Answers to questions about enrolling in the Launch Factory Scout program and participating in the Founders Recruitment Process
Scout Referral Program
Can I refer someone to the recruitment process?
Yes! By signing up as a Launch Factory Scout you will receive a custom referral link that you can share with other potential scouts and candidates. Scouts referring candidates in this manner will be eligible for equity compensation in the new startup should they refer a candidate from the winning team.
How do I refer a candidate for the process?
The process is easy. Simply share your custom Scout link with your referrals and make sure they submit their application by the deadline. This will insure that they are added to your referral chain.
How many people can I refer for the Recruitment event?
There is no cap on the number of candidates and scouts you can refer to the event. Please refer anyone you believe has the skills and abilities to succeed in the Recruitment Process or who may know other potential Candidates and Scouts.
How will compensation be awarded for the final Founders' Scouts?
After the competition concludes, stock payouts will be awarded to the final Scouts and any additional Scouts in their referral chain. Stock certificates will be granted to these Scouts within 60 days after the competition concludes.
Who has a chance to receive stock from the selected founders?
Stocks will be awarded to the immediate Scout who referred the final founder and each successive individual in the referral chain.
I am a candidate referring another candidate – will I be eligible to receive stock?
Yes, you will! Any scout or candidate in the referral chain of the selected founder is eligible to receive the stock. However, the selected founders themselves are not. In other words, if you are selected as the founder, you won’t be eligible for this form of compensation – you’ll receive Founders equity instead!
I heard about the process from more than one Scout. Can I claim both as my referrer?
No. Each Candidate or Scout can claim only one person as their referrer.
Can I register alone, or do I have to have a teammate?
Yes, you can register alone. There will be a forum for individual team members to find partners before the recruitment process begins. Each team will need two members to take part in the event.
Does it cost money to enter?
No, it does not. The Launch Factory Recruitment Process is free to enter.
Where will the recruitment process be hosted?
Launch Factory is located in San Diego CA and will be hosting local in-person events throughout the recruitment process.
Do I need to have my own startup idea to participate?
No. Launch Factory is recruiting leaders for a startup that we’ve vetted and are ready to pursue. You’ll have ample opportunity to familiarize yourself with this concept throughout the recruitment process and you will work to develop your own ideas and business plan to support this Launch Factory startup.
Do I have to be located in San Diego to participate in the event?
No. Teams and team members do not need to live in San Diego to take part in the process. All materials and events will be made available to all teams no matter the location!
Do I have to be located in San Diego if I’m selected as a Founder?
Yes, selected Founders will be expected to relocate to the San Diego area after the recruitment process is completed if not already based in the area.
If I am selected for the in-person finals, will I need to pay for travel costs?
Launch Factory will provide a travel stipend to any teams based outside Southern California that are chosen to attend the in-person Finals event.
Do I need to attend the update sessions in person?
No. Update sessions are useful to get immediate answers and stay up to date but they’re recorded and distributed afterwards. Attendance is only mandatory for the Final Event.
If I am in work/school full time will I still be able to participate?
Yes! The launch Factory Recruitment Process is designed to be flexible for any schedule. Each week, teams will be tasked with completing certain business objectives. These tasks can be completed on your schedule. However, the selected founders do need to be able to start work full-time within a month of the competition’s conclusion so we’ll only consider candidates near to graduation.
How much time will be required from candidates each week?
This process will push you and your teammate to deliver well-developed work products in a very short period of time. While the weekly time commitment will vary from person to person, we expect it to be fairly significant for successful teams.
Who has rights to completed work projects submitted during the Recruitment Process?
Launch Factory reserves the right to reuse, modify and adapt any work submitted by candidates during the Recruitment Process
Compensation and Investment
In what form is Launch Factories 300k investment?
The investment will be made through a convertible note.