FAQ
Frequently Asked Questions
What is Hook?
Hook is a 3-month program designed to help founders during the most difficult time: starting. There are two batches a year: Fall (Starting in mid-August) and Summer/Spring (Starting early March).
For whom?
Hook is designed for ambitious entrepreneurs.
Who can apply?
Any startup with at least one founder from 42 Network, student or alumni.*
*We do make exceptions to that rule
What kind of startup are you looking for?
We are not looking for any particular subject or field. On the contrary, we prefer a diversity of people and ideas. The more mature the project, the more chance there is to be selected. However, we also accept teams with only an idea, if the team is exceptional. During the selection process, we look at 3 elements: the team, the execution, and the market. The idea is not on the list: we believe the team and the quality of its execution are the prerequisite to success and, in particular, its capacity to iterate. Fast.
What is the program?
It is designed with three major elements:
Access to quality mentoring during on-demand and unlimited office hours.
Every week founders will gather for the Escale where we will invite a successful and inspiring entrepreneur.
The demo day where you will demonstrate the quality of your product in front of +150 investors and journalists.
On top of that many workshops on sales, growth, market strategy, legal and fundraising.
What do you mean by 3 months program?
The program is designed in two phases.
The sprint phase (2 months). From the first day to the investment committee. Your team receives 50k euros (as an investment, for 5% of your company) and embarks for a very intense phase where every week you have to attend: the Kick-Off, two Office Hours, the Dinner, and occasional pitch sessions and workshops.
The growth phase (1 month) is designed to prepare you for the Demo Day. Pitching, talking to investors, and raising funds will be the main focus.
Hook doesn’t end on demo day.
We are still available for the Kick-Off, on-demand Office Hours, and if you which to attend some workshops remain.
Where is it?
The Hook program is remote. However, we do host in-person events for those based in Paris.
Do I have to move to Paris for the program?
No :)
How many startups will be chosen?
We select 8 to 12 startups for every batch.
Who are the mentors?
Our main mission is to connect you with the best experts at the right time. 42 Entrepreneurs and Hook built strong network (100+ experts) that will be at your disposal. Below you will find some of them who didn’t require to remain anonymous :). See for yourself:
And then?
Hook does not stop after Demo Day. We will continue to help during your company’s life and beyond. We are on the same boat now :)
What are the engagement and counterparts of taking part in this program?
At the beginning of the program, you will receive 50 000€ for a 5% share of your company.
Can I see the term sheet?
When accepted to the program we will send you the term sheet and you will be free to sign it, or not. Hook is a program from 42 Entrepreneurs supported by 42, our interest is to protect your interests. We invest through a SAFE.
What is the funding for?
The funding will help stay fully committed to the project. The funding can be used to pay for anything that is good for your startup.
This is a non-profit project, but it is not charity. If the investment is profitable, we can continue to help other startups. If not, we will have to stop. This is why we are only seeking the most promising startups.
Is it cash?
Yes, the 50k euros are in cash deposited in the bank account of your company. Hook provides other unfair advantages with a total value in the hundreds of thousands of euros. We don’t count them in the funding. There are no hidden costs, the program is free.
What is the admission process?
You can apply as many times as you want while the applications are open (if your project is not selected, hear the feedback, iterate, retry, until you get accepted). For every session:
If you pass the form selection process you will be invited the first round of interviews.
Selected projects will be notified by email and receive the term sheet to sign in order to formalize their entry in the program.
Will you sign a NDA (non-disclosure agreement)? How can I be sure anyone won’t steal my idea?
Nope, we won’t sign a NDA. No VC would do at this stage. We believe that ideas are worthless without execution.
Who are the speakers of the Escales?
Speakers are successful entrepreneurs. They are usually kept secret until a few hours before dinner starts. However here is a list of past and/or future speakers ;). See for yourself:
If you have any questions write to us at [email protected]