Founders who can demonstrate that the full monthly cost of Emergence Baltimore would be prohibitive to their participation can apply for a $500/month scholarship to help offset the cost of participating. Founders who wish to apply for financial support must submit their Emergence Baltimore application by August 18th.
Breaking Down the Emergence Rent
Emergence Baltimore is not a regular accelerator. It's a live-in program, meaning that in addition to the standard accelerator curriculum, mentorship, and connections, you're also provided with furnished housing, coworking space, fitness and wellness training, food, and other amenities. If you were to pay for all of these separately, it would cost ~$2250 a month - not including the accelerator program itself nor the intangible of the Emergence community.
- $950 studio rent for an unfurnished private bed/bath in similar areas of Baltimore
- $100 average studio utilities (electricity, internet, water, trash)
- $250 cost of a dedicated desk in a coworking space
- $400 cost of 1 snack, 2 drinks, and a prepared meal each day
- $450 cost of 3x/week fitness, yoga, and wellness training
- $100 cost for gated parking
- = $2,250 a month
Unlike other accelerators that take equity in your venture in order to satisfy their operational costs, Emergence does not take any ownership stake in your venture. Therefore, in order to cover the costs of the building, utilities, and providing amenities, founders pay rent and a community fee instead.
We have a limited number of $500/month scholarships available for applicants who can demonstrate that the full $1750/cost would be prohibitive to their participation in Emergence Baltimore. These scholarships bring the total cost of Emergence down to $1250/month, on-par with average studio rent + utilities + parking in the area.
How To Apply
Founders interested in the scholarships must apply for Emergence Baltimore by August 18th at 11:59pm, which is the same day as the standard deadline. After applying, you'll be sent a short application for the Scholarship, which focuses on how Emergence will help move your venture forward and verifies your financial need.
This follow-on application will be due by August 19th at 12pm, and if selected for a final-round interview, you'll be notified by August 21st if you have been accepted into Emergence with or without a scholarship. Like all applicants, you'll have a few days to notify us whether or not you wish to accept your place in the Fall Cohort. No other action is needed on your part - your scholarship will be deducted from your community fee.
What is Demonstrated Financial Need?
We don't want to pry into your personal finances, but we do need to verify that the $1750/month cost would be prohibitive to your participation in order for us to fairly allocate our limited scholarship dollars.
On the Scholarship application, we'll ask about your employment status, if your venture is currently generating revenue, how much you currently pay for housing, and then provide space for you to describe any other details that are relevant to your ability to participate in the program.
Your responses will only be seen by the Emergence team, and your scholarship status will not be shared with other members of the cohort or external parties.
If you have any questions about the Emergence Baltimore scholarship, or any other element of the program, email our team at email@example.com.