Here’s a few anwsers to our most common questions
Where are the Flat6Labs offices located?
We currently have five offices in Cairo, Jeddah, Abu Dhabi, Beirut, and Tunis. However, we have expansion plans in the very near future.
What type of startups do you fund? Do you have any sector focus?
Flat6Labs is sector agnostic and does not invest in one industry. However preference is given to startups in the following sectors: ICT, Healthcare, Education, Digital Content and Media, Consumer Internet (Marketplaces, e-Commerce), and FinTech.
What if more than one startup is working on the same idea during the same cycle?
We do our best to select diversified ideas during each cycle, but if this scenario happens or if any team changes the scope during the cycle, we will always look for ways of cooperation between the concerned teams rather than pitting them against each other. This should be easy, especially since there is no way any two ideas can be that identical in the world of technology.
What does “graduation time” mean?
It denotes the time when the 4-month cycle ends and teams have to acquire a premises other than Flat6Labs. However, by no means whatsoever does this mean that our services are discontinued to our startups.
Should all the team members be working from Flat6Labs?
We ask all core team members to work from our Flat6Labs office, so we can closely work with them and support them with the advice and mentorship they need to accelerate and grow. However many startups have part time employees who don’t need to be in the accelerator.
Our team has two ideas. Can we submit two applications?
Yes, just apply twice, with one idea per application.
May I change the scope of my project during the cycle?
Yes, you can, as long as the new scope is agreed upon by all stakeholders.
I need more money than what you are offering for seed funding.
Our offering range is the same for all teams, and we believe that very few early stage startups need more money to go through a 4 month accelerator. Follow-on funding can be targeted from VCs and Angel investors following demo day which we will support you in sourcing.
I have filled in the application and no one has contacted me; what should I do?
It usually takes few weeks to process every application and contact you for an interview. If you think it has been taking too long, or something may have gone wrong, please send us an email to email@example.com (based on location you are applying to) to ensure that everything is in order.
How will you receive a return on your investment?
Upon joining Flat6Labs, we acquire a 10% stake of equity in the company.
How do you select your startups?
We assess startups based on the fact that they have a strong team, an interesting opportunity with a clear need and a large market, and an innovation that they are introducing - in other words not simply copying another startup.
How much funding do you offer?
Accepted startups receive EGP 500-750k in cash seed funding and up to EGP2m in follow-on funding.
How many startups do you invest in each year?
We invest in 10 startups per cycle and we have 2 cycles each year, so we generally invest in around 20 startups each year.
Is a business plan required when applying to Flat6Labs?
No, we don’t ask for a business plan for applying to Flat6Labs, but we encourage all our teams to have an idea of how they plan to make money, and how they plan to grow when they apply when they come to interview.