Frequently Asked Questions
- What is VenCorps?
- How does the VenCorps process work?
- What kind of members does VenCorps™ have?
- How do I earn points?
- How do I use points in the finals?
- What are points worth?
- What can I do with points?
- How many challenges does VenCorps™ hold?
- How do you stop people from cheating during Phase 2?
- What about Intellectual Property (IP)?
- What’s in it for me if I am a Facilitator?
- What’s in it for me if I am a Funder?
- What’s in it for me if I am a Founder?
- How long before my purchase from the store arrives?
- How do I move to the final 9?
VenCorps™ is a community focused on startup success. Your peers review, help them solve problems, and decide who should get funding in regular challenges.
How does the VenCorps process work?
Please see our Join Now page for an overview of the process.
What kind of members does VenCorps™ have?
VenCorps™ has over 7,500 members from around the globe, including:
• Entrepreneurs and founders of startup companies
• Service providers to early stage companies (Lawyers, Accountants, etc.)
• Angel and venture capital investors
• Technology enthusiasts
• Students and academics
VenCorps™ members earn points for their activity on the site. You can earn points though:
• Reviewing and rating startups
• Rating other members’ contributions
• The ratings of your contributions by others
How do I use points in the finals?
In Phase 3, users are able to bet their points on the Top 9 startupsthat they believe should win $25,000.
Each month, the top 9 startups will go head to head for support of the community. Users are able to bid up to a max of 1000 points overall to the startup they believe should win.
Points represent the value you have contributed to VenCorps™ to date. Members determine the value of VenCorps™ points through their bids in a blind auction for daily items in our store. If you see an iPad™ in the Store and want to bid on it, the amount of points you bid will be directly related to how badly you want to win. Therefore, one member might bid 10,000 points for that iPad™ - while you might bid 50,000. The highest bid wins.
Besides voting and buying items in the store, points can also be used to vote for startups in Phase 3.
How many challenges does VenCorps™ hold?
VenCorps holds one challenge per month. All startups that are in Phase 2 are eligible to move on to the monthly challenges. SO for example, if Startup A does not make it to Phase 3, they go back to Phase 2 and have a chance the next month to move on to Phase 3.
How do you stop people from cheating in Phase 2?
We know people will try to game the system- the short answer is DONT. We have systems and people in place that actively monitor users and their activity. Anyone found abusing the system will be dealt with accordingly- including being permanently banned from the site. Just play fair. It makes it SO much better.
What about Intellectual Property (IP)?
VenCorps™ makes no IP claims over any startup participating on VenCorps™. We believe that the real value is in execution, not just in the concept. We recommend you to consult with your legal counsel prior to posting on VenCorps™ and take any steps you deem necessary to protect your IP.
What’s in it for me if I am a Facilitator?
Most of our members are facilitators. They come from the world of professional services, academia or finance. We rely on these members to choose which startups we fund and then to help those funded startups grow. In return, besides the intrinsic rewards, our members earn points. Points can be used for activities like bidding on items in the store and supporting companies during their challenge.
What’s in it for me if I am a Funder?
VenCorps™ is home to many angel investors. High net worth, real world funders participate in VenCorps™ for many reasons, but mostly to increase their deal flow (i.e. how many startups they see). Funders on VenCorps™ are welcome to invest alongside VenCorps™ on the same standard terms. Funders may also approach startups directly and offer them funding. All that we ask of Funders who do this, is that you grant VenCorps™ the same courtesy, and allow us the option to participate on the terms you offer. Contact us to let us know if such deal happens.
What’s in it for me if I am a Founder?
Most venture capitalist promise to add more than just capital to startups they invest in. VenCorps™ makes the same promise, but relies on tens of thousands of people not a handful of portfolio managers to deliver on such promise. Founders can: raise capital through VenCorps™ (How to raise funds).
How long before my purchase from the store arrives?
When members are successful in their store auction bid an e-mail will be sent to them complete with the shipment details.
In phase 2-- Here’s the equation:
The top 9 startups with the most votes + highest aggregated score (VenFluence) = move to the final stage.