FREQUENTLY ASKED QUESTIONS

All the answers you're looking for.

 

WHAT IS 'FINTECH'?

'Fintech' includes any solution seeking to improve and automate the delivery and use of financial services. With it, we're able to provide financial inclusion and access to opportunity for a diverse set of individuals and communities.

WHY 'FINANCIAL HEALTH'?

Financial Health assesses whether individuals are spending, saving, borrowing, and planning in a way that will enable them to be resilient and pursue opportunities over time. (Source: Financial Health Network)

WHY IS THIS IMPORTANT?

We recognize the high potential and unique challenges facing entrepreneurs from underrepresented backgrounds and its evident that all promising entrepreneurs should have access to the resources they need to launch and grow their businesses.

PROGRAM DETAILS

WHO SHOULD APPLY?

If you've never worked on a startup before, this is a great opportunity for you! Previous experience with startups, business, fintech, or financial services is not required to participate. You could be a college student, working professional, or retired individual looking for a new challenge / opportunity. Applicants are not required to currently live in Delaware. All applicants should be 18+.

WHO IS 'UNDERREPRESENTED?

We define underrepresented founders as individuals from groups often not represented in startups, tech, and financial services. Underrepresented groups & identities include: Women, Black, Hispanic, LGBTQ+, among others).

WHAT IF I DON'T IDENTIFY AS 'UNDERREPRESENTED'?

Individuals from all backgrounds and identities are invited to apply, contribute, and participate.

WHAT'S AN ACCELERATOR?

Accelerators are programs that provide connections, mentorship, and educational components which culminate in a public pitch event or demo day to accelerate the growth of a startup.

IS THIS PROGRAM FREE?

Yes. There are 30 scholarships available on behalf of our partners & sponsors. The program does not take equity or ownership of startups or ideas.

DO I NEED TO HAVE AN EXISTING STARTUP OR IDEA TO APPLY?

Nope, although you can apply with an existing startup or idea you'd like to develop.

TIME & LOCATION

The program duration is from February 17th - May 11th, 2020. Each of our 'Education Sessions' are held on Saturdays from 10am-2pm. Our 'Virtual Mentor Sessions' are held on various weekdays, remotely via 90-minute video calls, typically after 6pm EST. All of our in-person sessions are held in Wilmington, Delaware.

WHAT ARE THE DATES OF THE SATURDAY SESSIONS?

February 22nd & 29th, March 7th, 14th, 21st, & 28th, April 4th, 11th, 18th, & 25th, and May 2nd & 9th.

WHAT'S THE STRUCTURE OF THE SATURDAY EDUCATION SESSIONS?

This will consist of a lecture style presentation, sharing of progress / problems, working lunch, reviewing of assignments, and occasional guest presentations. Food will be provided.

WHO ARE THE MENTORS?

They're Investors, Entrepreneurs, Industry Experts, volunteering to lend their knowledge and support. They come from companies and organizations such as Samsung NEXT, Dorm Room Fund, Precursor Ventures, and local organizations such as Delaware Prosperity Partnership & First State Fintech Lab.

WHAT ARE THE BENEFITS OF THE PROGRAM?

Participants receive an evidence-based curriculum, community of entrepreneurs, and  access to resources and mentors. Each participant will receive a $250 stipend for prototyping and customer discovery needs, among other benefits.

WHAT'S REQUIRED TO GRADUATE?

Adequate effort and participation in each of our Education Sessions & Mentor Sessions. This includes the completion of all required assignments (Pitch Decks, Business Model Canvas, among other things). We also want to see that you've supported other founders in the cohort.

WHAT HAPPENS AFTER GRADUATION?

Graduates will receive long term founder support and continued access to our community. We'll be sharing your needs with local resource providers who are committed to helping you grow. You may even be asked to come back and support founders participating in future cohorts.

 

THE APPLICATION

Due by Jan. 26th at 11:59pm EST

WHAT DOES THE APPLICATION REQUIRE FROM ME?

Our application includes questions about your background, your commitment, and a short video submission of you telling us about why you should be accepted to this program.

HOW MUCH TIME WILL IT TAKE TO APPLY?

We recommend taking your time to submit a strong application. It will take at least 30 minutes to answer each question thoroughly and record/upload your video submission.

DO MY TEAM MEMBERS NEED TO COMPLETE AN APPLICATION ON THEIR OWN?

Yes, each team member and/or cofounder must to complete their own individual application.

WHAT IF I DON'T HAVE ANY TEAM MEMBER(S) OR COFOUNDER(S)?

You will be required to join or form a new/existing team with other participants after the program begins. Don't worry, we'll help with this.

WHAT HAPPENS AFTER I APPLY?

By February 3rd, you'll be notified if you have been invited to join the cohort. You will then have 48 hours to either accept or decline your offer. Orientation takes place virtually on Monday, February 17th.

 

VIDEO SUBMISSION

Be yourself.

 

SHOULD I PREPARE BEFORE RECORDING MY VIDEO SUBMISSION?

Nope. We don't expect you to have perfectly rehearsed answers. It's ok to fumble a little. The goal is to learn more about you and why this opportunity is right for you.

HOW LONG SHOULD MY VIDEO BE?

Videos should be no more than 5-7 minutes long. You'll include a link to your video below.

(He're a helpful video tutorial)

CAN I READ FROM A SCRIPT?

You can reference notes while talking, but try to speak naturally.

SHOULD I DRESS UP?

That's not necessary. Wear whatever is convenient and comfortable for you.

CAN I RECORD THE VIDEO ON MY PHONE?

Yes, it's preferred in order to keep the recording process as simple as possible for you.

SHOULD I EDIT MY VIDEO?

No editing, visuals, sound effects, etc. are necessary. The video should be one continuous stream of you talking.

©2020 First Founders Inc.