Who is behind the Civic Accelerator program?
The Civic Accelerator is a partnership between Points of Light and Village Capital.
What is the relationship between Points of Light and Village Capital?
Both Points of Light and Village Capital are separate, stand-alone 501 (c)(3) nonprofit organizations. We have a shared mission around supporting social entrepreneurs which brought us together to launch the Civic Accelerator program.
Does the Civic Accelerator support both for-profit and nonprofit ventures?
Yes. We are agnostic to legal structure and instead focus on the mission and impact that a social enterprise can have on the world.
What are the terms for the $10,000 cohort investment program?
A $10,000 investment will be made in each team accepted into the Civic Accelerator program. If the team is a for-profit, the investment will be made as an 8 percent convertible debt note, at a 20% discount or convertible to 2 percent equity after two years. If the team is launching a nonprofit venture, the investment will be made as a 5 percent loan/recoverable grant, tied to pre-determined earned revenue goals and payable back after two years. All returns from these investments will be re-invested in future startups participating in the Civic Accelerator program.
What are the terms for the $50,000 peer investment program?
At the conclusion of the Civic Accelerator program, two teams will be selected to receive $50,000 investments each, with the decision being made by the entrepreneurs themselves. If the team is a for-profit, the investment will be made as an 8 percent convertible debt note, at a 20% discount or convertible to 7.5 percent equity after two years. If the team is a nonprofit, the investment will be made as a 5 percent loan/recoverable grant, tied to pre-determined earned revenue goals and payable back with interest after 2 years. All returns from these investments will be re-invested in future startups participating in the Civic Accelerator program.
What are the logistics for the Civic Accelerator program?
The Civic Accelerator is a 10-week program, bringing together two to three person teams from across the U.S. We plan to convene the entire cohort of 10-12 teams for three, four-day sessions or retreats over the course of the 10-week program. In addition, teams will be grouped based on their geography, paired with local mentors, and required to meet weekly (through virtual mediums) during the times when they are not together as a single cohort. Find out more about the Civic Accelerator schedule here.
How do I apply for the Civic Accelerator program?
Applications for the Cohort 2 of the Civic Accelerator are due March 18, 2013. Applications for Cohort 3 will become available in Summer 2013. If you have any questions, please don’t hesitate to contact us. Our plan is to launch several cohorts over the course of the year and we will keep in touch around the next opportunity to apply.