Do I have to give up any equity or intellectual property (IP) to participate in the accelerator?
No, accelerator participants do not give up any equity or intellectual property (IP) in exchange for the resources that we provide. You will retain the title to, and full ownership of your organization and concepts, including any software, designs, research, or other intellectual property that you develop.
Who is eligible to participate?
Tool Foundry is designed for individuals over the age of 18 who are United States Citizens or legal permanent residents at the time of entry and for all validly formed legal U.S. entities with a primary place of business is in the U.S.
How is the funding provided to participants?
The funding will be non-dilutive and issued by Luminary Labs. If you are applying as an entity, the funds will be distributed to the entity. If you are applying as an individual or team of individuals, the funds will be distributed to the team lead that is designated in the application. Funs will be distributed using electronic payment. The team lead is responsible for paying all applicable taxes and any distribution of funds to team members.
Can for-profit organizations apply?
Yes. We do not require any specific type of team or entity structure.
Can I participate in the accelerator if I am a single person, rather than an organization or team of individuals?
A team can be a single individual, but we encourage single applicants to consider teaming up to ensure they have the necessary expertise for success. If you apply as an individual, please address how you fulfill the ability criteria.
Do you only accept teams developing physical tools or hardware?
Yes, there must be some original physical or hardware component of your tool. However, your tool may have non-physical components (e.g., software or cloud integration).
Do I have to be, or plan on becoming, an incorporated company to participate in the accelerator?
All members of the cohort will be expected to determine long-term sustainability and scalability plans. However, there are many ways of achieving this and incorporation is not required.
If I am selected to join the accelerator, do I have to participate?
If you accept funding, you are required to fully participate in the accelerator, which includes participating in all required activities and attending all in-person events.
Is the accelerator a full-time commitment?
We do not require that teams commit to this full time, but the accelerator is a time-intensive program. While the majority of the accelerator will be virtual, at least one team member must attend the in-person events, including Boot Camp and the Tool Foundry Showcase. You are also expected to complete all exercises and attend scheduled learning sessions each week. We will work with you at the start of the accelerator to address time constraints.
How is Tool Foundry funded?
The accelerator is a Luminary Labs initiative funded by philanthropic grants from the Gordon and Betty Moore Foundation and Schmidt Futures.
Have more questions? Email us.