Does skyincubator take equity or cost money?
For the next few months, admissions are at no cost and there are no strings attached in terms of cash or equity. However, you should hurry and apply now, as we will be introducing a fee in the near future. sky ▮ group aims to become your technical partner and help you build your product – that is our main source of income.
Where is the incubator located?
The incubator operates virtually, giving us the flexibility to work with companies from all over the world. And indeed we do – our companies come from everywhere between NYC and Lagos, and up to Silesia. We do, however, focus the majority of our efforts on NYC and London, which is also where most of our mentors and investors are located.
Will the program provide me with direct connections to investors?
Assuming you complete the program and your product is suited for it – it absolutely will. Our goal is to see you get invested in. We know several investors that are actively seeking interesting companies. Our magic is to connect those two facts together.
What differentiates your program?
There are several factors that differentiate us. We do not focus on product at all during the program, and emphasize the importance of business and customer development, proof of concept and market validation. We walk you through the maze with weekly goals which you are to fulfill in order to progress. In the last decade, we’ve worked alongside over 200 technology companies, and while we saw some fail and some rise, we have learnt what early stage company should focus on. Finally, sky ▮ group is a genuinely international company, with firm connections ranging from the U.S., across Europe, and into Israel. Working with us will grant you access as well.
How long is a batch?
Batches are not formally limited by a timeline. However, rapid progress and participation is required in order to stay in the program. Thus, most companies will not cross the 6-month period, and will typically either fade away due to the insignificance of their idea; get kicked out; or get funded.
How many companies get accepted for each cohort?
Since batches are not formally limited by time, acceptance to the program is on a rolling basis, meaning that the amount of companies we work with on any given time fluctuates. There are typically anywhere between 6 and 12 companies in work at all times.
How is the incubator structured?
The incubator has 3 distinct phases, each adding a layer to the previous one. Phase 1 consists of working directly with the sky ▮ group team, predominantly on business development and market research and validation. There are several goals one must reach in order to graduate to phase 2 (such as interviews with potential customers, partners etc). Once those goals are reached, Phase 2 and work with external mentors begins. We will identify particular issues the company is facing, and connect the appropriate mentor for sessions regarding it. Finally, phase 3 marks the beginning of engagement with investors. If you have made it this far, we will connect you with relevant investors from our network, as well as help and support all your efforts on your path to reaching investment.
Can I apply if I’m not from the US or UK?
While being from the U.K. and U.S. is a plus, you are encouraged to apply even if you are located anywhere else.
Do you focus on any particular industry?
We are completely sector agnostic. There are industries where our expertise and network is limited in (such as life sciences and biotech). However, we can still be of great help to these companies as well.
I understand you’re also a software house, does this mean I’ll have to use your services?
We do not enforce a contractual agreement whereby you must use our services. Based on trust and mutual respect, we do expect you to use our services in return for the help we provide you with (and because we’re the best out there, but that’s a sidenote).
How does the incubator make money?
Currently, our revenue comes from companies that have raised money and build their products with us.
Can companies get kicked out of the program?
Companies can and do get kicked out of the program. Not because they’re not good enough, but because they aren’t serious enough for the standards we put forth. We demand regular updates and participation, so companies who get kicked out are usually those who don’t communicate as we ask (weekly updates) and do not show they are interested in fulfilling the commitment.
What if I work full time on another job – can I still join?
We will consider the idea, but we prefer to work with full-time committed founders. Our requirements add up to many weekly hours of work, many of which should be conducted within regular working hours. We should also mention that most investors prefer full-time founders rather than part-time ones, so if you have another job, you should be ready to leave it anytime soon.
How do we communicate with you?
We communicate mostly by Slack and video chats via various platforms. If you have other preferred modes of communication, we are open to hear.
How do we communicate with mentors?
Mostly via video chats and Slack. If you two live in the same city, there is a possibility of meeting physically.