Frequently Asked Questions

Funding FAQ

What funding opportunities does Sky’s the Limit offer?

Sky’s the Limit offers different types of funding.

One that we are well-known for is our Friends & Family Fund Grant. Each month, we award a startup grant of up to $2,500 (£ 2,000 in the UK) to one or more young entrepreneurs to help get them closer to their business dreams.

Thanks to the generous support of our partners, we also offer additional funding opportunities to registered members. Members can become aware of current opportunities and deadlines by visiting the “Funding” section, and clicking the “Rounds” tab.

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

Eligibility for a Friends & Family Fund grant is relatively simple. First, you must be based in the United States or the United Kingdom and have a completed profile on Sky’s the Limit. Next, you must complete a Funding Pitch to let other members know how a grant would help fuel your business. The full guidelines for the Friends & Family process can be found here.

Other Funding Rounds typically have additional eligibility criteria which will be outlined in their descriptions.

How do you select the winner(s)?

Once an entrepreneur’s Funding Pitch is live, members of the community can view and vote for it. Entrepreneurs are only eligible to win each type of funding campaign once (BUT they are eligible for other types of funding rounds).

For Friends & Family Grants, one winner is chosen every month, typically on the last weekday of the month by 5pm PST / 8pm EST and notified of their status (there can be multiple winners in a Funding Round). Non-winners are automatically entered into the next funding round, along with any votes they may have accumulated.

Note: Sometimes entrepreneurs get enough votes to win in their first month, sometimes it can take several months. 

How does voting work? What are points used for?

Members of our community can use their points to vote for Funding Pitches they believe in. Members can earn points by being active members on the platform, or by donating to Sky’s the Limit. ($1 = 2 points)

We are a 501(c)(3) nonprofit. Your donation helps us provide free business mentoring, training, and startup grants for underrepresented young entrepreneurs. Donor FAQ.

Can an entrepreneur vote for themselves?

Yes. Entrepreneurs can vote for themselves, they would simply select “Trade your points for votes.”

How long does each funding round last?

Duration varies, but typically funding rounds are approximately one month long. You can always check back on our site to see how many days are left in the current funding round(s) by visiting the “Funding > Rounds” area.

What does the entrepreneur actually win?

Entrepreneurs “win” the amount of money they requested on their campaign page in their budget, up to a maximum of $2,500 per entrepreneur (£ 2,000 in the UK). Entrepreneurs will receive this award in the form of a cash grant, upon signing a grant agreement. This money does not need to be paid back nor does Sky’s the Limit receive any material gain for it, however, the money does need to be spent on business-related expenses.

Can entrepreneurs win more than one grant?

Yes and no. If an entrepreneur wins the Friends & Family Fund grant they won’t be eligible to compete for it again. However, they may be eligible for other grants. The “Funding > Rounds” area will contain the latest information about current funding opportunities and deadlines.

I submitted my Funding Pitch. How long does it take to go live?

It typically takes 2 to 4 days, assuming you completed each section of your pitch following our guidelines.

I’m in the lead for more than one Funding Round, can I win both?

You will win the Funding Round that finishes first on the platform. If you are also participating in an off-platform Round, you are still eligible to win both.

What if I make a donation and vote, but the entrepreneur I voted for doesn’t win the campaign?

If an entrepreneur receives votes but does not win the funding round, the entrepreneur automatically becomes eligible for the next round, and they get to keep all of the votes they received. Votes do not expire. So even if your favorite entrepreneur doesn’t win this round, your support will increase their chances in the next round.