FAQs

Is Lighthouse Labs right for my startup?

Do I have to be based in Virginia to apply?

You do not have to be a Virginia company to be a part of our cohort, but your company must be based in the United States. The only additional requirement is that you come to Richmond, Virginia for the in-person portion of the cohort (currently the first and last weeks of the program).

How do I know if my company is a good fit?

We know that early-stage can be a broad term. All we require is that you have a validated business model that has the ability to scale. We have companies who have come into our cohort who are beta-testing and some who come on with paying users. We have mentors and partners who can help with companies at any stage of the process.

The ideal Lighthouse Labs company…

is a high-tech, high-growth, scalable, early-stage but post-MVP company
is experiencing positive traction and looking to raise a pre-seed/seed investment round within 6-12 months
should have a validated business model and a proven market need for their product/service evidenced by early sales revenue or beta partnerships
comes from any industry (we especially like healthcare and FinTech companies)
You must be US-based, and we love Virginia-based companies!

The ideal Lighthouse Labs founder…

is a full-time solo founder or cofounder
is committed to active and consistent participation within the Lighthouse program and seeks educational, mentoring, and networking opportunities within the ecosystem
should exhibit strong ethics, tenacity, and coachability
may have attended other accelerator programs (will be evaluated on a case-by-case basis)
We welcome participation from multiple cofounders and strive to select diverse founders, including a significant number of traditionally underrepresented founders.

Do I have to be in a specific industry?

We are an industry-agnostic accelerator, so we take applicants from all industries. Sometimes we will have a cohort where certain spots are reserved for specific industries, but for the majority of participants, we don’t have a preference. That said, we do have a special place in our hearts for Virginia-based and/or healthcare-related and FinTech companies.

Do I have to be a full-time founder?

We do require at least one full-time founder on your team. Multiple founders can participate in the program if you wish.

What if I’ve already participated in other accelerators or incubators?

We do take some founders who have already done other accelerator or incubator programs. We consider each situation on a case-by-case basis. It comes down to whether we think the Lighthouse program will benefit both you as a founder and your company. We do ask that you do not participate in other accelerator programs while the Lighthouse Labs program is going on (it’s really hard to juggle the time requirements if you’re doing that).

What is Lighthouse’s commitment to underrepresented founders?

Over the last 11+ years, 63%+ of Lighthouse founders have come from groups traditionally underrepresented in the entrepreneurial community (women, people of color, LGBTQ+, rural residents, veterans, people with a disability, immigrants). We also know that only about 10% of venture capital deals go to underrepresented founders, and that it is harder for these founders to raise money. At Lighthouse, we are committed to changing that, and the $20K non-dilutive funding we give to founders is the first step.

What does it mean that Lighthouse Labs Invests in the Lives of Founders?

This is our mantra - we look at ways we can help founders in each aspect of their lives - professional and personal. We believe Lighthouse is the most founder-friendly startup accelerator on the East Coast, and our approach and program support that belief!

What happens next?

How do I apply?

It’s easy - click here to get started. The deadline for Fall 2024 is June 3, 2024 at noon.

Is there an advantage to applying early?

Our application window is open for many weeks, and, as you might imagine, many founders apply the last week (or even the last day!) before the deadline. But, we would LOVE for you to apply earlier in the cycle. We read every application, and applying early gives our team more time to review your application more thoroughly, giving it the time and attention it deserves. It definitely helps us out, and it may help you out, too! So (hint hint) apply TODAY!

I’ve submitted an application…what happens now?

Our applications are open much of the year on a rolling basis, and our review process takes place twice a year. Depending on when you submit your application will determine if you are applying for the spring or fall cohort. Once applications are closed, a panel of our staff, alumni, mentors and community members will review each application. Applications go through a couple of rounds, with the last round an online interview. You will be notified by our team if your application has been accepted or declined for the cohort. We’re a small team, but we promise we will get back to you!

What if I don’t get in?

First, we’ll follow up and let you know, but if your company fits our requirements, you should apply again for our next cycle! We love seeing the progress of your company as you continue to grow and we have had many founders accepted to our cohort after their second or third application.

More about the program…

When is the Lighthouse Labs program?

We have two cohorts a year - Spring and Fall. Our Spring cohort generally runs early- to mid-March through mid- to late-May. The Fall cohort generally takes place late August - early November. Batch 17, in Fall 2024, will run August 26 - November 8, 2024.

Is the $20K really equity-free?

Yes really. Lighthouse Labs’ mission is to invest in the lives of founders, and we mean it.

Are there restrictions on how I can use the money from Lighthouse?

We believe that the people who know their companies best are the founders themselves. Therefore, we do not put specific requirements in place on how you use the money to bring your company to the next level.

What does the in-person portion of the cohort look like?

The in-person portion of our program is two weeks; currently, our founders are required to be in Richmond, Virginia the first and last weeks of the 11-week program. This is your chance to connect with the other founders and strengthen your connections within our entrepreneurial ecosystem! Often cited as the founders’ favorite portion of the program, you’ll get to explore Richmond with your cohort and the Lighthouse Team. During the first week, you’ll meet your Lead Mentor, the Lighthouse Staff, Alumni, and others from the entrepreneurial ecosystem. We’ll have events for networking and just for fun. And, we’ll set expectations for the program and dig into initial programming. During the last week, you will pitch at our Demo Day event, connect with investors at our Investor Dinner, meet other funders and some key Lighthouse partners, enjoy more of what Richmond has to offer, and hang out with the people you’ve been spending lots of time with during the program!

What kind of programming is offered?

Each week, the Lighthouse program focuses on a different area critical to startups, such as fundraising, market positioning, marketing, scaling, or human potential. We bring in experts (including area professionals, Lighthouse partners, alumni, and mentors) to cover each topic in an engaging and interactive way. We spend time on founder mental health and DEI issues. We survey participants on the value of each session and are continually seeking to improve the quality of both topics and speakers. The mix of programming has been honed over 10 years to provide what our founders need, and our roster of speakers brings their knowledge and years of experience directly to you! You’ll also have a chance to connect with Lighthouse partners and sponsors (some of the best companies - big and small - in the area), spend one-on-one time with your mentors and other subject matter experts, and lean on the expertise of the Lighthouse Team. Fun elements of our program include weekly Meet the Founder sessions, ecosystem events during the in-person weeks, and lots of opportunities to get to know Richmond!

What about travel and housing costs?

At this point in time, travel, room and board are the responsibility of the founder during the in-person portion of the cohort (although many meals are covered as part of the in-person week programming!). You may use the funding that you receive from Lighthouse to put toward these costs.

What is the time commitment of the cohort?

We tell founders to plan for an average of 6 hours of programming a week during the virtual weeks (more during the first few weeks, fewer as the program goes on). The first and last weeks are in person, and you will have additional time requirements (about 25-30 hours each of those two weeks). Most programming happens on Tuesdays and Thursdays, plus one hour on Fridays and very occasionally something on Monday or Wednesday.

What should I know about Richmond (and Virginia)?

Richmond, or RVA as it’s known around here, is a vibrant, growing city, with great art, food and craft beverage scenes! It’s got history, culture, nature, and more. And, the city and state are among the most business-friendly in the country. We’ve had a number of founders move here after completing the program (which is about the best compliment we could ever get!). Our founders love getting to know the “River City” better!

Business Friendly & Growing: CNBC named Virginia the best state for business from 2019 - 2021 and #3 overall in 2022 (including #2 in education and #6 for access to capital and business friendliness). Business Facilities named Virginia #2 in 2022 for the Best Business Climate, and #1 in Cybersecurity. Virginia has 21 companies in the Fortune 500 (8 in RVA) and 258 companies on the 2022 Inc. 5000 (38 in RVA), with median growth of 192%. Richmond was #35 on Inc.'s 2020 list of best American cities to start a business. RVA was named as one of the 2023 Best Places for Black Entrepreneurs (#8 in the country) by SmartAsset. RVA is #7 in the US in fDi's 2021/2022 list of Cities of the Future. RVA is the fastest growing metro area in VA - at least 3x that of other VA areas; the number of Northern Virginians moving here jumped 36% over the last few years. Downtown RVA population grew by 45% between 2010 and 2021. Recent surveys estimate the number of new residents that work remotely is 60%. Remote work has been growing significantly since 2010 (43% increase from 2010 - 2018). RVA was ranked #8 of the best cities for remote workers in 2020 and #24 by FinanceBuzz for the best cities for newly remote workers who value affordability.
Affordable Living: Cost of living is 3% lower than national average. Zillow ranked RVA the second most popular metro area for prospective home buyers in the country in 2022. Median home price was $356K in 2022. Residential housing in Richmond grew by nearly 60% since 2010. Housing costs are 12% lower than national average (payscale.com).
High-Quality Workforce & Education: Virginia has been the #1 in the Regional Workforce Development in the South Atlantic Region for the last two years (2022/2021) according to Site Selection magazine. Business Facilities named Virginia #1 in 2022 for the Tech Talent Pipeline and #2 for Customized Workforce Training. Yahoo Finance and the World Population Review both ranked Virginia's public schools #4 in the nation in 2023. Virginia ranks #7 (as of 2021) for residents with a Bachelor's Degree or higher (St. Louis Fed). 65% of working adults in RVA have some college or more. Virginia is the #7 "Most Educated State" in 2023 according to WalletHub; for metro areas, Greater DC area is #3 nationwide, Richmond is #36, and the Tidewater area is #42.
Amazing Culture & Recreation: MSN named Richmond one of "50 Cities Worth Exploring in 2022," Travel + Leisure said it was on the list for "The 50 Best Places to Travel in 2021," and AFAR called it one of "9 of the Most Surprising Cities in the U.S." River Travel Magazine said the James River is #1 for the Best Riverfront Entertainment and #1 for the Best River Walk/Hike (2021); People for Bikes called RVA the 2020 #2 Best City for Cycling in Virginia; Men's Health tagged us for a Top 15 Running Trail in America; and Dive In named RVA a Top Kayaking Destination for 2022. RVA was named one of Southern Living's "Best Food Cities 2020," USA Today said we have one of the "Top 10 Most Interesting Food Scenes Across the Country" and that RVA has the #6 Best Beer Scene, and Trip Savvy said we're "#1 for Booze Hounds." The Huffington Post tagged it as one of “The 17 Lesser-Known Cities You Should Visit To See Street Art,” Travel Pulse called it "A Destination Rich in Black American History and Present-Day Appeal," and Travel Awaits named it one of 2021's "Top 6 Best Places to Find Spectacular Public Art in the U.S."
Diverse & Inclusive: Greater Richmond is diverse (45% non-white residents - 3% greater than national average); RVA scored a perfect 100 on the Municipal Equality Index (measure of LGBTQ+ inclusivity); area companies employ 3% more persons with a disability than national average; RVA is also a destination for a high number of veterans leaving active duty.