How many team members do you typically look for?
We are looking for teams with typically 2-4 founding members.
How does the selection process work?
The selection process involves an initial screening and evaluation by our Project Selection Committee. After that, the Committee will invite the short-listed teams for in person interviews. Final decisions will be made based on these interviews.
How much capital is Eastlabs providing?
Our standard offer is $20,000 per startup team.
Can you provide more funding?
Teams that require more funding because they are at a more advanced stage of development or other valid reasons will be reviewed by the investment committee of EastOne Group, the investor in Eastlabs. Depending on the interest from EastOne, these teams may receive funding under different terms.
How much equity will Eastlabs gain in the start-up?
Eastlabs gets 15% equity on each startup team.
How much office space is offered for each team at Eastlabs? How long can start-ups use this space?
The start-ups we accept move to our open architecture, collaborative office space located in central Kyiv through the term of the accelerator program. We offer 3 working spaces to each team.
What is the length of the Accelerator Program?
The Eastlabs accelerator program will run for a period of 3 months.
How many teams will be selected?
We plan to select teams on a rolling basis and have launched with a small group of 4 teams. We are currently reviewing other teams and expect new teams to join every quarter.
How many mentors are working with the EastLabs accelerator?
We have a pool of over 100 local and international mentors. The total number of mentors is always increasing.
What kind of companies are you accepting?
We are interested in start-up companies that are scalable in the internet, mobile, and digital media spaces
What do you look for in the application process?
We look for teams (typically 2-4 founders) with a clear understanding of the market opportunity and the competitive advantage of their idea with respect to others in the marketplace. Team members should have domain expertise, understanding of the market, competitors and the ecosystem in the industry they are targeting. We are also especially interested in disruptive business models that can transform markets
Is it ok if I do not have a business plan?
The application process requires answering questions regarding your business idea, business model, team, etc. but does not require you to submit a formal comprehensive business plan
What do I do if I am the only one on the founding team?
We are ideally interested in teams with more than one founding member. Though we are flexible and will still evaluate your start-up as a potential investment, it is better for you to find at least one more founder who shares your vision and can add complimentary skill sets
Who decides which teams are selected?
The Project Selection Committee will make final decisions on which teams are selected. It is composed of Eastlabs Partners, Eastone management, and advisors.
How is Eastone connected to Eastlabs?
Eastlabs and Eastone share the same shareholder, Viktor Pinchuk.
What are the main criteria that you use to select start-up teams?
We evaluate projects based on the viability of success of the business idea and the founding teams ability to execute.
What happens after the 3-month program?
After the 3-month program, Eastlabs will introduce the teams that reached the expected level of development during the program to investors for the next round of financing, if required. All Eastlabs teams become part of our alumni network after finishing the program and can continue to enjoy Eastlabs educational offerings and leverage Eastlabs network in the local and international startup ecosystem.
Can you introduce future venture capital investors start-up teams?
We will provide introductions to venture capital investors who will evaluate the start-ups as they are graduating from the program and determine if they are promising candidates for further investment.
Besides seed capital investments, what else do you provide start-ups?
Actually, the seed capital, is not the main part of the overall set of benefits you receive when joining Eastlabs. We provide an open architecture, safe and collaborative office space in downtown Kyiv, support, mentorship and connections.
Do you accept teams not based in Ukraine?
Yes. We are open to accepting teams from any international location as long as they meet our selection criteria.
Do all team members have to relocate to Kyiv?
Yes, founding team members have to relocate to Kyiv and work from our office space.
What happens if after the program my start-up does not get funded?
Participation in the EastLabs program does not necessarily guarantee future funding. EastLabs interests are aligned with the start-ups and we will make sure to get enough of funding introductions to angel and venture funds investors depending on the start-up needs. But some start-ups may decide to continue working on their growth without additional external funding.
What is the selection process for a mentor?
Mentors are selected based on their prior experience and specialization in entrepreneurship, technology and venture capital industry. We look for mentors that have a passion for helping new entrepreneurs and have local and international knowledge that will be beneficial to start-ups.
Is there an orientation process for new mentors?
New mentors joining the accelerator will go through an orientation process where Eastlabs management will explain the process and answer any questions. They will have an opportunity to learn about the start-ups and select the teams that they would like to mentor. Mentors and start-up team members will develop a mentorship plan and schedule.
How many opportunities are there for mentors to network with each other?
Mentors will have many opportunities to meet each other and even work with other mentors to advise the start-ups. Mentors will also give presentations to the community which provides an excellent format for networking. EastLabs will be holding events for networking and mentorship throughout the year.
What are the responsibilities of a local mentor?
There are two types of local mentors. Ad-hoc mentors: meet occasionally (e.g., once per month), as requested by the teams or suggested by the accelerator staff members. Lead team mentors: meet regularly (1-2 times per week, in person or by other means of communication) with one team and ad-hoc with the rest of the teams.
What are the responsibilities of an international mentor?
International mentors are expected to interact with teams at least once per month or as needed for an ad-hoc consultation via email or Skype. We understand that the distance can be a hurdle to interaction but we know that teams will find it invaluable to have an internationally located mentor.
Can mentors select the start-up that they would like to work with?
Mentors will have the opportunity to select start-ups they would like to work with based on fit with their expertise and interests.
Can start-ups choose their mentors?
Start-ups have the opportunity to learn from all the mentors but will be assigned mentors based on their specialties and how they fit with the start-up idea and team.
How long is the term for a mentor to work with a start-up?
The mentorship term lasts officially for the term of the accelerator program which is 3 months. We hope that mentors and start-up teams will continue to meet even after this term ends.
Will mentors that are assigned to a particular start-up coordinate with each other?
Yes, we expect that through the course of start-up mentorship with a particular team, mentors will be aware of the overall plan and milestones for the start-up.