Trying to decide if starting a company is the right move for you? Have an idea for a business that you're unsure of?
The Underdog Labs Spark Program is designed to help aspiring entrepreneurs who are at the very beginning of their journey sharpen the focus on a potential idea and identify the key success and risk factors that go into turning that idea into reality.
This program is free to a select set of applicants, and designed to help budding founders validate their idea and create a specific game plan for moving forward.
The program consists of a series of virtual meetings with an Underdog Labs partner:
Intros - Get to know each other and discuss the early product/business vision at a high level
Product & Market - More in depth discussion of your idea/product/service and what pain/problem it solves. How is it unique and different? What does the market environment look like and can you win?
Economics & Capital - How will you generate revenue? What is likely capital need to move forward? Where to raise it
Gut check and Game plan - After these discussions is this still the right idea to pursue? Gut check your commitment & passion. Discuss simple action plan to move forward
Learn more about Spark in the FAQ below.
Q What format does the program take?
A: Spark consists of a series of lightweight 1 on 1 calls/meetings. We tailor the exact number of discussions to the needs of the founder. But typically it is a series of 3-4 meetings.
Q: How time intensive is it?
A: We will custom fit the process to meet the founder's needs/availability. Typically a series of 3-4 forty-five minute calls/meetings.
Q: How does Spark fit in with Underdog Labs' other offerings (investment fund, accelerator program)?
A: Spark is designed to be complementary, and a starting point for acceptance into our accelerator and/or an investment from the Underdog Labs pre-seed fund.
Q: Does participating in Spark equal a commitment to Underdog Labs (or vice versa)?
A: Should the founder decide to move forward with their idea after leveraging Spark, the accelerator program and a fund investment are both potential next steps should both sides feel there is a fit. However, there is no requirement or commitment on either side's part coming out of Spark.
Q: Will the Spark program give me access to Underdog Labs' professional network?
A: As needed and appropriate, we are happy to introduce Spark program participants to members of our network who we think will be helpful in validating or optimizing their vision.
Q: Is it ok if I am evaluating multiple solutions or strategies to solving a specific problem?
A: It is absolutely ok for you to still be in the evaluation stage of solving a problem. The program is designed specifically to help you mold the clay on a very early stage idea.
Q: Does my business idea need to be US specific?
A: We're happy to chat with you about solutions that are not US focused, but our investment fund and accelerator only support US businesses so the conversation is likely to be lighter. The reason for this is we are more confident in our ability to add value to businesses operating in the US.