Overview
What is Five One Labs Inc?
Five One Labs Inc is an international startup incubator headquartered in Raleigh, North Carolina. Their mission is to empower talented, displaced, and local entrepreneurs impacted by conflict, offering them the necessary support, skills, and connections to positively transform their communities and countries. Their core program involves assisting early-stage entrepreneurs in challenging locations, commencing with shorter-term "Ignite" programs that help entrepreneurs understand their customers, market, and product needs. These programs then funnel the best startups into a three-month incubation program, providing extensive training, advisory services, and mentorship. In 2022, Five One Labs supported 45 entrepreneurs, mainly women, in Iraq, offering them market and user research opportunities. This year, the top 3 business ideas from the incubator were awarded a total of $30,000 in seed funding. With a team of 3 employees, Five One Labs plays a significant role in fostering innovation and growth among entrepreneurs worldwide.
Official website here: www.fiveonelabs.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
Five One Labs Inc has been awarded a Four-Star rating by Charity Navigator, reflecting a strong overall score that highlights its commitment to accountability and performance. The charity's Accountability & Finance score of 83% demonstrates robust financial practices, including a perfect score in audit oversight and asset management. Additionally, with 71% of its board members being independent, the organization shows a commitment to transparency and governance.
In terms of community engagement, Five One Labs Inc excels in its Culture & Community score of 94%. The organization actively collects and utilizes feedback from its constituents, achieving a perfect score in feedback collection and usage, which indicates a strong emphasis on listening to and addressing the needs of those it serves. Furthermore, the charity's program expense ratio of 75.48% suggests that a significant portion of its funding goes directly toward its mission-related activities.
While the financial metrics are strong, there are no notable limitations reported in the data. Overall, Five One Labs Inc demonstrates effective financial management, a commitment to transparency, and an emphasis on community involvement, making it a reputable choice for donors looking to support impactful initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Five One Labs Inc legitimate?
Five One Labs Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Five One Labs Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $160,001
Professional Fundraising Fees: $0
Other Salaries and Wages: $536,161
For more financial information, click here
Official website here: www.fiveonelabs.org
What is the mission statement of Five One Labs Inc?
Five One Labs Inc's mission is centered around fostering an inclusive network of innovators and entrepreneurs. Their goal is to provide these individuals with the necessary support, skills, and connections to positively impact their communities and countries. The organization specializes in helping early-stage entrepreneurs launch and grow their businesses in challenging locations, offering a series of shorter-term programs and a three-month incubator for those ready to turn their business ideas into reality. In 2022, they supported 45 entrepreneurs, including a high percentage of women, in conducting market and user research on their business ideas. The top entrepreneurs from various regions were invited to the incubator program, which offered extensive training, advisory services, and mentorship, with the top three business ideas receiving seed funding at a final demo day.
Official website here: www.fiveonelabs.org
Who is the CEO of Five One Labs Inc?
Patricia Letayf is the Executive Director of Five One Labs Inc.
Official website here: www.fiveonelabs.org
What is the revenue of Five One Labs Inc?
Five One Labs Inc's revenue in 2022 was $1,119,447.
Official website here: www.fiveonelabs.org
Who are the executives of Five One Labs Inc and what are their salaries?
The average compensation at Five One Labs Inc during 2022 was $232,054. There are 3 employees and 45 volunteers at Five One Labs Inc.
Here are 6 key members and their salaries:
- Compensation: $80,000
- Related: $0
- Other: $0
- Compensation: $80,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fiveonelabs.org
Where can I find the form 990 for Five One Labs Inc?
Five One Labs Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fiveonelabs.org
Learn more at the official website: www.fiveonelabs.org
Mission Statement of Five One Labs Inc
Five One Labs Inc is an international startup incubator that aims to support and empower talented displaced and local entrepreneurs affected by conflict. Their mission is to develop an inclusive network of innovators and entrepreneurs, providing them with the necessary support, skills, and connections to positively impact their communities and countries. The incubator's vision is to foster a community of innovators and entrepreneurs who can leverage their talents to bring about positive change in their respective societies. By offering a pipeline of programs, from shorter-term "Ignite" programs to a three-month incubation program, Five One Labs Inc helps early-stage entrepreneurs refine their business ideas and turn them into successful ventures. In 2022, the incubator supported 45 entrepreneurs in Iraq, with a majority of them being women, to conduct market and user research on their business concepts through the Ignite programs. The top 16 businesses were then invited to a three-month incubator program, where they received extensive training, advisory services, and mentorship, culminating in a Demo Day where the top three business ideas were awarded seed funding.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Five One Labs Inc's impact is evident in the way it empowers talented displaced and local entrepreneurs affected by conflict to launch and grow their startups. By providing essential support, skills, and connections, Five One Labs creates a network of innovators who are equipped to positively impact their communities and countries. Through programs like Ignite and the incubation series, Five One Labs supported 45 entrepreneurs in Iraq, with over half being women, in conducting market and user research for their business ideas. The top 16 startups were further nurtured through a three-month incubator program, receiving training, advisory services, and mentorship. The top three business ideas from the incubator were even awarded a total of $30,000 in seed funding at the final Demo Day in May 2022. This tangible support and recognition highlight Five One Labs' significant contribution to fostering entrepreneurship and driving positive change in challenging locations.
This information is meant to be a general summary of Five One Labs Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $8,398
- Gross Receipts: $1,119,447
Assets and Liabilities:
- Total Assets: $370,442
- Total Liabilities: $12,956
- Net Assets: $357,486
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COWORKING SPACE
Revenue
$8,398
Organization Details
Founding Year
2017
Phone
(610) 400-4088Principal Officer
Patricia Letayf
Main Address
313 FURCHES STREET, RALEIGH, NC, 27607
Website
www.fiveonelabs.orgNTEE Category
Code: S41 - Community improvement
If you are a representative of Five One Labs Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.