Deadline: 30-Jun-21
The Startup Bucks is inviting applications for its Built Startup Fund to promote economic development in Bucks County through investment in and support for early-stage startups.
Twice a year, with funding from the County of Bucks, the Bucks Built Startup Fund invests up to $25,000 each in five early-stage startups.
Through 12 months of iterative advising, resources, programming, and connections, we help them level up for their market and future investment.
Bucks Built startups receive investment funding of up to $25,000 in the form of a convertible note from the Bucks County Industrial Development Authority (the IDA).
The IDA and the startup founder(s) enter into a standard agreement that outlines expectations and terms, including the IDA’s participating future rounds of funding.
What Bucks Built Startups Receive
- Investment
- Up to $25,000 to help fund their business and cover expenses
- The investment is provided as convertible note (i.e., short-term debt that converts into equity)
- Customized Support
- Curated mentor match
- Pitch coaching and practice sessions
- Focused advising for market traction and top-line growth
- Ongoing and on-call advising from the Bucks Built advisors
- Priority to present at weekly Founder’s 30 forums.
- Introductions to follow-on investors, funding sources, and partner opportunities.
- Resources
- Operations and tech stack audit and framework from Coherent Ways
- Free access to workspace and meeting rooms at Stacks Co. in Doylestown, ic@3401 in Philadelphia, and Nomadworks in Manhattan
- Introductions to trusted services like accounting, legal, insurance, marketing, etc.
- Community of early-stage and experienced founders
Eligibility Criteria
The stage and industry of qualified startups can vary, but they must meet the following basic criteria:
- Innovative and designing to scale
- No more than 5 employees
- Currently incorporated entity (e.g., LLC, C-corp, etc.)
- And at least one of the following within 12 months of funding:
- Owner residing or planning to reside in Bucks County
- Operating in or planning to operate in Bucks County
- Committed to hiring in Bucks County
- Companies do not need to be incorporated in Pennsylvania or based in Bucks County to apply.
Here are the primary criteria used to evaluate Bucks Built applicants.
- Employment
- The startup has potential to support job creation and economic growth in Bucks County.
- Solves a Problem
- The startup addresses a significant need or a real problem.
- Viable Solution
- The product/service and model are effective, scalable, and can be evolved or adapted as the market responds.
- Competition
- Founder has a good understanding of the current and potential competitive landscape.
- Go-to-Market Strategy
- Strong plan or demonstrated success for acquiring customers. Early traction, while not necessary, is always a nice indicator.
- Financials
- Reasonable projections and smart plan for deployment of funds.
- Founder and Team
- Focused on outcomes over ideas and equipped with the right passion and skills to persevere.
- Impact and Fit
- The $25k and support from Bucks Built can help move the needle.
- Exit Potential
- Obvious acquirers or other exit opportunities exist.
For more information, visit https://startupbucks.org/bucks-built