FAQ's
What type/stage of company should apply?
The company must be profit-seeking, have a social impact, and be able to receive an institutional investment by the end of the WCVC program (April 14, 2010). That means the company is most likely an LLC or perhaps a C-corporation.
What are you looking for in an application/what does a successful applicant look like? My company does x and y, which do you prefer?
Overall, we're seeking great people and great ideas. The application itself is pretty short and simple on these two points. Any more detail than that and we're "teaching to the test." If you are in doubt, apply!
I'm an experienced CEO. What am I going to get from this?
A new peer group that will help you with your business, whether it is practicing your pitch, finding an investor or employee, giving advice, or gaining a strategic relationship. It's similar to YPO or YEO in the sense that you should expect that peers will help you in unexpectedly good ways.
Once I'm a WCVC Member how are working groups selected?
We have a series of mixers where you will meet your fellow WCVC Members. You get to select your group – based on common interest, diverse interests, personality, geography (you meet weekly), or whatever your criteria are. We'll do a final adjustment to the groups in circumstances where the group didn't reach six people or otherwise needs assistance.
I have another founder. Should we both apply?
You can both apply, but only one person per company will be selected. That person will get bragging rights.
How are the investments decided?
The entrepreneurs themselves will decide who is most investment ready. Although we don’t expect to use it, we reserve the right to alter those decisions (for certain legal and fiduciary reason).
This feels like I'm supposed to compete with and yet cooperate with my peers. What's up with that?
Collectively, our biggest competitor is FAILURE rather than each other. Failure is the grim reaper for all our companies, and we need to work together to win. If competing for a relatively small amount of dollars is more important (rather than also important) to you than the peer support that will keep all our ships off the rocks, then our program may not be the best fit.
What is First Light Ventures getting out of this program?
Two things: First, we believe in the power of peer support and want to catalyze that to help high-impact companies. Second, we are seeking to transform seed stage investment. If we can prove that this model provides a low-cost method of finding the best companies, investors like us can use similar programs to deploy more capital earlier. And while that helps us, that also helps you.
