Q:What is Lemnos?
A:
Lemnos is a Greek island, where Hephaestus (god of technology) had his forge. He is responsible for all of the great engineering feats in Greek mythology – Hermes’ winged helmet and sandals, Aegis breastplate, Aphrodite’s famed girdle, Achilles’ armor, Heracles’ bronze clappers, and Helios’ chariot.
Q:How do you define hardware?
A:
We will consider any innovative technology that involves moving atoms or electrons. We believe that the same core product development principles apply to a wide range of industries. Our entrepreneurs typically have backgrounds in mechanical, electrical and aerospace engineering, but a well-rounded team also includes some software expertise as well.
Q:Are you an incubator, accelerator or a seed-stage fund?
A:
A little bit of everything. We typically invest up to $100K in exchange for a 2-10% equity stake. Our terms are based on the stage of the company, the experience of the founders and the amount of previously raised money.
Q:What resources do you provide?
A:
- Warehouse space
- Access to prototyping & testing facilities
- Legal services
- Introductions to suppliers
- A 24/7 sounding board
- Weekly office hours
- Design & business reviews
- Guest speakers
Q:How are you different from other incubators?
A:
Our main focus is hardware. Most hardware startups face hazards like bad production runs, design delays, and safety recalls that can cause serious setbacks or even failure. We can help you avoid these problems by holding regular formal design reviews and bringing together experts in manufacturing, logistics, reliability, standards and testing to give you feedback at every step along the way.
Q:What is the goal of your program?
A:
At the end of our program, we anticipate that your company will have made enough progress to draw down a significant angel round or Series A financing. To this end, we expect your company to reach one of the following milestones:
- Proof of concept of a critical component – In a complex system (a car, for example), you may have an innovation in a primary sub-system (like a new type of engine). It would be cost prohibitive to build the entire car, but a demonstration of the key innovation is most important.
- A working prototype – All major parts are built and functioning. The prototype is ready to test in a limited environment.
- Selling production hardware – If you enter the program with a working prototype, we would expect you to refine your design and business process to the point of bringing your product to market.
Q:How long is your program?
A:
The length of our program is flexible. We know that various products take different amounts of time to develop. The average company spends 6 to 9 months in our space.
Q:I’ve got an idea for a hardware startup…now what?
A:
We’re accepting companies into our program on a rolling basis. Apply now!
Q:Do you offer internships at Lemnos Labs?
A:
We currently don’t offer internships at Lemnos Labs, but our startups are often looking for interns. We encourage you to reach out to our startup companies directly about internship opportunities.
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