Pitch Competition Program FAQ's
We are looking for businesses that are beyond the conceptual stage and have a team committed to the vision. You should have raised less than $500,000 in funding for your business so that we can have a true impact on helping you grow. This is not just a financial investment for our investors.
Applicants are selected based on their business idea, team member’s skills and background, and the team’s ability to execute. We also consider whether InventiveLabs can have an impact on their success and growth as part of the selection process. Unlike prior years, you do not have to have a team member with a learning difference to qualify, but we certainly do think teams with diverse brain-types can build the greatest companies.
Companies need to be based in the USA.
Aside from the investment prize being offered, InventiveLabs does not directly invest in the companies that compete in the Pitch Competition. However, if your company requires funding to launch, by participating in our accelerator we go through how to prepare a compelling pitch deck for investors. The co-founders of InventiveLabs have raised multiple rounds of angel and venture capital in excess of $40 Million and can share this knowledge with you. InventiveLabs can provide introductions to investors when you are ready for investment.
No, it is not required. If your company has all the bases covered and you do not need additional help - these sessions are purely optional.
That said, we have found that many people starting companies have gaps in their knowledge that they need to fill to become successful entrepreneurs. The business booster sessions are designed to fill these gaps in a laser-focused way matched to your needs. They are not like business school classes that simply survey a topic. These sessions are tactical based upon the needs of the attendees.
Investment will take the form of a convertible note, SAFE, or another debt/equity instrument that matches the businesses needs. Depending upon your situation, there will be some form of ownership taken for the investment unless it is a pure debt instrument. This will be finalized after the awards ceremony.
Our mission is to be additive to any company for which we source investment. Our intent is to provide an attractive source of financing to help you achieve growth.
For the 2019 competition, all businesses must be based in the United States. This may change for future competitions so stay tuned and subscribe to our newsletter to stay abreast of any changes or opportunities.
We require all applicants to be at least 18 years of age.
We accept any kind of business into our accelerator. We have had fashion businesses, retail stores, tech companies and others emerge from the Lab. The more progress and traction you have, the more likely you are to win the investment. But, if you think the idea can become a great business - go for it and apply!
Only for the Pitch Competition in Amesbury at the end of the accelerator. We will be doing most sessions in the evening via videoconferencing, so you can attend those sessions remotely if you prefer. We also welcome anyone who wishes to attend in person to do so.
Rick and Tom have vast experience in the startup and business world. They will be available for consultation on a scheduled basis throughout the duration of the program on an as-needed basis. We love helping startups launch and have the connections to help you succeed.
Yes it can be! That said, the more fleshed-out your idea is, the higher your chances of being selected. So if you have an idea, try to demonstrate some sort of validation for applying if you can. If not, apply anyway - what do you have to lose?
The accelerator will run every other week starting the week of March 12th. The sessions will start at 6 pm, and run for approximately 3 hours, allowing people to participate from home in the evenings. We will try to pick a day that is convenient for the selected teams.
No, InventiveLabs is a limited liability company. We consider ourselves a social enterprise. Any fees or donations made to the Lab are NOT tax deductible.