Skunkworks RATLab supports the discovery & validation processes during the early stages of an entrepreneurial journey with the focus of de-risking. Through scaffolding, tools, and mentors, Skunkworks helps entrepreneurs work through the ladder of proof.
RAT (Riskiest Assumption Test)
Our focus on de-risking is so that you can have the freedom to make many little mistakes, and save yourself from wasting valuable time, money, and resources.
In real life, the value of a startup and its attractiveness to investors is dependent upon how much the founder has taken measures to de-risk. RATs help you shape and refine your value proposition, which in turn affects your funding opportunities and your valuation.
Basecamp RATlab
This is where everyone coming from yCITIES Bootcamps, classes, and design challenges (mostly under 18 years old) starts off for at least one cycle and may remain there in subsequent cycles by choice as well.
Since yCITIES Bootcamps are an intense process of being introduced to new concepts, having to process and apply them at the same time, and then gift-wrapping them into a storytelling presentation, the first cycle of Basecamp RATlab allows mentees to start properly applying what was taught.
RATlabs focuses on three simple concepts: Create, Tell, Test. The reason is to set the foundation for a potential fundable venture. While early-stage investors may have varying ranges of investment theses, levels of risk tolerances, and order of prioritization, they almost all center around how much the Founder has de-risked their venture, and how well they can communicate. With the support of the RATlab scaffolding, mentors, and Entrepreneurial Roadside Assistance, mentees will figure out their riskiest unknowns, determine how to isolate and test for that unknown, create low-fidelity prototypes to (dis)prove that hypothesis, and utilize the newfound data to develop next steps. Emphasis on becoming a strong storyteller is also critical in RATlab.
Founders may choose to stay in Basecamp or ask to be nominated into Mangrove RATlab.
Mangrove RATlab
Prerequisite: Basecamp RATlab
Whether it’s a deepened interest to found a fundable venture, to explore a possible future as an investor, or just for the fun of it, mentees (if nominated by their Basecamp mentors) may participate in Mangrove RATlab after their first Basecamp Cycle.
All aspects of Basecamp RATlab apply. In addition, participants in Mangrove will learn about angel investment basics via one’s own venture as a case study. Mock valuations will be assigned via a scorecard that shows the threshold of risk tolerance. As this is designed for experiential learning, modifications have been made to facilitate that education.
Mangrove Mock Angels
A mixed-age mock angel investment group, students and other CORE Community Members accepted into this part of the Skunkworks program receive hands-on experience as early-stage investors, conducting due diligence and leading investment processes on other people’s ventures.
Mangrove Mock Angels is open to both seasoned investors looking to share their experience, as well as those looking for a simulated investing experience to learn from. This is purely for educational purposes and caters to student ventures that are not legal entities yet.
Ocean Partners (18+) RATlab
All CITIES Scholars have unlimited access to RATlabs. Whether having been mentored continuously from high school or having taken a break and returned, being over 18 years old often changes the founder’s goals and needs. This includes the desire to create a fundable venture.
While the basis of RATlab remains the same, the mentoring in Ocean Partners become more focused on the venture, rather than the educational journey of the entrepreneur. (For this reason, CORE members who are actively mentoring our middle/HS students may also be eligible to participate in Ocean Partners RATlab to have their own early-stage venture supported.)
In addition to the foundational Create-Tell-Test scaffolded process across all RATlab domains, mentees in the Ocean Partners level will have access to pitch deck creation/modification support, as well as opportunities to raise non-dilutive milestone funds during the RATlab discovery process.
Oftentimes, entrepreneurs don’t understand why they got turned down for funding (whether in a pitch competition or in a more traditional fundraiser). Even reasons for why they made it to the next round (e.g. into the semi-final round of a competition, why they passed the screening committee, etc.) can seem like a mystery. As part of the learning process, a very transparent scorecard will be provided at each touchpoint along the way.
Rather than just receiving the “go” or “no-go” signal to advance, mentees will receive detailed feedback on the reasons behind the decisions. While being funded for a milestone is important, the reasons behind why the individuals choose to fund or choose to wait, are the most invaluable part of the process.