Seed Funding

Call for Application: IDEA Foundation Seed Stage Accelerator Cohort 1 2017

Posted on Updated on

idea-foundation

Description

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.

Details:

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.

Selection Criteria

  1. Applicants must be Strathmore Students or Alumni (At least one applicant in the team).
  2. Applicants must be in a team of 2 to three people with relevant technical and business skills required in the startup.
  3. Applicants must be physically available to participate in the program  during the entire duration of the program.
  4. Only the applicants that will successfully complete the selection workshop will be admitted into the program.
  5. Applicant must demonstrate innovation and address relevant local challenges with impact on the sustainable Development Goals

Themed Categories for the Program

  1. Agritech-Innovations in agriculture
  2. Edtech-Innvations in education
  3. Healthcare
  4. Fintech
  5. Energy
  6. Governance and Ethics

Duration: 3 months

Dates: 

  1. Open Call for Applications-27th April 2017
  2. Deadline call for applications-27th May 2017
  3. Incubation-May-August 2017

To apply to this call. Please fill in this form.