Antler vs Entrepreneur First: the deal, the format and who each one backs, in their own words

Antler and Entrepreneur First both back people before there is a company, and they do it differently. In the US, Antler says its initial commitment is "typically $500K-$1M plus $650K in partner credits", for founders who work in person at its offices in New York, San Francisco or Austin, alone or with a co-founder. Entrepreneur First pays an equity-free grant while you look for an idea and a cofounder, then invests up to $250K once you form a company; its US FAQ splits that into $125K for 8% on a post-money SAFE and $125K on an uncapped MFN SAFE.

So the short answer: EF is built around finding a cofounder inside the program and pays a grant while you do it; Antler writes a bigger first check in the US and takes solo founders and co-founders alike. This guide quotes both from their own pages, as we read them on 29 and 30 September 2026 and again on 2 October 2026. We don't have either program's acceptance rate or results, so we don't rank them.

01At a glance

Antler (US)

• Money: typically $500K–$1M as an initial commitment, plus $650K in partner credits.
• Stake: not stated on the US page.
• Format: in person at its offices in New York, San Francisco and Austin, for up to three months.
• Solo founders: welcome; with co-founders, at least one must be full time in the residency.
• Review: year-round.

Entrepreneur First (US)

• Money: an equity-free grant while you are ideating ($10K in the US), then up to $250K once you form a company.
• Stake: 8% for the first $125K, on a post-money SAFE; the other $125K on an uncapped MFN SAFE.
• Format: three months in San Francisco, and you relocate.
• Solo founders: the program is built for individuals; you don't need a team.
• Review: rolling, with dated deadlines for some city programs.

The details, with each program's words, follow.

02The deal, in each program's words

Antler

A001Antler·Terms

“We are the first investor in most companies that we back. Our initial commitment is typically $500K-$1M plus $650K in partner credits.”

Our reading: US: typically $500K–$1M initial commitment plus $650K in partner credits

The same US page (opens in a new tab), read on 2 October 2026, puts it another way: "Pitch to our IC with the opportunity to receive an initial commitment of $500K-$1M to get your company off the ground." It doesn't state the stake Antler takes for that money.

Antler's terms depend on the country. Its home page, read the same day, says "Antler is active across 30 locations globally", and each location has its own page. The Singapore page (opens in a new tab) does state a stake: "We invest $150,000 for 10% of your company", made of "$100,000 for 10% equity after the six-week residency" and "$50,000 via an uncapped SAFE with a Most Favored Nation (MFN) clause". At that rate, $100,000 ÷ 10% = $1M. A figure for "Antler" without a country is not one you can plan on: read the page for the city you would join.

Entrepreneur First

A047Entrepreneur First·Terms

“$125K via a post-money SAFE for 8% of your company (from EF) $125K via an uncapped MFN SAFE (from us and our partner, Transpose Platform).”

Our reading: US: up to $250K — $125K for 8% on a post-money SAFE, plus an optional $125K uncapped MFN SAFE

EF's home page doesn't state the stake. Its US FAQ (opens in a new tab) does, as we read it on 2 October 2026: "We invest up to $250K on simple, founder-friendly terms: $125K via a post-money SAFE for 8% of your company (from EF) $125K via an uncapped MFN SAFE (from us and our partner, Transpose Platform)." The fixed part implies $125,000 ÷ 8% ≈ $1.56M post-money. The uncapped part converts at your next round's price, so its stake falls as that price rises; how much equity accelerators take explains how uncapped SAFEs work with other programs' examples.

The grant comes first. The same FAQ: "Fellows live alongside other founders, receiving a $10K grant to cover their stay while exploring ideas and potential cofounders."

What ranking pages print instead

Search for this comparison and the numbers change. One comparison page, dated 3 November 2025 (opens in a new tab), gives Antler "$100K to $200K in initial capital for 8–12% equity" and EF "£80K–£120K", without saying which country or year those figures come from. Neither matches the US pages above, as we read them on 2 October 2026. Before you compare offers, check that both numbers come from the same country and the current year.

03Where you work, and for how long

Antler. Its US page: "Work alongside exceptional founders at our offices in NYC, SF, and Austin. Antler is a focused, in-person community of builders". On length, read on 2 October 2026: "On a monthly basis, we invite a select group of operators, builders, and founders looking to join a community of like-minded peers to work together in person for up to 3 months." Other countries differ: Singapore asks founders "to join our residency in Singapore for a period of 6 weeks".

Entrepreneur First. Its home page offers "Office space for nine months in central London, Bangalore and San Francisco". The US program is in San Francisco. Its US FAQ asks "Do I need to relocate to San Francisco?" and answers "Yes." On length: "The fellowship gives you three months, depending on your goals". Both were read on 2 October 2026.

Both expect you in person. If you live in or near New York or Austin, only Antler has an office there.

04Solo founders and cofounders

Antler takes both. Its US page: "Co-founders are welcome, but at least one founder needs to be full-time in residency. Solo founders are also welcome." And: "The residency is perfect for networking and meeting potential co-founders as well."

Entrepreneur First is built around the search for a cofounder. Its home page: "We help you find your optimal cofounder through our unique matching process", and you "Gain access to a pool of exceptional cofounders screened for their skills and behaviour". On what you need to bring, it says "You might have nothing." The US FAQ: "We back exceptional individuals, often before they have a cofounder, company, or fully formed idea." and "You don't need to have a team in place."

EF's pages speak to individuals. If you already have a cofounder and an idea, Antler's page says outright that co-founders are welcome; the EF pages we read don't address that case either way. What other programs say about solo founders, including SOSV, which backs only teams, is in accelerators for solo founders.

05How each one reviews, and when

Antler has no deadline. Its US page (opens in a new tab): "Antler is one of the most selective founder residency programs in the world and we review applications year-round." It doesn't say how long a review takes. Antler on the list.

Entrepreneur First reviews on a rolling basis and also runs dated deadlines. Its application site, as we read it on 30 September 2026: "We review applications on a rolling basis. You will receive an email from us regardless of the outcome of your application." We don't link that page from guides because the application form lives there; the quote and the page are on EF's page on the list.

Its US FAQ, read on 2 October 2026, says something else: "If you don't hear from us, it simply means we're passing for now — we aren't able to provide feedback on individual applications." So one page promises an email either way, and the other says silence means a pass for now. Plan for the second.

On 30 September 2026 the same application site listed a Bangalore program starting in February 2027 with an early deadline of 5 October 2026. The current EF deadline is in the Next deadlines strip in room 03. How these programs' timelines compare with batch programs like Y Combinator is in how long accelerators take to answer.

06Which one fits your situation

From the pages above, not from outcomes we can't see:

• No cofounder, and you want a structured search: EF's whole model is matching. Antler accepts solo founders and calls its residency a place to meet co-founders; its US page doesn't describe a matching process.
• You need money before a company exists: EF pays a grant that takes no equity while you are still ideating. Antler's US page describes investment in a company.
• The size of the first check matters most: Antler's US commitment is typically $500K–$1M; EF's investment is up to $250K. Antler's US page doesn't state the stake, so you can't compare prices until you have an offer.
• You won't move to San Francisco: Antler US also has New York and Austin; EF's US program asks you to relocate.
• You want an answer by a date: neither gives one. Both review on a rolling basis; EF also runs deadlines for some city programs.

For the deals of Y Combinator, Techstars and a16z speedrun, which invest in companies rather than individuals, see YC vs Techstars vs a16z speedrun.

07Other programs that back people before a company

The list files 8 programs as fellowships. Like EF's first phase, they back a person early, sometimes before there is a company, each in its own way:

• South Park Commons Founder Fellowship: a fixed stake on a SAFE; terms in the equity guide.
• Z Fellows: a one-week program with an optional small check.
• ODF: one week in person; it takes no equity.
• Thiel Fellowship: a two-year grant for young people, no equity. Its age limit, and other programs for students and young founders, are in accelerators for young founders.
• Activate: a fellowship for scientists; covered in deep tech accelerators.
• HF0 is also on the list; we hold no terms for it yet.

ODF's and the Thiel Fellowship's terms, with the other programs that take no stake, are quoted in accelerators that take no equity.

Put the programs you'll apply to in My launch with the + on each poster:

08How we checked

Every term, format and timeline here comes from Antler's and Entrepreneur First's own pages, with the page and the exact words. The facts on each program's page on the list were read on 29 and 30 September 2026; we re-read Antler's US, Singapore and home pages and EF's home page and US FAQ on 2 October 2026 for this guide. The comparison page we cite is someone else's work, and we link to it. The arithmetic uses only the numbers in the quotes. Each poster and table row shows the date of our last link check.

Terms differ by country and change between cohorts, so read the page for your city before you apply. We are not lawyers, and this is not legal or investment advice. Nobody pays to be listed or to appear in a guide. Read how we check for the details.

09Questions

01

Is Antler or Entrepreneur First better?

We can't tell you: neither publishes an acceptance rate or results on the pages we read, and we don't use third-party estimates. They differ in model. EF is built around matching individuals into cofounder teams and pays a grant while you look; Antler takes solo founders and teams and, in the US, writes a larger first check. The details are quoted in this guide.

02

How much does Antler invest?

It depends on the country. Its US page states a typical range for its initial commitment, plus partner credits, and doesn't state the stake. Its Singapore page states both a check and a stake. Read the page for the city you would join; this guide quotes both.

03

How much equity does Entrepreneur First take?

Its grant while you are ideating takes none. Once you form a company, its US FAQ says it invests in two halves: one on a post-money SAFE for a fixed stake the FAQ states, and one on an uncapped MFN SAFE that converts at your next round. The exact terms are quoted in this guide.

04

Can I join Antler or EF without a cofounder?

Yes. Antler's US page says solo founders are welcome. Entrepreneur First is built for individuals: its US FAQ says you don't need to have a team in place, and its program is designed around finding a cofounder.

05

Do I have to move to join Antler or Entrepreneur First?

For the US programs, yes in practice. Antler US works in person at its offices in New York, San Francisco and Austin. EF's US FAQ says you relocate to San Francisco. Other countries have their own locations and lengths, stated on each program's local page.