Yes, you must move to Cincinnati for the duration of our program.
Do I have to be Christian?
No. OCEAN is a federally recognized 501(c)(3) and welcomes applicants of any race, color, national or ethnic origin, ancestry, age, religion, disability or handicap, sex or gender.
What types of companies do you accept?
OCEAN accepts tech startups that are beyond idea stage.
Not sure if you should apply? Go ahead anyway. Applications put you on our radar and can help you think through your business as you process the application. Seriously. Do it. Here’s the link.
We are looking for post-product and post-revenue teams with great cofounders. Some other things that will strongly influence your chances of being accepted:
Multiple Co-founders–We like to see at least two, one of whom should be technical
Ability to Relocate to Cincinnati (at least during the program)
Domain Experience–Are you working on something that you know a lot about?
Customer Validation & Business Model– have you spent time proving you’re solving a problem that people really care about (and are willing to pay money to solve)?
High Faith Potential–We believe in building into people who are trying to change the world and who are likely to be good stewards of their success
High Growth Potential–We’re looking for venture-backable people and ideas with a high likelihood of creating sustainable businesses that grow quickly and create lots of high-paying jobs over time
Tech-Based–Because web/tech business is what we know best, we believe we have the highest potential to understand and help accelerate businesses with a web or software foundation
What does your curriculum cover?
Our three core subjects are investor readiness, value proposition design, and revenue assumptions.
We incorporate faith into each topic covered and utilize the lean business model canvas, among other innovate tools, to our well-rounded curriculum.
How do you integrate faith?
We believe in the integration of faith and entrepreneurship. We seek to fulfill our mission daily through our accelerator program.
Do you accept solo entrepreneurs?
Our accelerator requires companies with at least two full time team members (or cofounders). We place preferences on teams who will send two people to Cincinnati for the duration of our program. If your startup is technical, you must have a technical team member or dedicated technical solution. We welcome up to four team members per team to work in our office.
What are the terms of your seed investment?
Each company receives an investment of $50,000 from Ocean Capital – the separate and distinct investor arm of OCEAN – in the form of a founder-friendly, uncapped convertible note plus dilutable warrants. The warrants are exercisable for 2% of the company’s outstanding shares at the time of issuance, and have a five year maturity. The note converts at any subsequent fundraising event over $1 million, and converts with a 25% discount. Ocean Capital also receives the right to participate in each subsequent round of financing prior to the qualified financing up to 50% of each round with a cumulative maximum total of $500,000.