This awesome opportunity will allow student founders to not only acquire funding for their businesses but to gain experience in going through the investment process of a venture capital fund. FAF provides prospective founders with constructive feedback as well as capital.
A stellar board of successful venture capitalists and angel investors who serve as our investment committee backs us. Along with our investment committee, we also have a dedicated group of students who serves as FAF fellows to help student founders.
Making the choice to apply for FAF funding is the best decision a student founder at Fordham can make as the FAF will require founders to take a deep look into their company and discover roadblocks to future success as well as opportunities for success. We have designed our process to be helpful whether or not a founder ultimately receives funding. Many times a business is not at the point where funding is required and in those cases student founders should reapply again after 6 months if funding becomes appropriate.
FAF is looking for motivated founders who are committed to success. FAF expects founders to be able to communicate the precise nature of their businesses in a concise manner. These founders optimally will have businesses that have a clear path to financial sustainability. Founders should understand the cost structure of their businesses, as well as key business partners and resources using this Business Model Canvas. These founders will anticipate business and legal risks and be transparent about perceived issues to their company.
FAF does not view risk unfavorably and believes that being aware of problems is one of the keys to the success of any business. Not facing these risks creates a larger issue than confronting them early on in the life of the business. FAF also expects those founders are able to understand their business’ industry and explain who their competitors are in detail. While not being necessary for funding, positives towards consideration also include having a “Minimum Viable Product” or prototype, having a strong sense of company brand, and having sales or other indications of market viability. Ultimately, to receive funding, founders will be able to provide a rational explanation of how the funding will be used.
FAF looks forward to reviewing all of the interesting and world-changing ideas that students at Fordham have to offer. Click here to apply to the FAF.
We look forward to reviewing your application and working with your business!