Frequently Asked Questions
What is BK-XL?
BK-XL is an early-stage, industry-agnostic startup accelerator program focused on supporting underrepresented founders who want to build in Brooklyn. We specialize in helping high-potential founders prepare their companies to be investment-ready and for venture scaling.
How Does the Accelerator Program Work?
Our 2024 BK-XL accelerator cohort will be an in-person program running for 10 weeks between July and September. Up to 12 companies will be selected to participate. Participants will build their businesses in Brooklyn during the program and will receive:
- An investment of $125,000 for 7% equity on a post-money SAFE
- Office space at Camp David in Industry City for the participating founders
- Ongoing mentorship and support from investors and operators at Blue Pool Capital, Udy Road Holdings, BSE Global, the Brooklyn Nets, Barclays Center, and other partnering organizations
- The opportunity to hear from and engage with investors and industry-leading operators across a variety of events
- A peer group of exceptionally talented founders who will be there for you as you take your entrepreneurial journey to the next level
BK-XL and its network of partners will continue to support the selected companies after the completion of the accelerator program.
Founders will be expected to dedicate ~5 hours per week to our programming aimed at helping startups accelerate their growth and raise venture capital. Although founders are encouraged to participate in optional programming and events, formal mentorship, and networking opportunities, you will have the autonomy to spend your time on the activities you find valuable so you can focus on the most important thing: building your company.
Founders will be expected to provide their own housing for the entirety of the program.
Am I Eligible to Participate?
BK-XL is open to founders of all backgrounds. We especially encourage those who identify as being from underrepresented backgrounds to apply.
Founders can be based outside of NYC, but they must commit to building their startup full-time in Brooklyn for the entirety of the 10-week program between July and September 2024.
BK-XL is industry-agnostic and will accept technology-enabled businesses in any sector. We look for companies with a strong founding team, scalable business model (e.g. not a local dry cleaner), a unique value proposition, and some demonstrated customer traction. You are welcome to explain more about your unique business in your BK-XL application!
What Are the Investment Terms?
BK-XL will invest $125,000 into each accepted company. This investment will come on a post-money SAFE in return for seven percent (7%) equity, to be received around the beginning of the program.
BK-XL will also obtain an option to invest up to an additional $375,000 via an uncapped SAFE with a Most Favored Nation (“MFN”) provision. This option will be at the sole discretion of BK-XL.
How Do I Apply?
Applications are open now and will remain open until May 6, 2024, at 11:59 PM EST. Click here to apply. We will be assessing candidates on a rolling basis, so for your best chance, don’t wait!
Interviews will be conducted in May 2024 and successful applicants will be notified of their acceptance by mid-June 2024.
Still Have Questions?
Email our BK-XL Co-Leads, Chris and Timi at questions@bk-xl.com.