Yeah, we were told our funding amounts and then advised that around £1200 (which in my case was about 15%) of this had already been allocated to cover training, office space (which I never used) and mentor meetings.
Some of the other businesses only got a small amount of funding to start with which left them with very little after subtracting this expense.
However, just to have had a place or any funding at all in the UK in my opinion is a great thing.
I think YC have it spot on, their funding is the right amount to allow a team to concentrate on their idea yet not so much that they can be complacent about running costs.
I still had a full time job whilst part of my incubator. The funding couldn't be used for living expenses.
I wonder how much further along I would be now if that wasn't the case.
I think great things happen when afforded the time to focus on that one thing.
Some of the other businesses only got a small amount of funding to start with which left them with very little after subtracting this expense.
However, just to have had a place or any funding at all in the UK in my opinion is a great thing.
I think YC have it spot on, their funding is the right amount to allow a team to concentrate on their idea yet not so much that they can be complacent about running costs.
I still had a full time job whilst part of my incubator. The funding couldn't be used for living expenses.
I wonder how much further along I would be now if that wasn't the case.
I think great things happen when afforded the time to focus on that one thing.