Business Model

This will be an open application process, and any Black resident in the LA metro area can apply for a Slingshot incubator grant.

The Slingshot Incubator program will initially provide a total of 20 participants selected by the Executive Board, with the initial seed capital up to 10 times a participant’s investment, up to $100,000. For example: if a selected applicant invests $10,000 to start a new business, then the Slingshot Incubator selection committee would distribute up to a $100,000 grant, depending on the startup’s capital requirements. 

Selected Slingshot Incubator startups will be expected to contribute 10% of the equity of their new company to Slingshot, to help fund future companies with any proceeds.

The application process will be offered semi-annually. If an applicant is initially rejected, they are able to reapply in the future. The LA Slingshot Incubator will have a CEO, a CFO, a marketing/social media/web expert, and two analysts to assist the new companies. These will all be paid positions.

Each new startup will be assigned a pro bono mentor who meets with the new company at least once a week and responds to all phone calls and emails within 24 hours. Different mentor experts will come to the Slingshot Incubator twice per week to give an hour lecture on a specific business topic and remain the whole day to work with individual startup businesses. 

The Slingshot Incubator isn’t industry specific, however, it is hopeful there are a cluster of startups in either media/content creation, food, consumer products, technology etc. to encourage sharing of resources.