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Techstart and Ormeau Baths present: Ormeau Labs
FOUNDER SUPPORT PROGRAMME
We are looking for up to 8 ambitious Northern Irish founders to join the first Ormeau Labs programme. Successful applicants will receive £50k equity investment (founder friendly terms) along with mentoring support from Ormeau Baths and Techstart Ventures team. You will also get access to international networks and 12 months residency in the Ormeau Baths.
WHEN DOES IT START?
Applications are now open and will close on the 30th August. The programme will commence in October. What are the criteria? You must be a founder based in N.Ireland and have a rapidly scalable idea. We welcome applicants from the idea stage right up to MVP. That’s it!
HOW DO I APPLY?
You can access the application form below. It is a short overview of you, the problem you are trying to solve, who you are going to solve it for and why now is the right time for you to build this startup.
FAQS
Who should apply to Ormeau Labs? We are keen to hear from all NI based entrepreneurs who have a big problem to solve. You can be a solo founder, early team and be pre-product and revenue. It can simply be an idea at this stage, or you may have already started building an early version of the product.
Is it in person?A majority of the content will be delivered virtually but we intend to run in-person sessions in the Ormeau Baths throughout the course of the year. All teams will be provided desks at Ormeau Baths for up to one year – so don’t be a stranger. We believe that going through this early phase of company building as part of a group facing the same challenges is a significant positive of the programme.
How is the programme structured?There will be an initial three month core programme for the group, which is mentor driven. The personalised per founder content will be less than an hour a week and we will provide introductions and support on a personalised basis. After the initial three months it will be lighter touch with bi-weekly check-ins and on demand support when required.
Do I have to travel?We are planning to offer founders the opportunity to travel to both Europe and the US if they wish to do so. It will not be compulsory but really, why would you not want to go? Travel costs will not be covered by the programme.
What are the terms of the investment?Our investment £50k will made up of a £65k uncapped convertible loan note (with 20% discount) less a support fee of £15k (net of VAT) that contributes to the out of pocket programme support costs and access to Ormeau Baths for a year.
I am a solo founder, can I apply?Yes! We welcome applications from both solo founders and early-stage teams.
Can I participate while still in employment?Yes, but you must have an intention to leave within 3 months. The investment is designed to give you enough cashflow to move from employment to full time on your startup.
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