- We run a small & focused program, with less than 10 startups per session. This lets our team of mentors and sponsors really focus on helping foster each company’s success
- We understand your business. Our sponsors and mentors are world-class experts in the retail and consumer goods spaces
We focus on areas with the most disruption that are having the most profound effects within the massive retail and consumer goods space. These include:
- Customer experience
- Supply chain execution
- PRODUCT DESIGN & DEVELOPMENT
- 3D printing
- 3D manufacturing
- 3D design
- Fast fashion
- DATA SCIENCE
- Consumer insights
- Consumer sentiment
- (IoT) Internet of Things
- Consumer behavior
- Video analytics
That said, the application process is not a game of buzzword bingo. Just throwing together POS and mobile won’t raise your app to the top of the pile. Demonstrating an understanding of the next level of detail is critical.
We invest $60,000 in exchange for a future 6 percent equity in your company when you do a preferred equity round. We use the SAFE document, which greatly simplifies the legal setup.
In addition, we invest a second SAFE note of $75,000, with a 20% discount and a $4 million cap.
We in turn require your company to pay a one time fee of $35,000 for all of the services (office space, mentorship, retail and brand relationships and connections as well as perks such as free Internet hosting and services, sponsored meals, etc. Our mentoring and advisory services bring the top experts in consumer goods and retail to help you grow your business.
Whether you are a tech startup selling to retail, a new omni-channel retailer or a consumer goods company shipping a cool product, our advisors will help you navigate the complexities of retail and help you establish relationships many of the top retailers in the country.
There is immeasurable value in the connections and advice that you’ll receive when you join XRC. For example, during our Investor Demo Day, held two weeks before the end of the program, you will have the opportunity to pitch to angel investors, venture capitalists, strategic investors and potential customers.
Here’s the thing. We like referrals. But the referral has to be real. Unless the mentor really knows you, don’t ask them to help.
In short, unsolicited or unwelcome advances won’t increase your chances—on the contrary, you’re likely to irritate mentors who are bombarded with requests for referrals of companies they do not know. If our mentors get upset, we get upset. And that doesn’t help anyone. Please don’t bombard them with emails.
So: we strongly advise you to find a co-founder who balances your skillset. It tells us a few important things. First, you are aware of your own strengths and weaknesses – a key trait for a future leader. Second, it tells us that you are investing critical time in building team that brings strengths that balance out your own weaknesses.
The classic split of responsibility typically forms between the technical and the business side of things. But as design and user experience becomes more and more important, the split may look a little different for your company. The key is identifying the traits required to succeed in your market and building a team that meets those criteria.
We will choose great founders proposing products that solve real problems or create meaningful innovations. For us, it’s about the team.
With that said, the best things you can do to strengthen your application are:
- Round out your team with the necessary skills that you believe you need to succeed
- Make progress on your prototype or product and reference it in the application
Our objective is to accelerate and propel your startup to the next level. If you believe your idea is so easily duplicated and requires no execution effort, then maybe XRC is not right for you. For this and other practical reasons, please don’t ask us to sign an NDA.
Our application does not ask for your “secret sauce” and there is no reason you have to disclose this to us if you’re not comfortable doing so. We hope that our reputation speaks for itself on this topic.