How can we help?
How much do you invest ?
The amount of investment will be up to USD 50K (INR 35 lakhs). The investment will be by way of convertible preferred shares.
My business is expensive or my valuation is higher, therefore can I have more investments?
Glad to hear that you are taking early risks in building expensive business at the start. At early stages, we believe and invest in great founders, resilient businesses, futuristic, unconventional and novel ideas and valuations or any combination thereof do not matter to us. To simply put, the quantum of investments will be fixed prior to the start of the program and will not be affected by any other factors.
What are the terms of investment?
The preferred shares will be converted into equity upon the occurrence of the next round of funding event, depending on the issue price, valuation and such other terms and conditions.
How much stake will you take?
The investment is by way of convertible preferred shares. The conversion to equity shares will take place when the startup raises next round of funding. Therefore, our stake will be determined at the next round of funding, basis which conversion takes place.
When can we expect the investment?
At the start of the program a customary and basic financial and legal due diligence will be undertaken. The investment will be subject to satisfactory completion of the same and the amount will be invested thereafter in typically two tranches. The faster the cooperation and response from the startup for due diligence completion, the faster the process of investment.
Needless to say, even before the start of the program or due diligence, you should have a private limited company in place and should possess basic and statutory documents in connection with the same.
Do we need to pay for due diligence?
No. The cost of due diligence will be borne by The CoWrks Foundry. However, if either the startups are withdrawn from the accelerator program by The CoWrks Foundry due to any misconduct/ non-participation or if the startups walk out of the accelerator program in the intervening period, then The CoWrks Foundry will reserve its right to recover the up-to date due diligence costs from the startups.
Do you provide tech credits along with the investment?
Yes, The CoWrks Foundry builds lasting relationships with a worldwide network of technology organizations to help fuel business growth & achieve innovation goals at optimised costs. We provide technology credits worth up to United States Dollar 75K to help you scale your business faster.
What can I expect from the program?
At The CoWrks Foundry, we believe in real insights and tough advice. Every week, our startups get a chance to interact with industry and global experts — the real operators — at the Founders’ Roundtable, focused technical and skill based workshops, 1-on-1 office hours with the partners, coaching conversations, educational and social events. The program concludes with Demo Day, where you’ll have a chance to showcase your business to an audience of highly curated investors, partners, corporate innovation leaders, mentors, media, and the local ecosystem. Throughout the course of the program, founders get introductions to our vast network of industry and enterprise leaders, investors and the startup community.
Who will be my mentor during the program?
Every founder/startup is assigned a mentor once you’re onboarded to the program , based on the founder and the business needs. We do not pre assign mentors before we understand unique pain points/ challenges of your companies.
What kind of companies can apply to The CoWrks Foundry
Urban Tech – Future of Work, Future of Spaces, Infrastructure Tech, Prop Tech, Energy Efficiency, CleanTech, Robotics and other urban development tech-based solutions
Social Enterprise with a deep and defensible technology – The Foundry invests in social impact creating for-profit solutions which could include companies innovating in social welfare, women’s safety, social housing, sustainability and more.
What are the qualities you look for in a founder?
What is the program duration?
Where is the Program based out of?
The CoWrks Foundry is based out of one of the premium coworking centers of CoWrks – The Millenia, Bengaluru, India (you can find the location here).
Can I apply if I am not from Bengaluru?
Yes, provided you read and agree to the next question.
Do I have to be in the The CoWrks Foundry location for the entire 6 month period?
Yes, for the duration of the program we recommend the founders to relocate to The CoWrks Foundry. The best way to get the most out of the program is when the founders completely immerse themselves into the program and leverage the curated ecosystem of mentors and coaches, partners, investors and peer network. If you want to get the most out of the program, it’s in your best interest to be here as much as possible.
Can we participate without relocating to The CoWrks Foundry?
We require the founders to attend the program in person. This does not mean you’ll be required to be at The CoWrks Foundry 24/7 during the program. Outside of the program commitment, feel free to schedule your time/travel according to your convenience.
Will you help us move?
We have a network of alliances and service providers we can recommend to help make a smooth transition.
Is it mandatory to have a co-founder?
You can apply as an individual founder or as a team.
How many team members can use the CoWrks spaces?
The CoWrks Foundry accelerator is a founders only program. We will provide up to four coworking seats per startup without any charges for the duration of 24 week program. Any request for additional seat or space will be chargeable at applicable commercial rates.
Does the program include housing?
We cannot provide you with housing and accommodation. Our network of alliance partners can help you find the best options available in the city.
Can I participate in the program without taking the investment?
Unfortunately, you have no choice in this aspect.
Can we apply to the program if we’ve raised a previous investment?
Sure. We do not have blockade towards companies who have already raised investment. The applicants are recommended to evaluate whether there is any investment fit. Having said that, the monetary investment is only a small part of The CoWrks Foundry accelerator program. It is the access you get to network partners, CoWrks community members and our university partnerships, that eventually benefits the companies in their growth journey.
Do you give feedback on application results?
We wont be able to provide 1-on-1 feedback on application results, given the volume of application we have to process.
Is there a program fee?
Yes. Each selected startup who are part of The CoWrks Foundry accelerator program is required to pay a one time program fee of INR 70,000/- (Rupees Seventy Thousand Only). The program fee must be paid to The CoWrks Foundry immediately after the receipt of the first tranche of the investment amount.
Can we continue using the office space after the program ends?
We have to accommodate the new incoming cohort after you graduate from The CoWrks Foundry. However, CoWrks offers premium coworking spaces available at different membership rates.
What happens after the program?
We understand that the startup journey is very lonely and painful. Therefore, even after the end of our rigorous 24 week in-house program support, we will be invested and connected with your growth story through professional social networks, calls, emails and other technological nuances. You can reach out to us for any sort of business related assistance. And what’s more, you might even be surprised by an invitation from us to come and share your experiences with the next stage of aspiring ideas.
Do I need to incorporate before applying?
Nope. However, it is strongly recommended to start thinking about incorporating a private limited company. The reason being, if you are shortlisted, then having an incorporated private limited company becomes necessary.
We have two or more ideas. Can we submit more than one application?
You should pick your favorite idea and apply with that one idea.
Can we apply again if we’ve previously submitted an application?
Yes. If you’ve applied before and not gotten in, we strongly encourage you to apply again if you have made progress since your last application.
Can we participate in The CoWrks Foundry Program while simultaneously participating in another accelerator program?
We do not recommend founders to take part in such commitments as it defeats the purpose of gaining maximum value out of a program built out to gap different needs of a startup. We will not be able to reschedule our program to accommodate other commitments as such.
CoWrks, The Millenia, Tower C, Plaza Level,
No 1 & 2 Murphy Road. Ulsoor, Bengaluru,
Email Id: firstname.lastname@example.org