All your Questions & Answers in one place
Our Selection Process
Overview
In each rolling batch, we pick 20 early-stage startups from our public application to join our accelerator cohorts. The 20 startups will have access to all of our resources, mentor network, and demo day.
However, on Demo Day, we pick 10 Startups whose developments outperform to receive a combined $250,000 from our cohort investment pool in exchange for equity.
What are the eligibility criteria?
Across Africa, we work with early-stage technology start-ups. What does this imply? You are allowed to apply if your solution produces or depends on technology to solve a problem, has an MVP, and has some traction.
We don't anticipate you to make a profit at this point, but revenue is expected because customers who pay for your product indicate that you are answering a real market problem.
Do you only back African startups?
Yes. We are an African tech accelerator. We don't object if your intended market is outside of Africa, as long as you're based in Africa and led and managed by Africans.
Do we have to be incorporated in Africa?
No. We appreciate that incorporating in other jurisdictions, such as the United States, maybe more advantageous for investors; nonetheless, you must have a presence in Africa.
Do we have to be already incorporated as a company?
No, we can help with the incorporation process.
Are non-profit organizations eligible for the accelerator program?
Unfortunately not, we only work with for-profit organizations.
We don’t have a technical founder but our solution works, is this okay?
We would like to see that you have the ability to build your product in-house. Although the presence of a technical founder is not required, we prefer to work with a founding team that has appropriate experience and understanding in their particular field/sector.
Can we apply with just an idea?
We prefer to see tech-focused start-ups with a minimal viable product (MVP) and early traction. If you are still in the concept stage, you should have confirmed market demand for your product or service. Sign-ups from users, a client waiting list that can be confirmed, offline payments, and other sorts of evidence indicating that clients are willing to pay for your product can all serve as validation.
We have been operational for a while now, would you still consider us early stage?
We appreciate that figuring out your product and/or market may take some time; nonetheless, what we'd like to see is a business strategy that has the ability to scale quickly and earn high returns. We also prefer to be the first investor, after family and friends.
Do you only work with start-ups that build software?
No, we will evaluate any startup that leverages technology to solve critical challenges in its environment. We are open to additional technologically enabled solutions such as the Internet of Things (IoT) and Artificial Intelligence (AI), as well as utilizing existing technology tools to increase efficiencies.
Do you focus on any specific sectors?
We are mainly sector agnostic, with a preference for areas with the potential to make a difference
Do you work with solo founders?
Yes, we generally prefer teams to solo founders.
We build custom software and websites for companies, can we apply?
We can currently only fund tech-creating or tech-enabled businesses with the ability to scale. This usually excludes companies that offer custom website/app development or digital marketing services.
Can I talk to someone on the team and see if my application is okay?
We receive thousands of applications and unfortunately don’t have the capacity to provide feedback before receiving your application. If you meet the eligibility criteria, we highly encourage you to apply. You can use the above questions as guidelines to strengthen your application. We try our best to provide feedback during the shortlisting process.
How do you assess startups?
We consider the following questions internally when assessing whether we will accept a start-up into our program
Team
Market knowledge and domain expertise
Does your founding team have a deep understanding of the market you are operating in? Are you aware of customer behavior and trends?
Ability to execute
Can your team hit the ground running and get things done?
Grit
Building a company is not easy, does your team have the passion and focus to get through the hard times?
Team dynamics
Are you (and your co-founders) intentional about building a great culture that can attract top talent and enable employees to feel engaged, motivated, and empowered to grow.
Purpose-driven
Does your team have a clear vision of the kind of impact they’d want to make?
Product
Simplicity
Is the product intuitive to your users? Does the product clearly solve a problem and is this obvious to users?
Clear roadmap
Is your team aware of what you need to improve and the features/offerings that you would want to add.
Data-driven
Is your team proactive in collecting customer feedback and updating their features/offerings based on the data that is available to them?
The Hux Lab Factor
Fit
Are we excited to work with your start-up and team? Do we think your start-up will be a good addition to our network?
Timing
Is this the right time for us to engage with your start-up?
Business Model
Revenue generation
Has your start-up clearly identified the revenue streams; both today and in the future?
Traction
Is the product uptake promising? Are the business key metrics (such as user sign-up, GMV, etc) growing?
Scalability
Can you replicate your success in other geographical or vertical markets?
Unit economics
Is your business financially sustainable; i.e. profitable or have a clear path to profitability?
Market Opportunity
Market size
Is the available and obtainable market significant and growing?
Market trends
What are some key trends that would favor your start-up? What are the risks in this market and how is your team hedging against them?
Competitive landscape
Who are the other key players in the market? How is your start-up uniquely positioned when compared to these players?
How does your application process work?
What language can I apply?
Applications and all documents (pitch decks and financial projections ) should be in English.
We understand that not everybody’s English is their first language, but sending applications in English will ensure all team members can review them. For language translation, you can use Google translate.
I don’t have some of the information that you require in the application form, can I still complete my application?
The majority of the information we require is quite beneficial to us while reviewing your application. The more of the application form you can fill out, the better because it will aid our evaluation process; a completed form will make the strongest application. However, if things are in the works, please let us know via the form.
What time of the year should I apply to the programme?
Our programme intake is on a cohort basis. You can check our website to stay up to date on when we are taking applications for each intake.
How long does the process take between applying and getting potential funding?
The review process can take anywhere between 4 and 6 weeks. Our team screens each application and will reach out to you within this time if you are a good fit for our accelerator program.
What are our terms and conditions?
Do we take equity in the start-ups that we work with?
In exchange for the support and services provided throughout our acceleration program and the $250,000 investment, we assume up to 5% equity in each start-up.
Are our terms negotiable?
We have a standard deal for every start-up that we accept into the program.
Do we disburse your funding in tranches?
We inject up to $50,000 funding into each start-up in one lump sum during or after the accelerator program and for up to $50,000 investment, we assume up to 7% equity in a post money safe in each startup.
How does the accelerator program work?
When does the accelerator start?
We have several cohorts every year, please check the website regularly or follow us on our social platforms to stay up to date on the dates.
Where is the accelerator programme based?
Each accelerator program starts with 6 weeks of intensive consulting from The Hux Lab, followed by 3 months of hands-on support from our venture partners and our network of partners/experts. The program is remote to ensure founders are not taken away from their businesses for extended periods of time.
What is a venture partner?
Venture Partners are African entrepreneurs with significant startup experience. They are in charge of overseeing the accelerator program for the startup and work remotely to provide strategic counsel and hands-on support. The Venture Partner will assist in leveraging the expertise and experience of the larger Hux Lab team as well as our worldwide corporate and investment partners network.
Do you take a seat on the board of start-ups you work with?
We don't have any. We offer as much guidance and support as we can, but we believe our founders are best suited to steer their businesses.