Frequently asked questions about our Bahrain Connected Hardware program.
How does Brinc evaluate startups for the accelerator?
We back founders first, companies second.
While Brinc evaluates each founder and team on a case-by-case basis, there are some characteristics that are favourable:
- 2 co-founders. The right balance between background, flexibility, and effectiveness.
- Teachable and open minded. You will learn a lot in a short period of time, it helps to be curious.
- Pre-crowdfunding or pre-digital launch. Once you have crowdfunded, you have locked-in features, price and timeline.
- A functional prototype. This shows you have put some action and thought into your solution.
- Grit and determination. There’s a challenging road ahead. The right attitude goes a long way.
- In order to receive the cash investment, startups need to be a Bahrain entity and obtain a CR. We'll help you with this process - so no sweat there.
What is the difference between month 1 (ramp up) and months 2-4 (full acceleration) of the program?
We want to make sure the fit is right for both you and us.
The first month is designed with this in mind.
During the first month, we will run through materials and tools aimed to set you up with a pre-launch financial model, perform valuable market research and run through product logic. We focus on technical feasibility, as well as market desirability and financial viability. We will have weekly office hours, dig into work product together and our entire team will sit down with you to talk through short and long term goals. If for any reason either you or Brinc decide not move forward together within this first month, no problem. No questions asked (though we'd love the feedback) and no equity taken.
After the first month, eight teams will be selected to move forward with the acceleration program for another 3 months and the full Brinc offer - our tools, cash investment, space, education, perks, mentor and vendor network, and so on - will be available.
Why do we need to register our business in Bahrain?
It’s a requirement of our MENA Accelerator program for teams to obtain their Commercial Registration (CR) in Bahrain, to unlock the funds we invest.
Our friends at the Economic Development Board (EDB) can support with this process.
The government in Bahrain is pouring support into the startup ecosystem to drive entrepreneurship and bring new business to the region.
Why should we open our company in Bahrain?
Bahrain makes a lot of sense for hardware.
There are several reasons incorporating in Bahrain makes sense for hardware businesses:
- 100% Foreign Ownership and Management
- 0% Corporate Taxation
- Low cost base
- Active and supportive startup community
- A growing number of Incubators & Accelerators
- Active investor community with numerous pitch and networking events
- Government support available for startups
- Easy company setup and operation
- The ideal test bed for your product or service ahead of regional expansion
- Strategic and cost effective location within the Gulf
- Ranked 2nd in MENA in Ease of Doing Business Index (2017)
For more information about the benefits of moving to Bahrain, get in touch with our partners at Startup Bahrain.
What are the commercial terms for the program?
Teams joining the full acceleration program give 8-13% in common shares for up to 75,000 USD for regional teams and 25,000USD for local teams, for the full support of the accelerator.
We invest in teams tackling a wide variety of problems from all over the world, coming from different markets with different economics and benchmarks. We therefore allow for some flexibility in the % exchanged.
Can I work with Brinc Studio and Brinc Accelerator at the same time?
Yes! As a Brinc Accelerator team, you will receive discounted rates from Brinc Make.
You will need to meet the basic requirements for Make though - we don't want to waste your time if you're not ready to work with the Make team yet.
What is the application process?
We have two application intakes each year.
First, you apply online via AngelList or F6S before the given deadline. After applications close, we get reviewing. Our review team includes technical and business-oriented team members. If the application looks like a good fit, we will then arrange for a phone call with our senior team members to learn more. If all signs point to go, we will send across an information pack and termsheet for signature and look forward to the Ramp Up! The whole process will take less than four weeks from the close of applications.
We only take on the companies we really believe we can create value for.
When will I receive the capital?
We aim to move fast.
We know cash is critical to building early stage hardware businesses. We've designed our process to move swiftly through the standard paperwork required for writing that check. Teams selected for the program will receive 50% upon signing a shareholders agreement and setting up a Bahrain CR entity. We share the shareholders agreement template with you before you even join the Ramp Up so you will have plenty of time to review and ask questions. And don’t worry, we will also help you set up in Bahrain.
The other 50% is paid out upon completion of the four month program.
Who is behind the accelerator?
One amazing partnership and a bunch of very passionate folks.
Brinc is a dynamic and extremely diverse group of experts, united around our passion helping founders build great products and businesses. Learn more about us here.
Yes! And lots of it.
The initial investment is just the beginning. Startups that graduate from the accelerator are eligible to receive follow on funding on their next round, and for teams that continue to positively grow, the funding will be there with you.
Is there follow on funding available?
What can I expect after the program?
After we've completed the 4-months, you'll still be a part of the Brinc family.
This means the Brinc founder network, vendors, perks, quarterly meetings with our entire team, and space when you're in town are available to you. This is why we take equity - so we can be with you through scale.
How does the mentor network work?
Our mentor program is not like most other accelerator programs. It's tight-knit, deeply specialised and available for discrete and specific instances.
We think this is a good thing. It means you get highly tailored advice from the best people we know in the industry, precisely when it's relevant.