Funding

Sky’s the Limit offers monthly funding opportunities in the form of our Friends & Family Fund. Each month, we award a $2,500 / GBP2,000 startup grant to help young underrepresented entrepreneurs get closer to their business dreams. 

Many entrepreneurs get their start by borrowing money from those around them. This kind of “friends and family” support works well for some, but at Sky’s the Limit, we know that plan doesn’t work for everyone, so we are pleased to help fill that gap.

Once an entrepreneur is eligible for funding and uploads their pitch, members of the community can boost their favorites! At the end of the month, the entrepreneur with the most boosts wins the grant.You can learn more by visiting the Friends & Family grant page.

Throughout the year, we also make available a range of funding opportunities for qualifying entrepreneurs based on different programs and initiatives. Entrepreneurs will be automatically entered for any rounds they qualify for, and we'll also message about any special or unique opportunities.

Note: Timelines to determine the grant winner can vary. Sometimes entrepreneurs win in their first month, sometimes it can take several months to win.

STL offers a range of funding opportunities that are apply at different stages of the business journey.

Our core monthly grant program, the Friends & Family Fund grant, is available one time to all members who meet the following criteria: you must be based in the United States, Canada, or the United Kingdom and have a completed profile on Sky’s the Limit. Next, you must complete a Funding Pitch to let other members know how a grant would help fuel your business. The full guidelines for the Friends & Family process can be found here.

Other Funding Rounds typically have additional eligibility criteria which will be outlined in their descriptions. Here are some tips:

• Location (Typically!) Matters: Typically, you must base your business in the United States, Canada or the United Kingdom.
• Complete Your Profile: Ensure your Sky’s the Limit profile is thorough and up to date.
• Craft a Winning Pitch: Develop and post a Friends and Family Pitch showcasing how a grant can turbocharge your business.
• Participate: Active participation within our vibrant community dramatically heightens your chances of securing funding. Dive in and boost your eligibility today!

Once an entrepreneur’s Funding Pitch is live, members of the community can view and boost it.

Entrepreneurs are only eligible to win each type of funding campaign once (BUT they are eligible for other types of funding rounds).

Entrepreneurs will be automatically entered for any round they are eligible for.

For Friends & Family Grants, one winner is chosen every month, typically on the last weekday of the month by 5pm PST / 8pm EST and notified of their status, and it's awarded based on the number of Boosts the community gives.

Depending on the type of Funding Round, there can be multiple winners in a Round. 

Be sure to check out the Pitch FAQ to understand more.

Note: Sometimes entrepreneurs get enough boosts to win in their first month, sometimes it can take several months.

Boosts are a way to help raise the visibility of an entrepreneur’s funding pitch.

Entrepreneurs can not Boost themselves. At Sky’s the Limit, one core belief is that we rise together. We encourage you to visit the app daily, work on your business (or, if you are strictly a mentor-supporter, help entrepreneurs work on theirs!) and offer support to entrepreneurs in the form of Orbits, Assists, and Boosts.

Each member can Boost an entrepreneur’s pitch 1x a day. You can Boost as many pitches as you like 1x in that day.

Duration varies, but typically funding rounds are approximately one month long. You can always check back on our site to see how many days are left in the current funding round(s) by visiting Pitches > Grants.

Entrepreneurs “win” the amount of money they requested on their campaign page in their budget, up to a maximum of $2,500 per entrepreneur (£ 2,000 in the UK). Entrepreneurs will receive this award in the form of a cash grant, upon signing a grant agreement. This money does not need to be paid back nor does Sky’s the Limit receive any material gain for it, however, the money does need to be spent on business-related expenses.

Typically, yes. If an entrepreneur wins the Friends & Family Fund grant they won’t be eligible to compete for it again. However, they may be eligible for other grants. The “Pitches > Grants” area will contain the latest information about current funding opportunities and deadlines.

If an entrepreneur receives boosts, but does not win the funding round, their pitch will be placed back into an “unpublished” state. Entrepreneurs then have the chance to tune up their pitch and re-publish it for the next funding rounds. 

The reason for this is that entrepreneurs should have the chance to keep making their pitch as polished as possible and to ensure that all pitches are fresh, and encourage active use of the app. Boosts count remains the same – you don’t loose your Boosts even if you don’t win a given round.

Note: Winning Pitches can never be republished – to participate in future rounds, create a new pitch.

Sky’s the Limit is a digital platform that pairs underrepresented young entrepreneurs with volunteer business professionals who want to help them reach their business goals. Want all the details? If you’re into stats, graphics, and stories, this page is for you! Volunteer page.

Do you want to make a difference in a young person's life? Do you want to share your business knowledge with others? These are two great reasons! 

Other reasons include: 

• Expanding your own professional network by volunteering with colleagues and getting to know impressive founders that you might not otherwise meet. 

• Practicing important leadership skills like active listening, inclusive communication, and emotional intelligence. 

• Having the type of transformative experience that occurs when two people are willing to listen to and learn from each other. 

It’s easy! Start with setting up your profile at Skysthelimit.org. Fill out as much information as you can. We use the information you provide to help match you with Entrepreneurs based on predictors of success including demographics and interests. We also want to match your skills with the needs of Entrepreneurs so the more complete your profile is, the better! And lastly, tell us about yourself. The best way to get to know others on the platform is by sharing a little about yourself!

These are the basic skills our top mentors have in common:

• Active listening

• Interpersonal skills

• Business skills*

• Care for others

• Empathy

The list of skills an entrepreneur needs is long and can be as simple as help in setting up a Google account, managing calendars, or creating a professional email signature to more complicated areas like setting up an LLC, working with manufacturers, or negotiating contracts.

Most Sky’s the Limit entrepreneurs work with multiple volunteers over the course of starting their businesses. You help as much or as long as you feel comfortable and just need to communicate and set expectations as you work together. Other volunteers are available to help address areas of their business that you don’t feel comfortable with.

These are the top five problems we hear from Sky’s the Limit Entrepreneurs:

• “I don’t have anyone to talk to about my business.”

• “I need help identifying next steps.” 

• “I want to be held accountable for my goals and progress.”

• “I don’t know how to make new sales.” 

• “I’m looking for creative ways to fund my business.” 

Volunteers are encouraged to provide whatever level of commitment they can.

For instance, you can help as an advisor and provide short-term support for a young entrepreneur in a specific area of their business. Or you might choose to develop longer engagements. A mentoring relationship typically starts with a short-term project so that the volunteer and the entrepreneur have the opportunity to try the relationship on a smaller scale before advancing to a long term mentoring relationship. Mentoring relationships tend to develop organically when there is a good fit and the length of that is determined by the people involved. It can last weeks, or in some cases, years! 

By joining Sky's the Limit as a volunteer you are committing to:

1. Respond to any entrepreneur who reaches out. If you receive too many requests, you can pause new messages in your messaging settings or reach out to support@skysthelimit.org for assistance.

2. Meet with at least one entrepreneur for an Intro Meeting within the first two weeks. If you just want to browse first, please set yourself to “Busy” until you are ready to meet. 

3. If you decide to work with an entrepreneur, you both commit to attending scheduled meetings on time, or provide notice if you need to reschedule.

4. Rate your experience and provide feedback and updates when asked.

Yes! You can contact our Member Experience team at any time here. You can also attend one of our office hours sessions, which we offer twice a week and you can sign up here!

As a volunteer, there are so many different ways you can support an aspiring entrepreneur. Here are just a few of them… 

• Make an Introduction - maybe you don’t have the experience or skills to help in a specific area, but do you know someone who does? Helping founders network by introducing them to your network can go a long way. 

• Listen: provide a “safe zone” - The best mentors have  more questions than answers. Help an entrepreneur build confidence through judgement-free brainstorming. 

• Give Feedback - Take a look at their business plan, profile, pitch etc., ask questions, help them identify gaps or find solid examples to follow. 

• Help identify opportunities and obstacles - As they think through their options, you can help by brainstorming potential obstacles and solutions with them. 

• Be a cheerleader - Entrepreneurship can be lonely, and it gets to the best of us. Help them stay motivated by offering words of encouragement and inspiration. 

• Donate a skill - Are you a marketer? A lawyer? An accountant? A  designer? There are so many skills that go into building a business. If you are in a position to, you can offer you services pro bono. 

• Be a mentor - Are you able to provide long term support across all areas of their business? Do you want to build a longer term, meaningful relationship? Then mentorship may be for you! 

• Organize a Company Program - Would you like to volunteer with your colleagues? Start an Impact Team and socialize with a purpose!

Vote for their Friends & Family Funding Campaign - if you know an entrepreneur who is competing for funding, help them win by voting for them. Or, just check out the current campaigns, and vote for your favorite.

 Any member can only boost the same pitch once a day. Members can boost as many different pitches from different entrepreneurs on the same day as they wish.

Assists are a feature that allow entrepreneurs to create and post a card for other members to view, enabling them to receive rapid responses and fast feedback from supporters for a short period of time.

When creating a request, focus on the specific challenge you’re facing. For example, you may receive more responses and support when you ask for “How can I improve the business financials section of my Pitch?” vs. “Can someone review my pitch?

If you see opportunities to deepen your  engagement, Orbit the member and then Intercom them to ask for additional support.

1. Go to “Orbits” to see a list of recommended entrepreneur profiles to get connected with. Each profile will have a “score match” that uses logic based on skills and industry to show a user how good of a match the other user is. > 80: Great Match, 50 - 80: Good Match, less than 50 is Some Match.
2. When you find an entrepreneur profile that you are interested in, send a request to Orbit. Once that entrepreneur accepts, you two will be “In Orbit.” 
3. Being “In Orbit” unlocks the Intercom function, which allows you to send and receive messages from an entrepreneur. You can also set up meetings through Intercom.

Any activities you perform in the app will be automatically tracked.

If you take any meetings, exchange messages, or attend events outside the app, you’ll want to visit your launchpad, go to your icon in the upper right corner, and click “total time”. From there, you will see all the hours automatically tracked, and you can choose “Log Hours” to add more.