Frequently Asked Questions (FAQs)
Here’s answers to some common questions.
What is Mighty Labs?
Mighty Labs is a fast-paced pre-accelerator program for entrepreneurs. Through intensive trainings, guided market validation, and access to expert advisors, we bring people with early-stage business ideas to a level where they can join an accelerator, begin looking for seed funding or carry out an early product launch. Mighty Labs is the missing step between your entrepreneurial aspiration and your success in entrepreneurship.
Every year, Mighty Labs will run a county or theme-based cycle. Our mission is to enable less experienced entrepreneurs with their early-stage ideas, propel their ventures to the next stage and ultimately enable them to set up their successful business.
What is a pre-accelerator program?
The Mighty Labs pre-accelerator is a training program that caters to people with early-stage business ideas. This program is ideal for people who are gearing up to either join an accelerator, have an early product launch or are preparing to find seed funding.
How is the Mighty Labs pre-accelerator structured?
The program is made up of two 10-day residency programs in Berlin, Germany and an online coaching period in between the residency programs. After successful completion of the first residency and online coaching program (based on attendance, engagement and assignments) individuals will be selected to move forward and admitted to attend the second 10-day residency program in Berlin. After the program, entrepreneurs will return home and build their businesses.
What are the key dates of the program?
- Jul 20 – Applications Open
- Sep 1 – Applications Close
- Sep 10 – Announcement of Winning Team
- Sep 10 – Oct 14 – Prepare for your trip to Berlin and do pre-readings.
- Oct 15 – Oct 27 – First Residential Training in Berlin
- Oct 28 – Jan 15 – Test your prototype at home while being mentored by the Mighty Labs team
- Jan 16 – Jan 28 – Second Residential Training in Berlin (including Mighty Pitch)
Are all parts of the program compulsory?
Yes, once you are accepted into the program both residency programs and the online coaching component are compulsory. However, only a selection of participants will be admitted to the second residency program. The selection is made based on successful completion of the first residency and online coaching program (based on attendance, engagement and assignments).
Is there homework / tasks that need to be completed before or between the in-residence sessions?
Yes, prior to your arrival at the first residency program you will be required to do some pre-reading to ensure everyone arrives with the basic understanding necessary.
During the online coaching in between the residency programs, participants will be given a number of tasks and exercises to complete.
How much does it cost to participate?
- Independent: You pay 1,950 EUR for your program fee. You organize and pay travel and accommodation. 1,200 EUR (installment 1) will be due upon acceptance to the program and 750 EUR (installment 2) will be due before the start of the second residency program.
- Half Scholarship: Mighty Labs pays your program fee. You organize and pay travel and accommodation.
- Full Scholarship: Mighty Labs pays for both your program fee and travel & accommodation.
What’s Mighty Labs’ refund policy?
- Instalment 1 (due before start of the first residency program):
- Until 25 Sep you can receive 50% refund
- Until 1 Oct you can receive 25% refund
- From 2 Oct there are no more refunds
- Instalment 2 (due before start of the second residency program):
- No refunds
Does Mighty Labs offer scholarships?
Yes, we offer a very limited number of scholarships. We offer a “full scholarship” (covering participation fee + travel & accommodation) as well as a “half scholarship” (covering participation fees). To apply simply select the participant type you would like on our application form but please note that chances of admittance are much higher if you are not relying on a scholarship.
What is the program language?
The entire program will be conducted 100% in English. As such it is crucial that you have a strong level of understanding and speaking English.
Is accommodation and travel covered?
Depending on the participation type you get admitted for, accommodation and travel could be covered or not. See questions on costs and scholarships for more details.
Is the program focused on any thematic verticals?
We do not focus on any particular topics or themes as we are a pre-accelerator program. We therefore welcome applications from any field, sector or industry.
Who are the trainers and advisors of the program?
Our mentors and coaches are experts in entrepreneurship coming from various fields and with many years experience. They will give you insights into multiple subjects including but not limited to lean business, design thinking, rapid prototyping and much more.
Why is it taking place in Berlin?
Berlin is Europe’s entrepreneurship capital, overtaking even London in early-stage business investments. This is mainly due to Berlin being an attractive hub for any creative business. According to Gruenden, an advisory agency for new companies, a new business is founded every 20 minutes in Berlin.
Who or what businesses can apply?
Founders and early-stage businesses can apply as the program is ideally suited for people who are preparing up to join an accelerator back home, have an early product launch or who wish to understand how to best find seed funding.
Can I apply if I am a one-person company?
Yes, we will also accept applications of one-person companies but encourage you with time to find a team as chances for success are much better if your venture is supported by more than one person.
Does Mighty Labs only accept applications from IT or Technology Businesses?
Mighty Labs welcomes applications from all sectors and industries. Therefore, ideas do NOT have to be aimed towards just IT or Technology products/services. Mighty Labs is a pre-accelerator program which means that training and skills are applicable and transferable to ideas from all business sectors.
What are the application requirements and how do I apply?
You can apply by completing and submitting the application form on our website. The requirements are:
- You are up to 39 years of age
- You plan to build a business in the MENA region
- You have the ability to attend both residential programs in Berlin, Germany
- Your level of speaking and understanding English is strong
Can Mighty Labs steal my idea?
No, we have no interest in stealing your idea. As a pre-accelerator, our sole purpose is to give you the mindsets, skills and capacities to successfully develop business ventures. Our business model is based on training you, not on investment in or development of ideas and businesses. We hope that you return to your home country following the training ready to put your own ideas to the test, develop them further, and find your own success.
Does everyone from the team need to join the program?
We encourage as many team members as possible to apply but it is not a requirement.
Will Mighty Labs help with the visa process (if required)?
Yes, if required we will help help with the visa process after you’ve been accepted to the program and provide you with an invitation letter to the program in Berlin, Germany. As visas are issued by the German Embassy we need to clearly state that we cannot guarantee a successful outcome but will do our best to support you with your visa application.
Does Mighty Labs take equity?
No, we are a pre-accelerator program and will not take any equity.
What happens after the program?
Once the program has ended, participants will return to their home countries and start or continue building their businesses
Can I stay in Germany after the program?
No, it is Mighty Labs’ requirement that participants return to their home countries after completing the program.
Why is returning home a requirement?
Mighty Labs’ mission is to encourage exchange between regions. It does not encourage nor aim to uproot entrepreneurs from their home countries.
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