FAQ

Frequently Asked Questions

If you're question has not been answered below, please reach out to info@pluseight.com.au and we'll get back to you.

What is involved in the application process?

A short questionnaire is required by all founders and/or teams looking to apply. Following the close date for applications, companies will receive notification of selection and request to complete a legal questionnaire and submit legal documents before attending a selection bootcamp.

15 selected participants will then receive formal offers to enter the program the week following the selection bootcamp.

How do you choose which companies are accepted into the program?

We are looking for ambitious founders, working as part of a balanced team to solve global problems they are passionate about, with high potential to scale. Here are some of the most important criteria we will be looking at:

• CLEAR VALIDATION OF YOUR PROBLEM AND SOLUTION
• A SCALABLE BUSINESS WITH GLOBAL POTENTIAL TRACTION - DO YOU HAVE CUSTOMERS?
• SUBJECT MATTER EXPERTISE
• MISSION AND PASSION
• A GREAT AND COMPLEMENTARY TEAM
• HUSTLE AND WILL TO MAKE THINGS HAPPEN

If you feel like you are still not at the traction stage, please check our Sprint program.

What are the non-negotiables to get in the program?

• Committed to the business and the program full-time
• Able to fund yourself through the program
• Able to attend all the masterclass sessions and overseas trips
• Be in a position to agree to our SAFE note terms

What sort of industries are you looking to invest in?

We do not have an industry bias, however we are especially excited about seed to series-A startups tackling global challenges in the following areas: Digital Health, Agtech, Proptech, Social Impact. As long as it’s ambitious and solving a big problem - we want to hear from you!

​How do I know that you won’t steal my idea? Do you sign NDA's?

​We do not sign NDAs, however we do include a commitment to secrecy in our application form. Please note that no venture firm would sign an NDA. NDA's should be irrelevant to driven founders. Your connectedness to the problem you are solving and motivation to solve it are more important to us.

I’m a single founder, should I still apply?

Yes, you should apply. We do however like to see that you are capable of leading and bringing other people into your vision. It can be a red flag if a founder is incapable of building a team of people that want to work with them. You will need a team to really take full advantage of the growth opportunities presented by the program.

Do I have to pay for the program?

No, the Plus Eight Accelerator costs are covered by our amazing partners. However, when you get investment, we become partners of the startups by acquiring shares.

Do I have to pay for the international trips?

We fund 1 spot per startup for the Singapore Trip. Other founders are welcome to join by covering their own costs. For the US Trip, founders are suggested to cover their own costs using the received funding.

How much is being invested?

This will depend on the number of teams taken into the Program and how much each startup asks for. You can pitch from $20,000 to $100,000. In previous editions program participants have received between $40,000 and $60,000.

What is the investment vehicle?

Plus Eight invests in startups via a SAFE (Simple Agreement for Future Equity) note, which is a form of convertible note.

In practice, a SAFE is an agreement that can be used between a company and an investor. The investor invests money in the company using a SAFE. In exchange for the money, the investor receives the right to purchase stock in a future equity round (when one occurs) subject to certain parameters set out in the SAFE.

This means that when you receive your money after the pitch, we sign a document saying that the next time you undertake a qualifying capital raise, the SAFE will convert into shares.

What are the terms of the SAFE?

Plus Eight Investors are buying the shares with a 50% discount over the valuation that you get during your next capital raise. If you don’t undertake a qualifying capital raise within 2 years, the SAFE converts at the Fall-back Valuation ($2m).

Why is there a discount?

The discount is the easiest way of recognising the Program Investor’s early risk and substantial non-cash contribution. We commit to investing in you when your startup is still at the beginning of the journey, and provide you with the expert program, the trips, the co-working space, the mentoring and the network to unleash growth. With our investment and support your chances of sky rocking your valuation are significantly higher, and the discount is a way to recognise that!

How much equity am I offering?

That will depend on the terms of your next capital raise.

Example 1: You got $50k from Plus Eight, and you get an investment after 1year valued at $5million.
> This means that Plus Eight is entitled to $100k in shares over a $5million valuation, or 2% of the company.

Example 2: You got $50k from Plus Eight, and you don't get any investment within 2 years.
> This means that Plus Eight is entitled to $100k in shares over a $2million, or 5% of the company.

Can we negotiate the Fall-Back Valuation when I pitch?

Yes. If your company has previously issued shares at a valuation which is higher than the Fall-Back Valuation, we are open to increasing the Fall-Back Valuation Floor to match this.