 2011 program. Applications open November 5, 2010, and a complete application with a 90-second video pitch must be submitted by February 5, 2011. The Momentum vetting committee will review the applications and contact the top 25 teams. Each of those teams will be asked to submit a pitch deck demonstrating their idea, and the top 10 to 15 teams must be prepared to come to West Michigan for personal interviews on March 17, 2011.
Should I 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 personal interviews.
What if I’m accepted?
You and your team will move to the Grand Rapids area during the second week of May 2011. We will help you incorporate, make initial investments in your company and provide housing assistance. Then it’s time to get to work! Your team will build a functional prototype, test customer adoption, and work on your pricing, messaging and distribution channels. The Momentum Leadership Team and mentors will guide you and connect you with resources that will quickly accelerate you to market, using the lean process principles honed to perfection here in the Midwest. You can expect weekly programming, events and networking opportunities. The program will end with a Demo Day.
What is Demo Day?
On Demo Day, you will present your technology and business model to potential investors and people who will help you take it to the next level. You may even get another round of funding and resources from Momentum!
What happens after Demo Day?
A number of things can happen.
- Momentum may choose to reinvest and you will enter Phase 2 of our program.
- You may attract the interest of another investor.
- You may continue to bootstrap yourself to the next level.
- You may decide to call it a day.
How does the funding work?
Momentum makes an initial 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 universities in downtown Grand Rapids. It’s not free, but our funding should cover your housing (and other living expenses). Plus, the housing is within easy walking distance of a bunch of great coffee shops, pubs, restaurants, stores and parks that’ll show you how cool it is to live in West Michigan.
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.