FILTHY RICH BUSINESS INCUBATOR

FREQUENTLY ASKED QUESTIONS

Background

Frequently Asked Questions

Application Process

I have several startups and they are not technical. I own a hair salon and restaurant. Are those types of businesses accepted?

Yes. Many of our applicants have non-technical business ventures. We are here for YOU! Apply here.

I'm a small business, must I know someone personally within the Filthy Rich Business Incubator to get accepted?

Visit Business Incubator Misconceptions ‣ Rich Fridays Podcast for all the misconceptions.

No. Now why would you think that. Here are some common misconceptions about the program which we would like to address:

Misconception: Filthy Rich Business Incubator is just for tech companies and apps.
Fact: No. We work with companies in Marketplace, Retail, Enterprise/B2B, Consumer, Tech, Nonprofit, Biotech, Hardware.

Misconception: We work with companies all over the world.
Fact: We work with companies registered in the US. We will help with establishing a parent company in the USA if your company is currently based outside the United States of America (USA).

Misconception: I need to raise a seed round before I apply to Filthy Rich Business Incubator.
Fact: False. The majority of business ventures that apply to us have never received funding.

Misconception: I’ve raised too much money for Filthy Rich Business Incubator.
Fact: Ummmm no! If your company has raised millions, you can still apply.

Misconception: I’m too far along for Filthy Rich Business Incubator.
Fact: No. We also offer coaching and other strategies that may be beneficial to your brand’s trajectory.

Misconception: Filthy Rich Idea only accepts businesses that are rare or in demand.
Fact: We are not that type of incubator. We help all businesses especially the ones that heavy competition in their field. If you are simply trying to start a business, do not worry about competition! We accept all businesses, especially those in very saturated markets.

Misconception: Filthy Rich Business Incubator doesn’t accept companies without revenue.
Fact: We love the ones not making any money. Just come with your idea fleshed out and we will help you become Filthy Rich!

Misconception: My company already makes money so Filthy Rich Business Incubator will not accept me.
Fact: Making money is the goal. Let’s help you flesh out your strategies and reach incredible goals!

Misconception: Solo founders aren’t accepted into the Filthy Rich Business Incubator.
Fact: Many businesses that apply do not have a co-founder. While that is the reality of things, startups are hard and cofounders definitely help.

Misconception: If I applied to Filthy Rich Business Incubator and got rejected, there’s no point in applying again.
Fact: We will look at an application no matter how many times they have applied. Just make sure there has been some growth.

Misconception: I need to know someone at Filthy Rich Idea Business Incubator or have an alumni recommendation.
Fact: Our applicants rarely come with an internal reference.

Misconception: I did another accelerator so I can’t do the Filthy Rich Business Incubator.
Fact: Things happen, and we understand that details need to be explained before making a decision. Still apply.

Misconception: I’ll never get in.
Fact:  We generally accept all companies that fill out the application in its entirety :). The biggest regret that we see are the business ventures applying late and being place in a later cohort. But seriously, apply! You will never get in if you do NOT apply.

Is my startup a business venture that can apply?

Filthy Rich Idea is open to for-profit and nonprofit business ventures across a wide range of industries. Your venture can be a pre-seed or seed stage venture working towards product-market fit. Ventures that are admitted into the program may have achieved some of the following milestones: monetization as proof of demand, an ongoing or completed pilot study, and/or meaningful feedback and traction from end-users.

Previous applicants can apply with the same venture; however, previous participants cannot apply with the same venture.

To apply, go here.

Do we need to write a business plan?

You do not need a business plan to apply. We will create a business plan for you if needed for funding outside of our own investment. We do encourage pitches and demos.  

I received a request for financial projections after submitting my application, how detailed does that need to be? (A full financial model? Just key metrics and assumptions?)

You just need to provide high-level financial projections. We do not need to see your financial accounting! What are the key drivers of business economics (e.g., price points, margins, customer acquisition costs)? What do you anticipate as the primary cost/revenue streams? Please define your assumptions so it is clear to us that you have developed a realistic model. Please upload any financial projections on the Portfolio Tab.

Do we need to incorporate before applying?

No. Incorporation is not necessary prior to applying.

What is the acceptance rate?

The acceptance rate is determined by the quality and stage of applicants.

What are you looking for in a venture (and how early is too early to apply)?

If you can answer at least 90% of the questions in this application, then you are right on time. The sooner you apply, the more time we’ll have to review your application and reach out to you if we have questions.

Can we apply more than once?

Yes. If you’ve applied before and had not gotten in, we strongly encourage you to apply again. Your venture should have shown progress since its last application which is a positive for the next application.

Can we apply if we are a non-US corporation?

In order to participate in the Filthy Rich Business Incubator, your company must be incorporated in either the United States of America, Canada, the Cayman Islands, or Singapore. If your company is not registered in any of those jurisdictions, you will need to create a parent company in one of those jurisdictions. The existing company will then become a subsidiary of the new United States, Canada, Cayman Islands, or Singapore parent company. You may need to attain lawyers for this process. Please understand that the process is tedious and will require much effort from you. 

We are not based in the US. Do we need to do anything to apply to Filthy Rich Business Incubator? (eg. incorporate in the US, get visas or business licenses)

No need to do any of that. If invited for interviews, we will assist you with navigating visas. If accepted into the program, we can help you with incorporation. 

What are the typical things people might leave out of an application that you would like to know about the venture/team?

Whether you have a sophisticated venture or are entering a new space, please take the time to fully explain the breadth and scope of your venture. It’s important to highlight how big the market opportunity is for your venture, the unit economics, and how you will generate revenue. Most importantly, we want to understand why you want to join the program and how you believe you will contribute to the Filthy Rich Business Incubator community now and into the future.

Will someone from Filthy Rich Business Incubator review my startup idea after I submit my application?

Unfortunately, we can’t have conversations with everyone about their ideas. If you apply and we invite you to interviews, we’ll certainly talk about your idea with you then. 

What happens when I submit a late application?

Late applications will be processed on a first-come first-served basis and is based simply on the availability of the partners to read and review it. We review all late applications with the same criteria as on-time applications, the only difference is that it will take a little patience to get your results and you may be accepted into a later cohort. Your application will be reviewed on the merits of its content and not on its timing. Late applications are generally competing for fewer slots, so it’s harder to be accepted the later you apply.

My application is late but for a good reason... will you still accept it?

Maybe, if there is space still. If not, your application will be applied to the next available cohort.

What is the deadline for submitting a late application?

There is no hard deadline. We’ll keep allowing teams to submit late applications even whilst a batch has commenced. Again, the later you submit your application, the chances of you being placed in a later cohort are higher.  

We previously applied and would like to use that application for this batch.

You can reference past applications on your application, but you’ll need to fill out a new one every time you apply. 

After we fill out the application, how will the other founders have access to the application.

All founders’ emails must be listed in the application. Once the application is submitted, each founder will receive an email to join the account. If your other founders have not received the email, please ensure that the correct email address was typed. If you are still experiencing issues, email Incubator@FilthyRichIdea.com.

The Business Incubator

What happens at Filthy Rich Business Incubator?

Alot! But to be specific…What is the Filthy Rich Business Incubator ?

I have a great idea for a startup, but I‘m not technical. Will you still accept me?

We support a variety of business ventures that are not technical in service or product. However, for technology-based ventures, it’s important for the founding team to have the skills to build their product themselves, rather than outsourcing it to someone else. Technology-based ventures will need a technical co-founder or executive on their board. We cannot guarantee that the program can provide you with one. 

I only need funding for my business venture. Where can I go for funding?

Visit here funding.

Aside from funding, what does my business get?

Aside from funding, student founders will have access to our network of mentors, business coaches and software including a website builder, mobile app builder, human resources/payroll/tax services, VoIP phone services, business incorporation services, email marketing, marketing services for their business products and services, online courses in their field to improve their team, employee training, and much more.

How much do you invest?

Aside from connecting you with a mixture of loans, grants, and VCs during the programming and Pitch Feedback Sessions, teams that complete the program will be invited to Building A Filthy Rich Business Conference in the Summer of 2023 for our funding competition. This event will provide you with access to 1000+ investors.

Will you sign an NDA? How do I know you won‘t steal my idea?

We will sign an NDA. We want you to feel comfortable and confident throughout your interaction with us and those within our network. 

For accepted venture teams, approximately how many hours of commitment are required each week?

Many founders are still working a 9-5 job while others are able to commit all of their time. The choice is yours. However, we suggest 5-10 hours commitment per week. Active participation is key to your success in the program.

Will you work with multiple startups working on the same idea?

Yes. We will not assign the same coaches and mentors to work on two startups with the same idea to maintain the integrity of each one’s efforts in developing the startups. Most markets have room for competition so we can accommodate ventures with the same ideas.  

We need a lot of money for our startup. Does Filthy Rich Business Incubator have a funding limit?

We do not have a limit. For startups needing plenty of funding, we will prepare you in building your proof of concept (prototype) for later stage fund raising.  

I do not have a team and I am the only founder. Can I still apply?

Yes. We accept solo founders; however, one-person startups are tough. You should try to have a co-founder.  

Location

Is the program online or on-site?

In order to create consistency and ease for founders, we are operating online and onsite (limited locations) with sessions primarily in the mornings or afternoons Eastern Standard Time. (We may update the timing based on speaker availability and the geographies of teams.) We will provide you with a calendar of events for the year, and we may offer new sessions on timely topics. You will also have the opportunity to participate in community building events in order to forge deeper relationships within your cohort.

Requests

I'd like to publicize my product / service among the portfolio of student founders in all of the Filthy Rich Business Incubators.

You can publicize your product within the FRBI community or offer a special deal on your service or product to our companies through our VIP Partner Program or directly fill out this form. We manually review these deals and will let you know if your offer has been approved or rejected. 

I'm visiting Atlanta, Georgia. Can I come see the Filthy Rich Business Incubator?

Sorry. We do not have founders working out of our space. We are not giving tours due to Covid-19. 

General Help

Who do we contact if I have more questions?

Please send all emails to incubator@filthyrichidea.com with any/all questions regarding the program or the application process.