What is Startup Launch?
Startup Launch is an on-campus accelerator to help students launch their startups.
Do all team members have to be Georgia Tech students?
No. We require only one team member to be a Georgia Tech student or alumni. The others can be students from other colleges/universities, faculty members, and even people who are already working.
What do you require of teams accepted into Startup Launch?
You have to commit at least two members of the team to attend all the summer sessions, team socials, pitch practices, Product Day, and the Demo Day that will occur in the second week of the Fall semester.
What resources do admitted teams receive?
$4K grant, $30,000 in services, legal services, full-time summer coaching from startup experts, mentoring from industry professionals, 24/7 access to collaborative space, and networking with other student startups. Startup Launch 2019 participants also have the opportunity to receive additional funding.
What expectations must be met in order to receive additional funding?
Five teams will be chosen by a CREATE-X committee for the additional $20K investment. The funding will be evaluated much like VC’s evaluate opportunities by looking at traction achieved, size of the opportunity, uniqueness of method to solve problems, among other aspects of the business. We want all teams to be ambitious in their goals and not receiving the funding at the end of the year should not at all be an indicator of how viable or potentially successful a company can be.
How much additional funding is available?
Five teams from the 2019 cohort will receive $20K in investment. The investment is done under a SAFE (simple agreement for future equity) note with a cap of 7%. The founders may choose to decline the funding if they choose to. In addition, startups that reach product-market fit can receive a total of $100K in investment. The additional $80K in funding is also provide under a SAFE note with a cap of 3%.
Where is the additional funding coming from?
The investment comes from a private investment fund. Georgia Tech and CREATE-X do not have a financial interest in the fund. The funding for the investment fund comes from Chris Klaus, a Georgia Tech alum.
Who is the law firm?
What are the summer sessions/what is the format for the summer?
- 12 weeks during the summer
- Tuesdays, 9 am-11 am (business updates), 11 am-12 noon (topical discussion), 12 noon-1pm (group lunch), 1 pm-4 pm (1:1 coaching hours), 4 pm- 6pm (guest lecture and dinner)
- Pitch practices, socials, Preview Day, and Demo Day
What are Preview Day and Demo Day?
Product Day is a mid-stream event during Startup Launch. It is a trade-show format event where startups will have booths and will interact with about 400 attendees from Georgia Tech, local startups, industry, and ATL investment community. Demo Day is the graduation event for Startup Launch. It is held in the Fox Theater and usually attracts 1000+ attendees.
Who are the “coaches”?
Coaches are either faculty members who have startup/business experience and startup veterans from the ATL startup ecosystem. Each mini-batch will have two dedicated coaches. You are however welcome to consult with the other coaches as well.
Who are the “mentors”?
Mentors are usually GT alums who are currently in industry and have had successful careers. Each team is attached to two mentors. Each mentor will spend 1-2 hours per week with the startups.
What do you look for in selecting teams for Startup Launch?
We look at three things: team, market/problem, product (in that order). Teams that are finally admitted are strong in one or more of these dimensions. We are looking for a committed team that really wants to make impact through their startups. We favor teams working on big problems over teams that are going after smaller issues.
I don’t have a team. Can I still get in?
Yes, if you rate high on other factors above. However, you will still need to find co-founder(s) before the program starts.
We don’t have a product. Can we still get in?
Yes, absolutely. We will work with you to build a great product!
What are some successful startups that have come out of CREATE-X?
What happens after Startup Launch?
CREATE-X will continue to work with the startups to help them progress. Topical workshops are offered on a regular basis so that startups can continue to hear and get help from experts. CREATE-X makes investor connections to help startups raise funding.