What is Fongit?
Fongit is a startup accelerator, which is part of the of the governmental business incubator program of the State of Geneva. It is a private, non-profit foundation, whose mission is to foster business opportunities and create wealth and employment in the region. Our foundation supports early-stage, high-tech ventures.
What is Fongit Seed Invest?
Fongit Seed Invest (FSI) is a seed investment fund that primarily invests in ventures having a potential market above CHF 100 million, and with projected revenue higher than CHF 5 million per year, within 5 years. FSI acts either as a lead investor or co-investors and has strong connections with venture capitalists, business angels, and institutional funds (PPP). Fongit is its majority shareholder and primary partner and FSI’s funding members are either companies or institutional foundations.
Do I have to be in Geneva to participate?
We accept application from all over the globe. To participate in the program, however, you need to come and be a part of our community. Eventually, we will help you to incorporate your venture in Geneva, Switzerland.
How do you evaluate the project?
We look comprehensively at the novelty, relevance and business potential of your venture. The screening process takes up to six weeks depending the complexity and maturity of the proposal. You must first apply by submitting an executive summary or a business plan. After the review of your candidacy file, we may invite for a formal presentation to our screening committee. Together, we then assess if your project is eligible for joining our acceleration program. If your project is not fitting our program, we will redirect you to other programs.
Do I have to stay in Geneva after the program?
Since we are partially funded with the state of Geneva, the canton is keen in keeping the best companies. However, you can relocate wherever you think your company will thrive, as we are above all interested in your success. The majority of the companies remain though headquartered in Geneva as the business incentives and opportunities are truly compelling in the region.
Is the Fongit Accelerator and Incubation Program (FAIP) a startup bootcamp?
The FAIP is not a startup bootcamp! We encourage though our portfolio companies to gain experience and exposure though other programs, in Switzerland or abroad, that complement our.
What is the FAIP then?
The FAIP is designed instead to support you in the journey of turning the spark of an idea into a viable product and taking you to the first round of funding. Our objective is also to raise your valuation as fast as possible. Our startups remain on average 36 months in our facilities and interact with us on regular base even after they left our premises.
Do you some success stories or exits?
Our success rate is thus far above ninety percent, calculated over the last ten years of activity. Some of our startups were acquired by large multinational groups.
What level of commitment do you expect from entrepreneurs?
Total! Our startup accelerator is looking for teams where the founders are committed full-time to growing the business. If you are currently part-time – we understand the dynamic of starting a business while having a family and revenue streams to pay bills – then acceptance into our program should be just the encouragement you need to jump into it full strength.
What are the requirements to apply?
We are looking for great ideas and awesome teams. If you cannot commit full-time, and we perceive a great potential in your venture, you can apply for a pre-acceptance program. You will at your pace, and we our support, be prepared to apply to the acceptance program.
Do you accept single founders?
We do and we strongly recommend single founders to build a strong team prior applying to the acceptance program. The pre-acceptance program is well suited for addressing this issue. Our intensive program is filled with mentorship, company and corporate building, and investor pitching. To get the most out of the experience, and to maximize your success, you must have a strong, balanced, and complementary team, and be fully dedicated to the program.
We’ve already been working on our startup for a while. Is Fongit appropriate for us?
We have worked, and eventually supported, a lot of startups like that and we especially appreciate them. We are positive that we can assist any startup that has not already raised a series A round from VCs. Do not incorporate your company, if you can avoid it, as we are experts in this matter. Our services are provided free of charge.
We’ve already taken some funding. Can we still apply?
Yes, Indeed!
How far along do we need to be before we can apply?
We accept candidacy files from teams that are at various maturation stages. Some have simply a new idea – natural candidates for the pre-acceptance program – while others are almost ready to incorporate their company (we freely help you set up your company). If you are already incorporated a company, and still a startup, that is generating or not revenue, you may still apply. In general though, we prefer to working with teams that haven’t officially formed a company yet or will close down their current company and start a new one.
Will Fongit sign an NDA?
No, we will not sign an NDA due to the large number of candidacy files we receive. All the verbal and written information is exchanged in full confidence. The informal commitment to secrecy on our application form is more than any VC would make. Also, we may suggest you to share information with third parties in our network if we sense it benefits your business. In that case, you will be responsible in handling confidentiality.
Can Fongit get us visas?
We are sorry, we do not do that. If you are not Swiss nationals or eligible to work and live in Switzerland, then you must figure this for yourself. If you know people from previous companies who came from outside Switzerland, we suggest you ask them for advice. They often understand the options better than we do.
How much funding do you provide?
Our startup accelerator does not provide any funding. Our foundation assists though companies in the successive fund raising stages (seed and beyond). On the other hand, Fongit Seed Invest (FSI) invests in the best candidates that are part of the acceptance program. FSI is a private seed investment fund and Fongit is its major shareholder.
Does FSI take a board seat?
It depends of the amount invested by FSI in the venture. Usually, FSI is keen to take a board seat with the company or to be an observer.
What if we need more funding?
The amount raised should suffice to fund teams through at least the duration of the scheduled milestones with the objective to rapidly augment its valuation. At the end of the seed phase, some companies will be ready to start generating revenue, while others may decide to look for additional funding.
Does Fongit help in fundraising?
Our foundation provides significant mentoring, teaching, and facilitating introductions to venture capitalists, angel investors and institutional funds.