What is an Accelerator?
An accelerator is an intensive business education program designed to help nascent companies to grow quickly and reach their full potential. Most accelerators feature a network of reputable and accomplished mentors to help companies on various focus areas. Some accelerators offer co-working office space, and access to angel and venture-capital investment. Often accelerators will ask for a small amount of equity in exchange for admission to the program, while others will ask for a cash fee.
What type of companies does Savour work with?
Savour works with early stage food-related companies in the “product-market fit” stage (ie. there is a good market with a product/service that can satisfy that market). We focus on companies that affect positive change and disruption in the food system. Startups from any part of the food value chain are considered, including but not limited to agriculture, ag-tech, food distribution, retail, consumer packaged goods, food and beverage, and food tech.
How much funding do Savour companies receive?
We provide the following funding in exchange for 10%-20% equity:
$50,000 investment via a safe (simple agreement for future equity)
We cover the $50,000 cost of the program
What are the criteria for consideration in the program?
We are looking for early stage growth-oriented food industry startups with a vision to scale dramatically and innovate the food value chain. In order to be selected startups must have revenue, be based in MENA, have launched a product/service, and demonstrate a willingness to learn the skills necessary to grow your business!
How early is “too early” for my startup? I’m still in ideation stage.
That’s too early for Savour – at this point. We do not accept startups in the ideation phase. While we are building a regional community of passionate food startups, the accelerator is designed for startups already producing and selling products with some early traction.
How will you select the participants?
Companies interested in being considered need to complete and finalize the online application via F6S. Generally, we are looking for (1) Startups teams that demonstrate drive and innovation, (2) Disruptive companies that will generate out-sized value for investors and, (3) Entrepreneurs who share our vision to bolster innovation and excellence across the food value chain. Incomplete applications will not be reviewed. Up to 12 companies will be selected to join the Fall 2019 accelerator program.
What other funding opportunities does Savour facilitate?
We educate our network of investors about the investment opportunity presented by your startup. For companies that perform well during the cohort and show significant growth potential we may contribute to additional rounds of investment in the future. Demo Day is your opportunity to present your company to our network of investors, venture capital funds, media and foodie community.
Do I have to relocate to Kuwait to attend the program?
Yes, if your startup is accepted, up to two founders may attend.
I am a single founder and can’t stay 10-weeks away from home. How can I commit to the program while keeping track of my business?
The intention of the program is to have two weeks of in person classes and two weeks at home to implement module learnings to enable continuous traction. You are only required to be in Kuwait for 6 – weeks total.
Will any financial assistance be offered such as airfare, accommodation, and transport?
Savour covers accommodation throughout your stay in Kuwait, travel for up to two founders, as well as transportation to and from all program activities.
I am not based in Kuwait. Do I have to expand my startup to Kuwait after I join the program?
No, we accept startups from all around the MENA region.
Do you invest in competing business concepts?
Yes, but we do not invest in the same business concept within the same cohort.
I’m applying to the Savour accelerator and got to the part about uploading a video—how do I do that?
Record a video that’s between 2-4 minutes long and contains your answer to the following questions:
• What is your business model and why did you start your startup?
• Why are you applying to Savour?
• What do you hope to achieve during the accelerator?
• What is your vision to scale?
Providing a link to the video, hosted on YouTube or Vimeo, works great. You should upload this video as “unlisted” or “not private” to ensure we have access. If you don’t want other people to find it, mark it as “unlisted.”
We care about the quality of your answers, not the production value of your video. The video should simply be the founders talking. No screenshots or postproduction please. We want to get to know you… not your video-making skills.
Before submitting the link, we recommend playing it back to yourself from the hosted provider (YouTube or Vimeo)—that’s the way we’ll view it, so this is your shot to make sure we can hear what you’re saying.
I’ve got this existing video that I want you to see. Can I submit that?
We really want to hear about your startup in your voice. We can’t talk with all the startups that submit, so this is the best way to accomplish that. We’re asking that you and your team look into the camera and speak right to us, rather than submitting something that already exists.
Can I speak to someone directly about the program/application process?
We ask all interested startups to submit their completed applications via F6S. Applications submitted outside of the website will not be considered. If you have additional questions or are having technical difficulties submitting your application, please send an email to email@example.com
Will all companies be notified if they are selected to participate?
Yes! We will notify all applicants by August 2019.
When will Program Applicants be contacted?
After you apply, you will receive a confirmation message acknowledging the receipt of your application. All applicants will be notified of their application status by September 1st, 2019. We may be in touch prior to that date to request additional information. Eligibility of applicants will be considered only upon the application and any materials specifically requested by Savour. Please do not send unsolicited materials.
Is there any advantage to applying earlier rather than waiting until the deadline?
Applications are reviewed after the application deadline; however, we monitor applications throughout the application period so we encourage you to apply sooner rather than later.