FREQUENTLY ASKED QUESTIONS

What sort of ‘artificial intelligence’ do I need in my company to be eligible to apply? 

Artificial intelligence is a broad term, including sub categories such as machine learning, computer vision, text analytics and more.  Scaleup founders will need to be able to explain in simple terms, the AI component of their scaleup companies and how it algorithmically differs from existing or competitor companies.  

How far progressed do I need to be to apply? 

Each application is individually assessed on its merits.  However, the further progressed an AI company is, the better. As Boab AI is a scaleup investment program, we are generally seeking to invest in companies that not only have compelling AI technology but ideally also customers and revenue. 

How will the program run during the COVID-19 pandemic? 

Due to travel and operational restrictions, the Boab AI program will need to run remotely until restrictions are scaled back.  This is fine for the majority of planned program activities, however the international investment tour will obviously need to be postponed until international flights are permitted which is likely to be during the latter half of 2021, based on current predictions. 

How many teams are you seeking? 

In this current cohort launching in December 2020, we are seeking at least 5 scaleup companies.  We will then look to repeat the program every 6 months.

FROM WHICH countries will you accept applications?

We are accepting applications globally, however we have a special interest in funding companies based in Victoria, Australia where we are headquartered. Companies applying from overseas may need to relocate, or create an Australian parent entity, as our venture funds are domiciled here. 

How much do you invest? 

Companies will receive a net amount of $300,000 AUD.  Specifically, because we are charging a service fee for the program of $30,000 AUD, the investment is for $330,000 AUD gross. 

How much equity do you take? 

During the application process, as a team progresses to the final stages, a market valuation will be assessed. A proportional equity stake will be requested in exchange for the $330,000 investment. 

Can I speak with someone prior to submitting the application? 

Yes, we will be hosting office hours where you can book in and speak with a Boab team member. Subscribe to the mailing list and keep a lookout on this page for a bookings link. In addition, we will also be running online seminars talking about the program and seeking applications. 

Should I wait till the last day to apply? 

You’re better off applying early.  We are assessing applications on a regular rolling basis and if we make offers to teams earlier on, then your chances of receiving an offer are reduced and you may have to wait until the next cohort in 2021.  Apply early! 

AI is a part of our business but not the core. Am I still eligible? 

Yes.  We are seeking companies that utilise AI as a competitive edge.  We understand that this may not always be reflected in the marketing. 

I am running a current round of funding and have a few investors on board. Would Boab AI be willing to participate in the wider round? 

Yes.  We seek to be collaborative with other investors and see their participation as positive validation. 

I would like to raise more capital than Boab AI is offering and launch a larger investment round.  Would Boab AI be willing to assist with leading the round? 

Yes.  As per the above, Boab AI is happy to work closely with portfolio teams to raise a larger investment round and this could be achieved within the 6-month program. 

Can I book in a time to discuss my application?  

We will be running webinars, interviews and office hour sessions to answer applicant questions.  Please subscribe to the Boab email list and we will inform you of these as they occur. 

When do applications close?

Applications for this round are open until Friday the 30th of October 2020 - 12pm midnight (AEST). Applications are assessed on a rolling basis, so the sooner you apply the more likely you are to progress to the next stage. 

What is the valuation you are offering? 

During the application process we will assess your company in cooperation with the team to utilise data including customer, product, technology and financial analysis to arrive at a custom valuation. 

© 2020 Boab