How Structured are the ten Weeks?
The Vogt Awards accelerator starts on August 5 at 12 noon through 5 PM. This schedule is for the duration of 10 consecutive Thursday afternoons. The program days include updates from each startup on the progress of their business, work from the previous week, feedback from the startup CEO coaches, business-focused workshops with industry experts, and 1:1 coaching time with the accelerator organizers. Outside of program days, startups are expected to complete their business assignments, conduct customer discovery interviews, and begin work as directed on their investor pitch for Demo Day. Startups will meet with their industry mentors weekly. It’s important as well for the startups selected to have time to socialize as a cohort with their peer founders and Vogt Awards alumni. And finally, the Vogt Awards Demo Day is scheduled for October 13. The general program requirements and program attendance can be found above.
What Kind of Requirements are There for Other Team Members (e.g., products, software dev, CTO)?
We are looking for a team of active founders, not simply a solo founder and where your startup is a full-time effort, not a side project. The application asks you to provide information about your team and their relevant experience to your business as well as which founder is responsible for product development and marketing and sales.
I am a Sole Proprietor of my Business. I do Have a Team of Mentors but They are not on my Payroll. How Does That Affect me?
Ideally there is more than one founder or entrepreneur engaged in your startup. We understand that at this stage of your business you may not have revenue and therefore you are unpaid entrepreneurs. It is important to include your advisors and the role they play in advising your startup based upon their relevant expertise in your application.
Can You Talk About the Financial Section?
The Vogt Awards application asks for three pieces of financial information. Please respond to the best of your ability regarding:
Current funding round — if you are actively raising equity investment now, let us know and how much you are raising. If you are not actively raising equity, then you are seeking $25,000 from the Vogt Awards.
Funding history — how have you financed your startup to date, from whom and how much? If you have personally funded your startup to date, let us know.
Annual financials –– provide your financials for this year and last year, as well as projections for the next three years, to the best of your ability.
Is There a Time on the Deadline to Submit?
All applications are due by midnight on Sunday, May 30, 2021 for consideration.
Can you Explain Tech-Enabled Business and are Eligible Applicants Only Tech-Specific?
Vogt Award recipients are chosen from early-stage entrepreneurs in the Louisville area that have the potential to create a scalable business based on innovative, technology-based products that they develop themselves. The product may be a unique technology such as a SaaS platform business or it may be a tangible, consumer or commercial product where the product itself is innovative, utilizes innovative technology in its product development or eCommerce for distribution, as examples. You can see previous Vogt Awards alumni with their varying businesses and industries here.
What do we Need for the Monthly Burn Rate and Run Rate for the Financials?
If your startup business has received outside equity investment, and you are spending it on a monthly basis, that is your burn rate or amount you are spending each month as a pre-revenue company. If you had customer revenue last month or last quarter, and you anticipate this to continue in the future, you can reasonably assume a monthly or quarterly run rate of revenue going forward by indicating that amount per month or per quarter. If neither of these situations apply to your startup, it is fair to indicate “0.”
Is There a Restriction on How the Vogt Funding can be Used if Awarded?
Vogt Awards recipients will work with the Vogt organizers to develop a budget and commercialization plan. Funds may be used for product development, marketing and other expenses. The funds cannot be used to pay down prior debt. The funds will be delivered in two tranches, after itemized receipts are approved for the spend of the previous tranche. Each tranche is subject to approval. Specific information regarding the use of funds can be found above.