For Founders who are students, faculty or alumni of MIT.
Two teams will win $100-250K
plus the chance to present to the NFX Partnership for a seed round.
Open to all MIT students and alumni
Apply by March 18th
FAST helps MIT Founders get their startups off the ground, and begin a long term relationship between you and NFX.
No idea is too early. NFX FAST is targeting pre-seed and seed stage companies that have raised less than $2M of funding.
NFX invests in a broad range of sectors including Fintech, AI, Web3, Proptech, Games, Marketplaces, Networks, Computational Biology, Climate, B2B, SMB software, enterprise software, etc. See our existing portfolio to get a sense.
Like all investors, we have investment preferences and areas of focus that you should know about. For instance, we strongly favor companies that can have network effects (NFX).
We don't focus on these sectors: semiconductor, medical devices, pure pharma, pure hardware, and network devices.
What does FAST stand for?
Founder-friendly, Application-driven, Software-enabled, and Transparent.
Who sees my application?
Only NFX. It’s a private application.
How do I apply?
The application process simply consists of creating a BriefLink, which includes a 1 minute video. We are accepting applications through March 18, 2023 11:59 PM PST.
When will the winners be announced?
Winners will be announced mid-April. If a company wants to remain in stealth mode, we will hold the announcement and keep it quiet.
What is the prize?
Two teams will win between $100K-$250K. In addition, all winners will have mentorship access to the NFX Investment Team. You will also gain access to the FAST Alumni Network.
What are the terms of the prize?
The prizes will be structured as a simple and founder friendly uncapped SAFE note with no discount and an MFN clause. The investment is meant to boost the exploration of your idea with capital while not worrying about equity or valuation until you're ready for a full round. Please reach out to us if you have any questions about the terms.
Who can apply?
Founding teams with at least one MIT affiliated student (MIT School of Engineering, Sloan, Media Lab, etc. ) may apply. MIT PostDocs and professors are also welcome to apply.
How can NFX invest so quickly?
NFX has built a software stack to streamline the due diligence, financial and legal processes. Further, we've standardized the terms and documentation of the investment so both the Founders and NFX know what we’re aiming to achieve.
As Founders ourselves, we know how much time and effort Founders spend raising money. We're committed to improving the fundraising process and have built Signal (2017) and BriefLink (2018) as free open tools for the Founder community. FAST is something we have been developing for a long time.
Does our company need to be incorporated to compete / win?
You do not need to be incorporated when you apply. However, you will need to incorporate your company to receive the prize.
Who can I reach out to if I have additional questions?
We will be hosting an information session in early March. In the meantime, feel free to email firstname.lastname@example.org, email@example.com and firstname.lastname@example.org. Or book a time with them directly here.
How do I know if I should apply for $100K or $250K?
The application groups are based on your level of traction. If you have zero or little traction – apply for the $100K. Some traction for the $250K means at least 4 beta customers (including LOIs or paid pilots) if B2B OR 50 beta customers if B2C OR $5K MRR. If you are unsure, apply for the $100K group and we will figure out if $250K group is right for you.
NFX is the largest pre-seed and seed fund in the world with $450M in its latest fund. We have invested in 250+ companies including Trulia, Lyft, DoorDash, Poshmark, Honeybook, and Patreon, and been the first investor in standout companies such as Mammoth Biosciences, Outdoorsy, Houseparty, Incredible Health (MIT), La Haus (MIT), SESO and many others.
The Partners of NFX have built 10 companies with more than $10 billion in exits across multiple industries and geographies. We're entrepreneur first because we were entrepreneurs first. And we’re determined to guard the backs of the next generation of fearless founders.
For more insights on who we are, visit www.nfx.com. While there, you can watch, read and listen to the best coverage of fundraising, network effects, marketplaces, and all things startup.