FAROL is an acceleration program designed to unite and support projects in the fight against modern slavery. Startups will receive the support to become successful social enterprises.
We’re looking for startups in 2 stages of development: pre-seed (startups that are beyond the idea stage, but have no product launched or only in an early version) and seed to series-A ( startups with a functioning product, existent clients, aiming to add fighting modern slavery to their goals).
All communications and materials will be in English.
FAROL is primarily a digital program that will not require physical presence.
No, FAROL is not taking equity in participating startups.
The main objective of this program is not to invest in startups but to support their growth through training and mentoring from worldwide experts in both modern slavery topics and business acceleration. We ultimately aim to create a network of startups and organizations that are committed to fighting modern slavery through technology and collaborative innovation. At the Demo Day, every startup and organization participating in the program is invited to present the results of the work to a wider audience made of the program partners, a dedicated jury, investors, and other institutions.
If your startup is pre-selected after the online applications (F6S), you’ll be invited to the selection bootcamp where we’ll select startups that will be invited to take part in the acceleration program.
Feasibility
Is your business/project feasible? We’ll be looking to have the following questions answered, preferably supported with numbers.
How well do you understand the market, market size and competitors?
How much does it cost to start, get into the market and scale?
If needed: can you get sufficient funding?
Capability
Capability of the team to actually execute the business/project will be evaluated along the following questions:
Are all core skills represented within the team?
What is the team’s previous experience?
Impact potential
How big is your impact potential within our focus areas (Slavery work, Forced labour, Domestic Serviture, Child labour)? We’ll be looking to have the following questions answered, preferably supported with numbers:
How well do you understand the problem?
How well does your solution contribute to solving the problem?
How big is the part of the problem your solution can solve?
Is the business/project scaleable? How many people benefit from it?
1. Participation in a 6-month acceleration program that will help you structure a solid foundation for your business and prepare you for growth.
2. Access to a network of 50+ specialised experts who will support you during private mentoring and coaching sessions.
Yes, definitely. You can apply with as many projects you believe would fit and benefit with the program. Each startup will require its separate application.