Frequently Asked Questions

Entrepreneur FAQ

Do I qualify for the Sky’s the Limit program and services?

We are currently focused on serving underrepresented entrepreneurs ages 18-29 years old from groups traditionally underrepresented in entrepreneurship, including:

Low income
Women
BIPOC (Black, Indigenous or other entrepreneurs of color)
LGBTQ+
Formerly incarcerated
Formerly in foster care
Experienced housing instability
Entrepreneurs with disabilities
Combat Veterans

If you are outside that age group, you may still qualify and are encouraged to complete a free profile. If you do not qualify, you’ll be added to our waitlist and we’ll reach out when we are able to broaden the qualifications.

Are the services from Sky's the Limit free?

Yes! 100% free! We are a certified 501(c)(3) nonprofit organization in the US and a certified charity in the UK, which allows us to partner with our sponsors to bring you a premium entrepreneurship program at no cost to you. No catch. Really!

Here’s what some of the Sky’s the Limit entrepreneurs have to say about our services…

Am I ready for support from an advisor or mentor?

Do you believe that with the right mindset and support, you can transform yourself into the entrepreneur you want to be?

80% of the entrepreneurs who join our program are in the idea stage and need help and direction. If you are ready to get to work on your idea, then you are ready to receive support.

How does it work?

Once you are accepted as a full member, you can immediately begin messaging and meeting other members, including volunteer mentors. You can work on your most urgent business challenges, and use our Project Guides to work together on your business plan, getting new customers, and more.

We connect you to mentors, resources, and funding opportunities; however, you must bring the right mindset and level of commitment to this community. It’s important that you believe that with the right mindset and support, you can transform yourself into the entrepreneur you want to be.

Lastly, to succeed in this community, we assume that you are:

willing to learn from your mistakes or failures
going to honor your commitments
open to working with and learning from others

I was accepted as a full member. What should I do now?

→ Click on “Meet People” and Start a Conversation:
View your recommended matches and start sending messages to other entrepreneurs and volunteers you’d like to meet.
→ Post a Project:
Tell other members what you need help with and get access to our members-only Guides and Tools.
→ Meet People:
Messages are fun, but the real magic happens in meetings! And it’s easy to meet other members using voice or video chat.
→ Update your Business Tracker:
Track your progress, find new goals, and share your success! You can also acknowledge how other Sky’s the Limit members have helped you.
→ Get Funding:
Have you set up your Friends & Family campaign yet? You could be eligible for a startup grant of up to $2,500.

How do I connect with an advisor or mentor?

Once you are a member, you can login and click on “Meet People'' to view profiles of the members we think you should meet first. If you see someone you’d like to meet, send them a message and request an Intro Meeting. You can easily schedule meetings and meet through the in-app phone or video options. After your intro meeting, you can determine how often you would like to meet and what you will work on together. We also don’t put a limit on how many members you can work with.

What is the commitment that I make as a member?

By joining our community of entrepreneurs, you are making the following commitment:

You’ll only request support when you’re ready to actively work with one of our volunteer advisors or mentors. If you aren’t ready yet, just set yourself to the status “Busy” until you are.
Once you’ve messaged with someone and agreed to meet, you should be ready to set up a meeting (by phone, video chat, or in-person) within the next two weeks.
You’ll attend scheduled meetings on time or provide notice if you will be late or need to reschedule.
You’ll rate your experience and provide feedback when asked by our Member Experience team.

What funding opportunities does Sky’s the Limit offer?

Sky’s the Limit offers funding in the form of our Friends & Family Fund. Each month, we award a $2,500 startup grant to an entrepreneur to help young underrepresented entrepreneurs get closer to their business dreams.

Many entrepreneurs get their start by borrowing money from those around them. This kind of “friends and family” support works well for some, but at Sky’s the Limit, we know that plan doesn’t work for everyone.

Once an entrepreneur is eligible for funding and completes their campaign, members of the community can vote for campaigns. At the end of the month, the entrepreneur with the most tokens wins the grant. For non-winners, you’re automatically entered into the next round of funding and your tokens don’t restart. You can learn more by visiting the Friends & Family grant page.

Note: There’s no clear timeline to determine the grant winner. Sometimes entrepreneurs win in their first month, sometimes it can take several months to win.

We do also send funding opportunities from other organizations out to entrepreneurs who may qualify, so check for messages from us.

How do I become eligible for Sky’s the Limit grants?

Eligibility for a Friends & Family grant is relatively simple. First, you must be based in the United States or United Kingdom and have a completed profile on Sky’s the Limit.

What are points used for?

Points are used to vote in our Friends & Family funding rounds.

Can I meet with other entrepreneurs?

Yes! We encourage entrepreneurs to work with each other and meet one another. Many entrepreneurs have complementary skills or might be further along in their business and may be able to offer valuable feedback or advice.

What if I need to take a break from my business?

Many entrepreneurs sometimes need to take a break from their business to focus on other priorities. The community will be here when you’re ready to start working again. We just ask that you set yourself to the status “busy” by clicking on your profile picture in the upper right hand corner, the first box under your profile picture and selecting “busy”. We’d also appreciate it if you would let anyone who you’re currently working with know that you’ll be unavailable for a while.

What if I’m working on multiple businesses or business ideas?

We always recommend that entrepreneurs focus on a single business at a time. If an entrepreneur successfully builds one business, then they can apply what they’ve learned more easily in the future. It’s also a good idea to primarily focus on one project or challenge at a time. Using the 5 C’s is a great way to help with that. Learn more here.

Who are the volunteer mentors?

Anyone who has a desire to help underrepresented entrepreneurs achieve their goals can be a volunteer. We have volunteer mentors from a wide variety of Fortune 500 companies that are eager to put their skills to use. Many times they’ve worked at or with a wide varieties of companies all over the world. Some even have startup experience of their own and have created their own companies. Volunteer mentors are skilled business professionals with expertise in areas relevant to starting a business like:

Sales
Project/Product Management
Design
Marketing & Social Media
Human Resources
Finance & Bookkeeping
Legal & Regulatory

How much time should I spend getting feedback on my business?

Your time is your most valuable resource and we want you to use it in the way that works best for you. Typically, we recommend following the 40/40/20 rule when deciding how much time you should spend working with a mentor and for time management in general – 40% of an entrepreneur's time should be spent selling their product or service; 40% of their time improving their product or service, based on customer feedback; and finally 20% of their time meeting or getting feedback from mentors or advisors.