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Community Fund FAQs

How many companies will be selected?

Geekdom will select one company to receive $10,000 every month in 2018.

Can I win the competition more than once?

No.  Once a chosen company claims the $10,000, they are not eligible to win again.

Can I apply more than once?

Yes.  As long as you have not claimed the $10,000, you are eligible to apply as many times as you would like to.

Do I need a business bank account?

Yes.  The $10,000 will be issued to the company, not individual.

Do I have to be based in Texas?

Yes. Your time spent engaging with the Geekdom community is highly encouraged.

Do you take equity?

You will be receiving a Simple Agreement for Future Equity (SAFE), in which the terms of the equity are laid out.

What stage of startup is eligible to apply?

Early stage of formation with proof of concept and looking for advice on scaling or fueling their business is preferred.

 

Are nonprofit organizations eligible to apply?

A nonprofit organization is not eligible to receive funds in connection with a SAFE.  A SAFE is a contractual instrument where an investor may obtain an ownership interest, at certain times and under certain conditions, in the organization that receives the funds.  Under the law, no one is allowed to own any interests in a nonprofit organization. 

 



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