The Founder Institute Methodology - largest global network of startup incubators and accelerators

Welcome everyone. So the Founder Institute is the world's largest global network of startup accelerators, investors, and advisors. And throughout the 15 years of our existence, our programs have launched more than 8,000 portfolio companies. That's as of the beginning of 2025, uh, and we've done this over 100 countries around the world, and these companies have gone on to raise a lot of money and create a significant amount of value. So, uh, we started the Founder Institute in 2009 in Silicon Valley. The first program actually was launched in just a couple of months in an unused classroom at Stanford University. But even since that first day, we had a vision that entrepreneurs are the greatest catalysts for societal change Our mission is to activate, create new entrepreneurs, and then empower these communities of entrepreneurs to build ventures with both a positive societal and economic impact around the world, no matter where they are and no matter where they are from. So as part of this vision, you can imagine that we work with founders at the very earliest stages of their startup journey, you know, typically before they are ready for funding, typically before they are ready for a more traditional funding accelerator, something like a Y Combinator or a Techstars. A lot of pre-accelerators that you'll see out there are very much focused on learning and education. FI is not a school. Uh, you don't learn how to be an entrepreneur at FI. FI is a very structured program where you actually do it. Um, so first of all, uh, we have to focus on long-term support, right? Because we work with people at such an early stage, we understand that Building a business is a very long journey. So obviously, if we're only going to work with you for a couple of months and then leave you out high and dry in the world, that's not going to be super successful. Number 2, at this early stage, we have to be pretty flexible. So we accept people that are part-time founders that still have their full-time jobs, in some cases still are just working on different ideas, solo founders, right? And really, we're interested in supporting any kind of venture scale business, right? So it's not just like high tech and things like that. We work with dog food companies, work a lot of different businesses as long as they are available and ready to scale through technology. And then finally, because we do work with people at such an early stage, that means that we have to scale, okay? And that's just the economics of working with people at an early stage. You'll see even with venture capitalists and any organizations that support support startups. Generally speaking, the earlier that you go, the more people that you have to work with and the more global that you need to be. Goal here is to help you build a fundable business, right? That is, uh, where we see ourselves within that kind of, um, stack of, uh, of an entrepreneur starting out. And to help people to fundable businesses, it's important to look at the current benchmarks that are required to raise that funding. So Something that we do at FI because we work with so many companies around the globe across so many different industries and where our portfolio support team is working with so many people that are raising funding, we see a ton of deals that come across our desks. So if you go to FI Benchmarks or fi.co/benchmarks, you'll see this is just some stats that we'll release a couple of times a year to share really what we are seeing across the globe. And really, this number one is just something we release out there because it's helpful for the ecosystem. And this is sort of a global average. But just so you guys all know, it's also literally how we design our programs, right? We have these insights. We see the companies that are getting funded, not just the terms of those deals, but also the metrics and the benchmarks that investors are looking at when they're funding these deals. Uh, and that is really how we try to design our programs to help founders get to these fundable benchmarks as quickly and as cheaply as possible. So everything that you do, uh, with the Founder Institute, and it really is a journey, but it all starts with this FI Core Program. This is what traditionally people will talk to, or this is what they'll refer to when they talk about the quote unquote Founder Institute, right? It is this 4-month core program. Participants that come through this program are again at the idea or pre-seed stage, and they're usually distributed across these 4 personas. First are those in the idea stage. You can call this sort of quote unquote back of the napkin, right? Still have a full-time job, have some ideas. Then you might have some people or even a small team who've done some initial work, maybe have some prototypes or something like that, but they haven't really validated the business yet. Then you may have a small team that have started to build something out, but again, they're still trying to find that product market fit. And then finally, latest end of the spectrum of people that will come into an FI Core program would be something like a full-time team. You know, in some cases people may have a little bit of funding, but again, we do predominantly work with people that are pre-funding. But at this point, it's really— they're still at this pre-traction stage, right? And they're looking for scalable growth. So as you can tell, these 4 personas all need different things. So the FI Core program breaks into 3 different tracks. You have the Validate track for the earlier stage people to focus on validation and testing, Launch track to help you go to market and start to build out your team, and then that Traction track really for the later stage founders and teams to help them start creating those really scalable growth engines that investors want to see and also just help you prepare and do the diligence for fundraising. So the FI Core Program is just the first step in this roadmap, right? I mentioned before, because we work with so— with people so early, we have to provide a lifelong system. And that's what we do. Graduates of the FI Core Program join this larger FI ecosystem. They get access to these advanced accelerators that we have called Founder Lab. These are totally free. These aren't things that we upsell to you. These are just things where we need to continue providing you with value throughout the entire lifecycle of your business. Again, because we start to work with you so early, these are virtual advisory programs. And again, they're just helping you get to all of these next milestones that you do in your business. And then finally, when people are ready, we do provide a lot of introductions to investors. We have a massive investor network that is focused specifically on helping founders get the first and second checks. This whole vision that I've talked about, which is to activate and to empower entrepreneurs everywhere, it's ambitious. So since 2009, this is literally what we have been building, is a global network of startup communities and training programs to help build startup ecosystems locally, right? Um, we built a series of accelerators and support programs to help then founders get funded. And we also even spun out a company called VC Lab, now known as Staffile Group, out of the Founder Institute a couple of years ago, because we literally just started taking the same methodologies that we used at FI to help founders launch companies. And we started using it to launch people in our network that wanted to make venture funds, right? Make new venture funds. And that was so successful that we spun it out and that's now a venture-funded company and it's helped launch over 500 new venture We have now built over 8,000 portfolio companies as of the beginning of 2025. They've raised nearly $2 billion in funding. And honestly, that number is going to be crossed very, very quickly. You can see here, you know, the biggest thing that I'm proudest of as a co-founder of FI is that it's not just, you know, hey, look at all these amazing companies we've launched in Silicon Valley or in London or in Singapore or something like that. Right. And we have launched a lot of great companies in those markets. But FI has always been very globally focused. That is our vision. That is our mission. So we literally have built amazing companies on all corners of the globe because we believe that there are great founders and great entrepreneurs everywhere. So you can learn more about our companies, learn more about what they're doing, see the success stories at fi.co/germany. Companies. Probably our most well-known FI alumni is a company called Udemy. This is the world's largest source or largest, largest online source for courses. Everything that we do at FI points back to this founding framework. This is how we help founders in our core program. It's how we also help founders in those advanced accelerators that I mentioned that all of our graduates get access to. It's how we help launch venture funds through that VC Lab program. It's how we help economic development departments and governments all around the world as well. And it's pretty simple if you kind of take this meta view at it. Number one, we activate or we find really high potential entrepreneurs through social science. Then we activate that potential by giving them really, really intense focus. We then accelerate their growth through a ton of feedback and feedback over time, or AKA systematic feedback. And then finally, we scale their ventures through this devoted and global network. So let's go each one of these in detail. So first I'll talk about how we find these high potential entrepreneurs. We fundamentally believe that founders are the greatest variable in success or failure. Of any venture. Okay. Even at the, and especially at the earliest stages, people will say, talk, our ideas are cheap. They don't really mean anything. And we wholeheartedly agree. Okay. Ideas at this stage, at the very earliest stages are incredibly hard to judge. Um, our view on all of this is that all that, all value in any venture or any startup is created in the evolution and execution of an initial idea over time in response to market and customer feedback, right? And the people or the person who oversees that evolution and that execution over time is the founder or the founders, right? The founding team. So when we launched FYI, we asked ourselves, okay, well, we're trying to run this accelerator at this stage, idea stage. How can we start to quantify people. So what we've done since 2009 when we launched FI was in the beginning we work with social scientists and we, the first version of our test took almost 3 hours, I think, to take. Thankfully over time we've been able to remove a lot of parts from the test that we didn't see correlate. So it's down to about 30 to 40 minutes these days. But anyway, you know, we started testing people right away from the beginning. And at this point we've tested close to about 200,000 people. All right. Then we tracked their performance in the actual FI program and also their performance in the real world. And then again, we've done just a whole bunch of regression analyses since then. This has been a 15-year study and, you know, we've removed parts of the test that didn't correlate. We started honing in on parts that did. And in that time, we've been able to find a lot of different personality traits that correlate with either entrepreneurial success or entrepreneurial failure. I could talk all day about this, but if you wanna learn more about the Entrepreneur DNA and the DNA assessment and our research, you can go to fi.co/dna. If you do take the assessment, you will also get a preview of your results as well. So the second thing that we do after we find people with potential is that we activate their potential. And for us, we do this in one word, it's through focus. And the people that have started Founder Institute, myself and everybody who's done it with me, we're all entrepreneurs. Okay. And we've been through those early stages. We've started a bunch of companies and we very strongly feel that most new startups, especially when you're talking about new entrepreneurs, first-time entrepreneurs, they will fail due to a lack of focus. And the reason is, you know, you're starting this company, you have this blank canvas. There's 500 different things that you could be focusing on at any given time. Meanwhile, you know, time is your greatest asset, right? Because every minute that you're spending on something that's not actually helping to grow the business and helping you get to a point where you either can generate revenue or get it funded, every minute you do those things that aren't critical to that is every minute you're closer to running out of money. So we built our program, our curriculum, our platform, and everything else that we do to provide entrepreneurs with the intense focus that we sort of had to learn ourselves. And the methodology that we have here is something called the Rule of One. This is very much the foundation of everything we do in the FI curriculum and everything that we do in trying to help you sort of, you know, eliminate any analysis paralysis that you have and help you move really, really quickly in the early stages of the company when moving quickly is the most critical. Um, the startup rule of one basically states that as a new startup founder, you need to focus on solving one problem for one customer with one product that has one killer feature and one revenue stream. This is the foundation of what we do at FI. And the way that we actually deliver it to you is through this core program. And it's through basically a series of sequential aggressive growth sprints. Every single week in the FI program, you get these growth sprints to build out your business. We're giving this to you in a very efficient step-by-step process to make sure, look, yes, is this something you need to worry about? Yes. But like, like worry about it 6 weeks from now, right? It's about 20 hours per week, give or take, right? And that is an average. So trust me, some weeks it may be more, some weeks it may be less. Um, but every single week we're having you move really, really quickly, um, to, to move the business forward. Um, so, and as you could see here on the chart, you know, basically we're attacking this rule of one step by step, right? Figure out the problem, figure out the customer, figure out the product killer feature, etc. And we're basically stacking your progress over time to help you build momentum. Now, at the same time as we're helping you move really, really quickly, every single one of these weeks, you also have these feedback sessions. These are live sessions with experienced mentors where they will spend a small amount of time. It's about a third or so of the time in each of these sessions. They'll share some of their best practices on whatever the topic is. But really the main purpose of these sessions is for you to get feedback, is for you to share, okay, look, this is what I'm thinking. This is the data that I've been collecting. This is the feedback that I'm getting based on this data and feedback. Here are the strategies and this is how I think I'm going to attack this part of my business. Right. And then every single week they're able to give you feedback on that. All this is also delivered through what we call our FounderGen platform. This is our LMS or learning management platform. This is your home base. It has dashboards, step-by-step processes, all these things to keep you focused, to-do lists, reminders, big library of resources and templates depending on what it is that you're trying to do. And AI tools too, to help you accomplish simple things throughout the process. So we've literally built this from the ground up since 2009 specifically to help startup founders learn, experiment, get feedback and build faster. It's something that, you know, we continue to build. We see it as really one of the most powerful parts of the FI offering, and we even license it out to some governments and corporations as well to help them with some of their internal learning. Right now, we've found high potential entrepreneurs, we've activated that potential through focus. Now we accelerate their growth through feedback. All right. And I started getting to this a little bit before where it's like, we want to help you move fast, but we also need to make sure that you're making good decisions. And especially at this early stage, any business decisions that you make will have an outsized impact on your long-term success or your failure. Right. It's kind of a cruel reality. It's like, oh, I'm just getting started. But the decisions that I make actually are the most consequential, right? And it's just sort of a butterfly effect thing. It's like, yeah, a lot of those early decisions will put you on a significantly different path, um, that can lead to success or failure. So in addition to providing that focus, right, to make sure that you're making the right decisions at this early stage, we've designed a system where our founders are getting hundreds of feedback touch points during these early stages, right, to basically provide you with sounding board So that every single step of the way, as you are testing things, gathering data, trying to figure out and try to, you know, just you're getting people saying you should do this, people are saying you should do that, right? You have the sounding board to bounce this all off of as you build out the business. And we call this basically feedback at scale. So we do have these weekly feedback sessions. As I mentioned, there's 14 of those where you're going to present your business, your progress, and your strategy. To mentors to get their advice. They're going to give you the feedback verbally, right? I mean, these are live sessions, but also within the FI system every single week, you're going to get written ratings and reviews as well from the mentors and from your local leaders. So you're not just getting verbal feedback, you're also getting, you know, it's qualitative plus quantitative, right? Secondly, you can also book office hours with your local leaders. And other mentors to get more feedback, you know, in a much more intimate environment. And most programs are going to have office hours available, not just with local mentors, but that's also where you can tap into the global FI network as well. And then once per week, you'll also be meeting with other founders in your cohort and things that we call working groups, right? So basically, when you come into FI in your cohort, we will group people together who are either building similar businesses or at our— at a similar stage or have similar backgrounds, right? It's depending on each cohort. And every single week you'll all get together to kind of describe, okay, these are the challenges that I have. What are the challenges that you have? How can we share learnings? And trust me, this is something that people undervalue a lot, right? A lot of people will come into FI and be like, well, I don't want to talk to this person next to me who's also I want to talk to experts, right? But actually talking to other people at the stage, you can share tactics, learnings, right? Hey, I'm trying to reach somebody. Here's how I reach them, right? It's super, super valuable. And so in addition to giving you a lot of feedback, we know over time that, you know, again, we're trying to make the complex a little bit more simple for you and for us. A lot of that means that, yes, you can get a lot of feedback. We need to make sure that that feedback is feedback is actionable. So within the FounderGen platform, we have dashboards that will organize all of the ratings and feedback that you're getting so that you can actually start to put them into work. Also throughout the program, yes, every single week you'll get ratings and reviews, but we have two major review sessions in the program as well, kind of big checkpoints to make sure and that you're on the right track and to really give you a good benchmarks to make sure you're going in the right way. So the first one is the mentor idea review, which is about a third of the way through the program. Um, this is where we'll get a very large number of mentors to come in, and the whole point of that session is just for every single founder to give a full pitch deck, right? Um, and the mentors will then decide whether or not, you know, they think what you're doing has potential. Doesn't matter what stage you're at, right? But just to see, okay, are they on the right track? Have they identified a problem, are they on the right path? And then the second one is the investor progress review, and this is where we bring in investors, and it's not a demo day, okay? Because again, we're working with people at earlier stage. This is where investors will come in and you're sharing what you're doing, but you're also sharing the progress and the validation that you've made to get good feedback from the investors to see, okay, as an investor, They're probably not ready for investment right now, but are they on the right track? Right. So we have these major review sessions throughout the program to really give you good checkpoints. So then finally, we have these things called Epic Sprints, which are basically customized sprints for your business. So we see everything at FI when people are rating and reviewing, it all gets fed back into our system. So if we see, for example, that, hey, you're getting a lot of low ratings and the ratings that you're getting are all related to your go-to-market or it's your revenue model or whatever it is, right? We see those things. We're then able to go in and we give you these things called Epic Sprints specifically designed to fix the problems that the mentors are identifying in your business. All right. And again, those sprints are in a very step-by-step actionable fashion in the same way that the entire FI curriculum is. Uh, and then I get the last thing that I'll say just about that feedback is that, uh, it's from experts. They're the ones that are providing the ratings and reviews, uh, on what it is that you do. Uh, and this is a very large mentor network. It's the largest network of mentors, investors, and advisors. Uh, the people that we bring in, we very much do stress that they have experience either starting, leading, or funding high-growth businesses. So finally, the last part of this methodology that we have is to help you scale the venture for the long term. So I mentioned before, this is super early, super important, right? It's like the earliest that you work with companies, and we work with them super early before they're companies. Um, that makes it even more important that we provide them with a lot of help on the back end, right? Because we know that Great Ventures is not a weekend, it's not a month, it's not a 4-month program. We have to provide you with assistance for the long term because if we just put you out there into the wild afterwards, it wouldn't do any of us a lot of good. So the first way that we do this is something called the Equity Collective, and a lot of times you know, just because of the success of FI, of how long we've been around, and a lot of other accelerators have failed a long time ago, they'll say, you know, what is sort of the secret sauce of FI? And this is what we always get back to. It's this equity collective. And let me explain how this works. So basically about two-thirds of the way through the FI program, okay, and I'll go through a calendar in a couple of minutes just so you can see this a little bit more clearly than here. But this isn't something you join in the beginning of the FI program. It's about two-thirds of the way through that people that are on the track to graduate can choose to contribute 2.5% in what is known as a warrant, which essentially is an option for future equity. And you can contribute that into this 15-year equity collective that Founder Institute manages. And what FI does is that every single cohort, so let's say that you are in the New York Fall 2026 cohort, right? That will be one equity collective. All of the companies that graduate from that program will contribute 2.5% into that equity collective. So let's just say it's, I don't know, 10, 20 companies, right? That's all part of that collective. And Anytime there is a financial return to that equity collective that FI is managing, we then distribute out the returns, right? Any of the money that comes through that to the participants in the cohort. So let me explain what it means with financial returns. Okay, this is equity. So this doesn't mean it's not profit sharing. It's not a loan. It's no revenue sharing. You don't owe us any money. Or anything like that, right? It just means that if you IPO, if you get acquired, if there's some kind of secondary stock offering, or if there's some other kind of liquidity event, right? In all of those cases, then Founder Institute would receive a check and then we would take that check and distribute it across that cohort, right? All of the people that were involved in using that example that I just had, that New York Fall 2026 program. 1% of that 2.5% goes to the local leaders of your program, who some of you might have met already if you've been going to some of the events and learning about the program. These are the people that are running the local Founder Institute programs, you know, being the hubs and sort of the spoke of the entire Founder Institute network locally and acting as advisors in your business. Um, 0.5% of that 2.5% goes to the mentors in your cohort and the mentors' individual share of that 0.5%, by the way, it's not actually just shared evenly. So if you have 50 mentors, they don't each just get 1/50th. It's actually based on the anonymous ratings that they receive from the founders. So we're really trying to create aligned incentives here. The more of those mentors contribute, the more they help you, the more office hours they do, the more introductions they make, all that kind of stuff, um, the greater upside they have in this equity collective. And then finally, that last 1% of the equity collective comes to us here at Founders Institute headquarters. And that honestly is just our main business model, is to, um, to help people launch businesses around the world. And to have 1% upside in all of those businesses. So the whole goal here is to create financial incentives for you and for everybody in this support network to make sure that you get support for the long term of your business. Once you graduate, you know, obviously you have this army behind you, this wind behind your sails, so to speak, through the Equity Collective. But, but there's a lot of other perks and benefits. So, uh, over $2 million in partner discounts. Now, um, once you have completed the core program, you have direct connection to our alumni support team in Silicon Valley. Um, you have access to all of the network search tools to connect with mentors, local leaders, investors, all this stuff all around the world, across all of the FI chapters. You have access to these advanced accelerators, these founder lab programs, as I mentioned. You know, again, I'll just reiterate, there's no additional equity or anything like that for any of these programs. This is literally just how, again, like we're providing you assistance for the long term. Why? Because we have 1% upside in your business. So it's in our financial incentive to do so. So we continue to provide these additional accelerators, which really follow the same methodology as FI, uh, very structured growth sprints, uh, weekly sessions, getting access to mentors, right? It's all the methodologies are pretty much the same. And we're continuing to add more of these programs. And we run a ton of private events as well to bring together the FI network. Founder Showcase is sort of our demo day event that we'll do, um, for a lot of programs on around the world. Venture Trailblazers brings together a lot of the best investors from around the world. Founder X is our global network gathering around the world as well. We have been building for many years now this network called the FI Venture Network, which, you know, a lot of people have investor networks. We very specifically focus this network on investors, either individual angels or micro VCs that write writing first and second checks into startups. We specifically look for people that are interested in writing these first and second checks because those are the founders that we work with. Some of our partners, Loyal VC, for example, one of our partner funds, they've invested in over 200 FI portfolio companies at this point. Obviously, we also have a very large and fast-growing venture network through our VC Lab program, which is launching new venture funds. By their very nature, most new venture funds tend to skew on the earlier side of the investment spectrum, right? So they're investing in earlier-stage startups. Great match to FI graduates. And finally, our investors that have put money into our companies, you know, across the different stages, I mean, it's some of the most well-known investors around the world. Our main program is FI Core, but we have worked with governments, NGOs. We've run programs with NASA, the US State State Department, United Nations, government economic development offices all around the world, some of the biggest corporations that you've seen, and also really reputable universities around the world as well. These are all, you know, give us the ability to provide additional inroads, introductions, and things like that with all of the founders that come through our programs. I always like to say to anybody who's considering Founder Institute, okay. And it's just sort of a warning. Um, you know, I mentioned earlier Founder Institute, we're not a school, okay. You don't come here to learn about startups. This is a program where you actually build and launch a startup. Uh, if you're serious about building a business and you're willing to put in the time, we're here to help. But definitely understand that the Founder's Institute is really, really hard. Okay. It's, and it's not for everybody. And the reason why it's hard is because building a fundable business is much, much harder. This is not a founder fantasy camp. We push for really honest feedback in Founder's Institute. And a lot of people may say this is brutally honest feedback. And I actually think that's a pretty accurate description. So a lot of people that come into FI, it's not for them, to be honest with you. FI is not for everybody. But when you come by, we basically force the mentors and all the other people in your program to give you really honest feedback. We have something called no 3s allowed on a 1 to 5 scale. And the whole methodology behind that is just, look, everybody wants to be nice. right? You're trying to build your dream, you're trying to build a business, but being nice and neutral doesn't help you build a business, right? We need to get you really honest feedback. So it is, you know, kind of a no BS environment where people are, are going to give it to you straight. And for some people that can be really, really hard to accept. For us, getting accepted to our program is a big accomplishment, but it's also just the first filter. The program itself is also a filter. So only about 20 to 30% of people that get into the Founder Institute are able to graduate the program. And in order to graduate, you have to number one, complete all of the growth sprints and deliverables on time. And number two, you know, I mentioned all the ratings and reviews that you're going to be getting. You need to be keeping high ratings and reviews from from all the mentors. So again, we basically, you need to be moving really, really quickly as you build your business. And then all the different decisions that you're making have to be sort of deemed to be smart from all of the mentors and local leaders that are there. And, you know, the good news is that if you don't make it through the program, right, if you drop out, that's fine. You can enroll in the next program for free. If you drop out of the program, and, and this is something that we see a lot because a lot of times people come in, they'll have ideas, but then when they actually start to get out there and really test them and, and get this honest feedback, right? Not feedback that you might be getting from your mother or something, but honest feedback. They realize that, okay, I need to go back to the drawing board a little bit and then they'll come back into the next FI cohort stronger and then they're able to graduate. Then if FI can help you realize that you know, this idea that you've been stewing on for years, think something that you've been trying to build, right? If we can help you figure out in a couple of months that it's not gonna work or that it's not realistic, and if we can help you do that quickly and cheaply, right? Rather than you figuring that out over the course of a couple years and spending your life savings or whatever, right? We see that very much as a success. And we've had a lot of dropouts come back and tell us that. Too, by the way. We do have, uh, an entrance fee to the FI program. It's a pretty small fee and it's designed to just help cover some of the basic operating costs of the program. Again, because we work with people such an early stage, we have to do things a little bit uniquely. I don't have the exact figure here because it varies by location. It really is just there to help us, um, cover some of the costs, the operational costs of running the program. It's not something that we hide. You can find it easily on the website and easily across any of the applications through FI. And as of this point, I think the most expensive one in the world is about $1,000 USD. It's a one-time fee, okay? So no surprise dues or anything like that. This is an entrance fee to come into the FI network. As you can see here on the right, number one, um, you are able to get a full discount or sorry, a full refund on that entrance fee. No questions asked. Okay. Literally no questions asked. You're able to get a full refund before the revenue and business models session. So we are giving you the opportunity to come into FI, start using the platform, come through a couple of sessions, see our methodology, get some of that quote unquote brutal feedback. If it's not for you, totally fine. Drop out, no questions asked, full refund. Best of luck in the future. Okay. If you do drop out after that refund deadline, that's also fine. As I mentioned before, then you can just roll that entrance fee into the next cohort, right? And hopefully you'll learn a lot and be able to come into that next cohort and be successful. Now, the second part is that equity collective. All right, again, that's not something that we're trying to have you sign right away either, because we want to make sure that you are super comfortable with our methodology and with the value that we're providing you. Um, that equity collective is something that comes in, it's about two-thirds of the way, um, through the program. All of these things are very clearly stated in our platform. You're getting email reminders, you're being reminded by your local leaders. No surprises here. But once again, you know, this gives you the ability to work with us literally for several months, see the value that FI is providing for if you want to join this equity collective. Well, thank you. I hope this information session was helpful. If you want to learn more about the Founder Institute program, check out fi.co/overview. We also have a pretty decent FAQ section. And we do run a bunch of information sessions and tons of online events and local in-person events as well. If you go to fi.co/events, but I hope I'll see you in a Founder Institute event or program soon.