The Idea Foundation Seed Stage Accelerator is a three months long incubation program that empowers entrepreneurs to launch globally scalable innovation-driven startups that solve relevant local challenges.
Selection-Our selection process is a unique full-day workshop and pitch presentation (after a week) where participants are trained and equipped with the most relevant lean startup tools to conduct customer discovery and validation. Teams then pitch to demonstrate customer-problem fit. The teams are also trained and equipped with the tools and skills for business modeling. They develop a business model to be tested during the incubation period. Teams that pass the selection interview and already having proof of concept and early traction (users and customers) proceed to submit an application for seed funding to IDEA Foundation.
Training-Selected teams undergo an intense two weeks curriculum designed to quickly orient them into the nuances of business skills, entrepreneurship and lean startup techniques. The training will equip the participants with the knowledge and skills across entrepreneurship, business modeling, team development, business processes, presentation skills and pitching, product development and lean startup methodology. Classes take place in the evening from 5:30 to 8:30 pm and on Saturdays from 9:30 am to 12:30 pm.
Mentoring and Coaching-Teams will have access to top mentors and coaches from industry and Strathmore University.
MVP and Proof of Concept-Concurrently with the training, teams embark on building an MVP for proof of concept. They also run experiment to test the business model. The duration for this is one month. Teams pitch to demonstrate proof of concept and to submit application for seed funding.
Seed Funding-Applications for seed funding are submitted to the selection committee that approves them of review by the Idea Foundation Investment Committee. Applicants can apply upto KES. 500,000.
Who Should Apply
- The program is open to teams lead by Strathmore Students and Alumni only. Women and alumni are highly encouraged to apply.
- The program is open to small synergized entrepreneurial teams with balanced skill sets, relevant experience and passion to execute and succeed.
- Applicants must be Strathmore Students or Alumni (At least one applicant in the team).
- Applicants must be in a team of 2 to three people with relevant technical and business skills required in the startup.
- Applicants must be physically available to participate in the program during the entire duration of the program.
- Only the applicants that will successfully complete the selection workshop will be admitted into the program.
- Applicant must demonstrate innovation and address relevant local challenges with impact on the sustainable Development Goals
Themed Categories for the Program
- Agritech-Innovations in agriculture
- Edtech-Innvations in education
- Governance and Ethics
Duration: 3 months
- Open Call for Applications-27th April 2017
- Deadline call for applications-27th May 2017
- Incubation-May-August 2017
To apply to this call. Please fill in this form.
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Applications are now open for the IDEA Foundation Seed Stage Accelerator Program. The program targets Strathmore University students or alumni venturing into entrepreneurship. Qualifying applicants will receive up to KES.500,000 in seed funding, entrepreneurship training,business coaching and mentorship during the incubation program at @iBizAfrica.
- At least one person in the founding team must be a Strathmore student or alumni
- Must be part of a team that has a well-balanced skill set. The team should demonstrate great synergy, commitment and competencies to make the business idea successful.
- The business idea must solve a real-world problem in any of the following focus areas:
- Health Care
- Mobile Financial Services
- Renewable Energy
- Big Data Analytics
- Internet of Things
- The business idea must be within the scope of Kenya’s vision 2030
- A working prototype of the product or service
- A defined market and market size estimation
- A scalable business model
- Adherence to high ethical standards
- The business idea must be for-profit or self-sustaining
Apply online: https://goo.gl/4ogn48
DEADLINE: 25TH JULY 2016.
What is the Idea Foundation Seed Stage Program?
The Idea Foundation Seed Stage Accelerator Program is a platform to develop and grow innovative business ideas through training, mentorship and coaching and financial support. The program is implemented by @iBizAfrica in Collaboration with IDEA Foundation. There are two intakes in a year, in April and August. The program targets innovators and leaders seeking to solve problems that affect the society in Kenya through innovation and entrepreneurship.
Who is eligible to apply?
The program is open to qualifying students and alumni of Strathmore University. We target teams comprised of individuals with competent skill sets to make the business a success. The team should include at least a visionary (CEO), Business Lead (CFO), Marketing Lead and Technical (CTO) Lead.
Why should you apply?
The program is is a great platform to accelerate the development, growth and success of startup business ideas. In the past Through this program @iBIzAfrica and IDEA Foundation have help many companies to develop, grow and succeed. These include: Purpink Gifts, Valuraha Group and Buymore LTD.
What Benefits will YOU get?:
- Develop and sharpen business skills.
- Receive mentorship and coaching from successful entrepreneurs and experts.
- Upon Successful completion, receive a certificate of completion and an opportunity to receive seed funding of upto KES. 500,000. The funding is a low interest rate .(subsidized and below market rate) repayable upon the business becoming successful or convertible to a grant. We do not take equity.
- Work-space at and access to office facilities at @iBizAfrica
What is the program Duration?
The program is 3 months long between April and June. Key Dates are as follows:
- Call for Applications-Feb 16
- Selection-March 25
- Training Starts-April 1st
- Training Ends –April 15th
- Incubation starts –April 18th
- Selection Committee Approval for Funding-June 10th
- Incubation Ends-June 17th
- Submission of Applications for Funding-June 17th
Register here to be considered for the Program!