No. We strongly believe in a performance based approach to business where both parties share in the successes and failures of the partnership. This cannot be achieved with a fee for service (service provider) type of relationship, and Subservice does not offer this through any of its programs.
Absolutely. However, our partners and investments are very busy so we'd appreciate it if you'd have met with us beforehand (Skype or physically). That way you'll have better understanding of how you might fit in with the Subservice team, and you'll be armed with more useful questions.
In 2014, we'll be aiming to accept up to 8 applicants. With our new ideas program, we're focusing on quality no quantity, by only accepting the most driven and committed entrepreneurs and giving as much one-on-one mentorship as required.
No, we vet applicants as received and we offer them positions in the program when and if appropriate. This may change in the future, but we've found by staggering out acceptance throughout the year helps us dedicate resources easily.
THe whole program runs for 6 months. The accelerator runs for the first 3 months of the program, and the incubator runs for the last 3 months of the program. Before this each startup will spend 1 to 3 months spent validating the idea and getting to know the Subservice team before a position is offered.
No, just enough to meet with us face to face on a weekly basis during the first 3 months, and then once a month for the next 3 months. Beyond that, monthly board meetings can be performed remotely. That said, Melbourne-based applicants will still be given priority when applying.
During this phase we have not yet the startup offered the startup a place in our program. There is no exchange of any value form either side including equity, cash, and revenue. We do however implement a no-shop clause meaning that while we're dedicating our time to you for free, you're not pursuing investment from other firms.
To recap, during the program, we'll launch a series of iterations of the startup's website from MVP to final release. Beyond that, we'll continue to involve you in the product roadmap for the subscription service management platform and make security updates to your site.
During the validation period you'll probably need around 500 to 1000 dollars to purchase products and test a few marketing channels. Upon acceptance into the program, you'll need around 1000 to 2000 dollars to setup your company, and from then on your startup will be bootstrapped with a net positive cash flow
Not during the program. We operate on a strict rule that throughout the program each startup must operate on a net positive cash flow. This approach helps the startup's founders stay lean, motivated, and proactive from the beginning. Upon graduating, Subservice may offer some additional seed capital.
There aren't any FAQs here just yet, feel free to send your questions to email@example.com and we'll consider them for this section.