Food-X Accelerator Program

Applications For Next Cohort Due June 30th 2017

How it Works

  • Selected teams relocate to our co-working space in the food capital of the world, New York City. There the companies will find their product/market fit, prepare to get fully funded, and work with us to scale their business BIG.
  • Each week you will meet with 3-5 expert mentors to test, validate, and accelerate your business – often achieving in 3 months what other founders take years to accomplish.
  • The final 2 weeks of the program you’ll work with us to refine your pitch in preparation for Demo Day, where you will pitch your business to our co-investor network, and the world via a live event and live online broadcast. This is your chance to take the spotlight and pitch your business to potential investors!

Food-X Cohort VI Schedule

June 30th 2017

Applications Close

July-August 2017

Application Evaluation

August 2017

Selection

September 2017

Program Begins

December 2017

Demo Day

We Use a Pragmatic, Data Driven Approach to Perfect Your Offering, Your Operation, and Your Message

What You Get

We provide startup capital, hands-on help, mentorship, and our global network of food business thought leaders. Our fast-growing family of hundreds of experienced entrepreneurs, industry experts and growth hackers are keen to pass their hard-earned experience and knowledge on to you. We are eager to help you overcome your production woes, identify the right marketing message, improve your user experience, or figure out retail distribution. We’ve been there. We’ve felt the intense pressure of launching a business; and we want to help you launch yours fast.

In exchange for 7% equity in your company, you get

  • $50k in cash when you start the program
  • A program worth $45K
  • A collaborative co-working office space and copious meeting space
  • Access to our expert mentorship & global entrepreneur network
  • A community of 1000+ SOSV entrepreneurs, all keen to help you reach your goals
  • Access to our co-investor network for your Seed round
  • Follow-on investments up to round B
  • Global press & media spotlight on Demo Day
  • Access to partner benefits and perks
  • The fastest route to hyper growth and massive success

Partners

Program participants get access to a wide range of partner benefits and perks that will help clear the way for your success

Food-X Partners

FAQ

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. Apply

Why is an accelerator a great model for food startups?

The specialty food business is booming. The National Association for the Specialty Food Trade says the sector hit a record $88.3 billion in sales in 2013, and continued to grow in 2014. The association attributed the sector’s popularity to “growing concern” among consumers about sustainability and health, as well as increased interest in “small-batch production” — knowing where food is made and who made it. As demand for their products grows, food startups are finding they need to scale up quickly for wholesale distribution. This is where an accelerator can make all the difference. Apply

What type of companies does Food-X work with?

Food-X 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, particularly around healthful eating and sustainable farming & distribution. Companies from any part of the food supply chain are considered, including but not limited to farming, ag-tech, food distribution, retail, wellness, consumer packaged goods, food-related apps, and green/clean tech. Apply

How does Food-X help improve the food system?

Despite or because of all the conveniences of modern industrial societies, what we are eating is damaging the health of our populations and of our agricultural systems. Much of modern medicine is focused on treating diet-related diseases, which have become widespread and pervasive. Environmental issues related to industrial agricultural systems are also of serious concern, not only to us but to future generations. We are twice as large and are living twice as long as compared to traditional agrarian societies, but we are not that much happier or healthier. Food needs revolution. Food-X is taking on these radical challenges by bringing together markets and education, combining entrepreneurship, peer learning, mentor coaching, and financial leverage. Trial and error, essential to entrepreneurship, will be experienced through multiple cycles in a very condensed period of time, accelerating a year of progress into 14 weeks. Apply

What qualifications are you looking for, and what is the minimum requirement?

There are no specific qualifications other than a passion for your food related business, an ability to build a team, and a willingness to learn the skills necessary to execute your idea and grow your business. We do prefer companies with at least two founders with a spread of capabilities and experience. We also require that the company is incorporated in the US, though we can help with this process. Apply

How much funding do Food-X companies receive?

We provide the following funding in exchange for 7% equity:

  • $50,000 on commencement of the program in NYC
  • We cover the $45,000 cost of the program.

What other funding opportunities does Food-X facilitate?

  • We educate our network of investors about the investment opportunity presented by your company.
  • For companies that perform well during the cohort and show significant growth potential, we may contribute to a seed round of investment. This may be followed up by contributions to Series A and B rounds. We will help co-ordinate these rounds of investment.
  • Demo Day: The opportunity to present your company to our network of angel investors, venture capital funds, institutional investors, media, and a global audience via a live video stream.

Does it cost money to participate in Food-X?

Not cash money. We ask for 7% equity in exchange for $50,000 in seed capital, and $45,000 of the program cost. Apply

What does Food-X provide during the program?

  • Office co-working space for 2-3 people per company, including high speed internet, meeting rooms, and standard office facilities.
  • $50,000 investment as described above.
  • A reputable and accomplished advisor assigned to help grow your company.
  • In-depth mentorship with our network of food industry and business leaders. See a list of mentors here.
  • Media exposure, where possible.
  • Demo Day: The opportunity to present your company to our network of angel investors, venture capital funds, institutional investors, media, and a global audience via a live video stream.
  • One or two day trips to visit companies or institutions at the forefront of food disruption.

How long is the program and do I have to relocate to NYC for the entire time?

The program is 14 weeks and to make the most of the program we require office presence. Apply

If I relocate can you help me?

Yes, we can assist with the logistics of relocation and finding accommodation. Apply

Is my company too far along to apply?

We accept companies in the “product-market fit” stage, but we have taken on companies from various different stages who were in need of accelerated growth. Apply

I’m a single founder, can I be accepted, do do you only accept teams?

Its not impossible that a single founder could be accepted. However we strongly encourage single founders to find a suitable co-founder prior to the program. Apply

Do I need a business plan?

Yes, you should always have a business plan. We can help you hone it if you join the program. Apply

Do you fund companies that are competitive with each other?

No, we do not fund companies that are directly competitive with any company in Food-X or the SOSV portfolio. Apply

What is SOSV?

SOSV is Food-X’s parent venture capital fund. SOSV began supplying start-ups with rocket fuel 20 years ago. We are now a global fund with $300M assets under management and a staff of nearly 50 operating world-renowned accelerators in the areas of hardware, software, biology, food, robotics, medical devices, transportation, green energy, and beyond. We have over 600 companies in our portfolio, and we’ll graduate over 150 start-ups from our accelerator programs this year.

  • $150M FUND
  • >350 PORTFOLIO COMPANIES
  • 30%+ ANNUAL ROI
  • >150 INVESTMENT / YEAR
  • 8 INVESTMENT PARTNERS