FAQ

Established in 2012, OwlSpark is the Rice University startup accelerator, offering an intense and immersive experience for Rice University ventures. Each summer, OwlSpark delivers entrepreneurial training, including business fundamentals, offers 1:1 hyper-targeted mentoring with industry movers and shakers, and broadens founders’ professional network. OwlSpark culminates with the Bayou Startup Showcase, an annual demo day featuring the newest ventures from Rice University and University of Houston.

We’ve consolidated everything under OwlSpark. The two accelerators have been merged into OwlSpark, which has been expanded to offer two distinct tracks: one for tech startups and another for small businesses. Although many aspects of the accelerator will operate jointly, we'll still provide tailored content and training to meet the unique needs of each type of venture.

OwlSpark operates annually during the summer, beginning in mid-May and concluding in early August. Class 12 launches May 21, 2024, and runs through August 2, 2024

OwlSpark will be hosted in a local Houston innovation space, and founders will have access to the space for the duration of the program. Founders are expected to participate on site in Houston. There are some virtual program components, but these are not substitutes for the in-person components.

OwlSpark is a 12-week program demanding a full-time engagement similar to a standard workweek. While not all 40 hours are filled with scheduled events, founders are expected to utilize this time to advance their businesses.

Participants accepted into the program are expected to engage on a full-time basis. Additionally, participating founders must have decision-making authority within their ventures.

OwlSpark includes intensive mentoring, entrepreneurial training, and exposure to Houston’s best resources. Like any entrepreneurial venture, launching a startup requires determination, grit, versatility, and most importantly, passion. Throughout the summer, founders are expected to meet several program requirements, including, but not limited to:

• Attending and actively engaging in training sessions, workshops, events, mentoring, and weekly accountability meetings
• Setting and reporting key performance metrics
• Conducting a minimum of 100 customer interviews
• Building brand identity, website, marketing materials, and more
• Developing a clear, concise, compelling pitch, and pitch video
• Pitching at organized events

These are just a few of the many benefits OwlSpark can offer:

• Comprehensive entrepreneurial training
• Hyper-targeted resources and mentorship
• Hands-on, immersive application with immediate feedback
• A cohort of peers with similar interests from Rice University and the University of Houston, along with access to the universities’ accelerator alumni networks
• Validate business assumptions and refine business model
• Extend development runway
• Minimize risks and maximize odds of success
• Grow your professional network

OwlSpark offers office hours with subject matter experts (including legal and others), heavily discounted or free access to software and services, prototype funding (for eligible tech startups), and access to coworking space during and beyond the program.

To date, 97 ventures have completed the program and a third of these are still active today. Of those, a third have raised more than $106M in capital.

Of those that have wound down, many founders have taken their skills to their next venture—some have even joined other startups, joined venture capital firms, or have launched innovation-adjacent careers.

• Small businesses: We are looking for product-oriented and/or service-oriented small businesses looking to grow their ventures. Examples of a small business could include: creative services, consulting, apparel, beauty products, healthcare, e-commerce, etc.
• Technology startups: We are looking for promising, scalable ventures that are beyond the idea stage, and have a researched understanding of the customer, market, and competition. Examples of a tech startup could include: a new type of software or application, new medical devices, or a new process/chemical used in a manufacturing process

We are looking for teams who fit the following criteria: balanced, coachable, flexible, and capable—do you have the right team, skills, and mindset to take your venture to the next level?

• Balanced: Does your team cover all critical areas of your business? How do complementary skills and experiences among team members contribute to achieving your objectives?
• Coachable: Can you provide examples of how you've adapted or changed your approach based on feedback? How do you integrate new learnings into your strategy and operations?
• Flexible: How has your startup adapted to unexpected challenges or shifts in the market? What mechanisms do you have in place for responding to change?
• Capable: What achievements or milestones can you highlight that demonstrate your team's ability to execute? How do you measure and track progress towards your goals?

OwlSpark welcomes applications from ventures in any industry: it is not limited to specific sectors.

Applications are evaluated around the following:

• Innovation – Is it a unique and necessary solution? Does it add value?
• Market – Are you solving a big enough problem?
• Strategy – Does it make sense financially?
• Team – Does your team bring the right skills while remaining adaptable and coachable?
• Fit – Do your goals align with our offerings? Can OwlSpark make an impact on your growth and trajectory?

While helpful, a prototype is not a requirement for the OwlSpark program. However, accepted startups are expected to develop a prototype during the program.

Applications are evaluated around the following:

• Product or Service – Is there a demand?
• Market – Do you have a clear understanding of your customer profile? Your competitors?
• Business Model – Does it make sense financially?
• Team – Does your team bring the right skills while remaining adaptable and coachable?
• Fit – Do your goals align with our offerings? Can OwlSpark make an impact on your growth and trajectory?

While you do not need to have an already established product or service, you should have a ready-to-execute idea, and be able to demonstrate the skills and expertise to carry the idea to fruition during the program.

No. Incorporation nor funding are qualifying criteria for this program. However, incorporated and/or funded startups are not excluded from consideration.

OwlSpark is free—neither OwlSpark nor Rice University takes any equity in your venture: the ownership and decisions are yours.

Applications are open March 1 – March 20, 2024. Applications close at 12:00 am CT on March 21. Applications received on or after 12:00 am CT on March 21 will not be considered. You can apply here. Be sure to review the instructions and questions before applying as there is no option to save and finish later.

Once you have completed the application, you will receive a confirmation email and a copy of your application. If your application reveals a potential fit for OwlSpark, your team will be invited to interview. Accepted teams will be notified by April 8, 2024.

Accepted founders are expected to participate full-time; however, you may participate on a part-time basis if you have at least two team members who are dedicated to participating in OwlSpark full-time. Because OwlSpark is a rigorous, fast-paced program, participating full-time founders must have decision-making power.

OwlSpark is open to ventures with 1-3 founders (members), and at least one founder must be a Rice University affiliate (student, faculty, staff, or recent alumni). Rice University students must be currently enrolled and in good academic standing. Your team can include non-Rice affiliates, as long as your team has at least one Rice affiliate. If accepted, all founders must commit to participating in the program full-time.

Yes, international students are eligible. If accepted, you would need to work through OISS to secure proper authorization to participate and receive the stipend. If your startup is accepted into the program, it is your responsibility to start the authorization process ASAP to ensure full participation on Launch Day.

If you are unsure which track to apply for, let’s schedule a time to chat about your options so we can make a proper recommendation on the program best suited for you.