Frequently Asked Questions – Funding Programs
- What are eligible expenses?
MCE’s startup funding is not directly tied to categories of expenses it can be used for. Rather, it is tied to outcomes that can be achieved by investing the funding in a diligent and smart way. However, there are certain categories for which MCE will not provide funding including:
- Leasing or purchasing of office space
- Leasing or purchasing non-specialized equipment and assets (laptops, for example)
- Any expenses not contributing towards the outcomes stipulated by the specific fund
- Are applications competitive?
For the failure fund, we have a competitive application process in place with an annual call for applications in September of October. For the Early Bird Fund and the Rocket Fund, we accept applications as they come in with a certain amount of funding allocated per fund per year. Keeping this in mind, it is advised to apply for funding as soon as possible (provided you have a clear purpose and meet the application criteria).
- Do I have to pay back the funding I receive?
No, all of the MCE funding is non-repayable. If you do end up becoming a billionaire and MCE helped along the way, we won’t refuse any donations 🙂
- Are there any other requirements besides the application and eligibility requirements?
Yes. Twice after you have received the funding (at the three month and six month marks), we will check in with you to see if the grant was helpful, what results you got from it and if you have any advice for new applicants. By doing this, we hope to expand our knowledge base and improve our services continuously.
- If you have any other questions, don’t hesitate to reach out to us at email@example.com