What is URBAN-X?
URBAN-X was created by MINI to support startups working to make city life better. We’ve partnered with Urban Us, the leading early-stage investor in urbantech startups, to run the best accelerator program for startups re-imagining city life. MINI experts guide startups in design, manufacturing, engineering, marketing, community building and branding. Urban Us connects startups with the leading community of founders, investors, companies and city officials. Together, we’ve invested in many of the leading startups working on city solutions.
URBAN-X makes investments in individual startups who become part of a cohort. We run two cohorts per year with up to 10 startups per cohort. Each startup receives $100,000 in investment capital. URBAN-X is specifically for startups who are pre-seed. While we love to work with startups with existing traction and customers, it is not a prerequisite for acceptance into the program.
The curriculum for each cohort builds on our experience as founders ourselves, as well as work we’ve done with startups in previous cohorts, at Urban Us, and from years of work we’ve been doing with the National Science Foundation and The University of Chicago Booth School. While Brooklyn is our home, cohorts make regular trips to Munich, San Francisco, and other urbantech hubs.
How many prior cohorts have gone through the program?
We are currently working with Cohort 04. Three cohorts have gone through the program and we’re currently accepting applications for Cohort 05. Together we have worked with more than 50 different startups focused on urbantech over the last four years.
If I applied in the past, can I apply again?
Yes. We encourage startups to apply multiple times and to update us on their progress.
WHAT STARTUPS HAVE ATTAINED SUCCESS AS A RESULT OF THE PROGRAM?
HOW MUCH EQUITY DOES URBAN-X TAKE IN EXCHANGE FOR $100,000 IN FUNDING?
The amount varies depending on a number of factors including your stage of product development, whether or not you’ve built a startup before, the expertise of the team, etc. Some startups entering the program have prototypes and others are already selling products to customers. Some startups have already raised capital, while others have not. We consider all of these factors before proposing equity terms.
HOW DOES THE PROGRAM WORK?
The program is structured around two core activities – weekly meetings with the core URBAN-X team and curriculum sessions with experts. The curriculum is customized depending on the needs of your company and team and the goal is to help with specific adjustments for each startup. Cohorts can expect to learn and participate in sessions about fundraising, legal, accounting, customer development, cash flow management, sales, communication, team building, culture building and scaling. We dive deep into specific urbantech topics such as working with local governments to funding hardware companies. The curriculum builds on work we’ve been doing with the National Science Foundation’s iCorps program and The University of Chicago Booth School.
WHAT ARE THE TRAITS OR CRITERIA YOU LOOK FOR IN STARTUPS?
We evaluate each applicant by the amount of impact the company can have, who is on the team, what experiences they have, the company’s approach to urban problems, the type and amount of competition the company will face and how much risk is associated with their proposed solutions. We look for founders who have a growth mindset and learn quickly, who are relentless, and who are deliberate about their culture.
WHAT KIND OF RELATIONSHIPS DOES URBAN-X HAVE WITH EXPERTS, INVESTORS AND CUSTOMERS?
We’ve built an extensive network of investors, founders and customers in core urbantech industries like construction and real estate, infrastructure and industry, food, water, waste, public health and safety, energy, govtech, transportation and mobility. Our network has deep knowledge in B2G, B2B and B2C.
We pull program mentors from our network of an engaged group of ~2,000 people primarily located in the US and EU, with the largest groups in New York and the Bay Area.
Throughout and after the program, our goal is to connect you to these networks. Over the last four years, these introductions have led to investments, pilot projects, new customers and new hires. See below for more information on perks and partnerships.
WHAT ARE SOME OF THE BENEFITS THAT STARTUPS AT URBAN-X RECEIVE?
Corporate partners and perks include HERE, Google Cloud, Amazon Web Services, Hubspot, Intercom, IBM, and more. Local resources include NY City Government, academic institutions including NYU, CUNY and Columbia, Smart Cities New York’s network and potential pilot space in downtown Brooklyn through the Downtown Brooklyn Partnership.
What is the timeline?
Each cohort runs for 5 months. Our current group, Cohort 04, runs from mid-April to September 2018. We expect to launch Cohort 05 in December 2018.
DO YOU NEED TO BE ON-SITE IN BROOKLYN TO BE ELIGIBLE?
It’s our preference that at least one member of the team can participate on site for most of the program. We do consider remote startups that can join us for targeted meetings on a case by case basis. Historically about half of our startups have come from outside the US to NYC.
DO YOU INVEST IN OR PROVIDE INTRODUCTIONS TO STARTUPS OUTSIDE OF YOUR ACCELERATOR PROGRAM?
Occasionally we meet startups that are too far along for the URBAN-X program. In these cases we may refer them to other funds such as BMW iVentures or the Urban Us Venture Fund. If we are not investors in a startup it is often a conflict for us to make introductions to our network and investors.
CAN NON-PROFIT ORGANIZATIONS APPLY?
We don’t currently have a way to work with non-profits, but we’d be happy to explore other incorporation options. Sometimes Public Benefit Corporations can achieve similar objectives.
Can I refer a startup?
We have had several program startups come from referrals. Referrals and applicants can apply here: https://urban-x.com/apply
WHAT MAKES URBAN-X DIFFERENT?
While there are many great accelerator programs, we specialize in urbantech.. Our startups operate in specific sectors like mobility, govtech,, real estate, construction, logistics, transportation, water and energy. These sectors build and operate core city services and, as a result, they’re regulated and tend to approach emerging technologies cautiously.
For this reason, we’ve organized a specialized program and network with sector leaders as well as founders who share experiences building some of the leading urbantech companies. Our experience over the last four years proves that sector specific experience can increase urbantech startup success rates. While other automotive OEMs simply sponsor accelerator programs, URBAN-X brings real resources in the form of resident designers and engineers from MINI and BMW to help startups develop solutions that have design value and market potential.