DETROIT ? Wayne State University’s TechTown announced this week its Venture Accelerator program, a highly competitive, boot camp-style program to help show entrepreneurs how to turn early stage technology-based startup into a sustainable, market ready business in just 12 weeks. Application deadline is March 15.
Accepted teams will be provided with access to a $10,000 loan, plus access to upwards of $15,000 in additional services and available funding. The team will develop their business by:
Testing concepts
Exploring markets
Developing business models
Building prototypes
Acquiring resources
Finding potential customers
Aligning with partners
Finding potential investors
Perfecting investor pitch … and more
We know it?s a lot to accomplish in just a few months, but that?s why you must make it a full-time commitment and agree to operate out of TechTown for the duration of the program.
To be eligible, startup teams must also agree to be principally located in Southeast Michigan and have a majority of their employees working in Michigan. Each team will be required to sign an agreement to participate in the Venture Accelerator.
2013 Program Schedule
Information Session at TechTown ? Wednesday, Feb. 20
Application Deadline ? 5 p.m., Friday, March 15 (no exceptions)
Finalists Interviews ? Thursday, March 28 and Friday, March29
Finalists Notified ? Monday, April 1
Program Begins ? Monday, April 8
Applicants – Getting Started:
Please visit techtowndetroit.org to read more about the program. If you would like to apply, please create a ReviewRoom account to get started.
Site registration can be found in the upper right-hand side of this page. Once registered, you may simply log in. You do not have to complete the application in one sitting, but you will have to log in each time you enter ReviewRoom.
Once logged in, you may view more information on the TechTown Venture Accelerator under the ?Resources? link located on the upper right-hand side of the page. These documents are entitled:
Information and Expectations
TechTown Venture Accelerator Agreement
Promissory Note
You will need to read the information and acknowledge that these agreements are acceptable. You will be asked to sign these documents once notified of acceptance and prior to receiving your loan funds.
Requirements for Application Completion:
At least two co-founders in your team
Teams must create a three-minute video (max.) about the business (product description, value proposition, market, target customers, revenue model). Please include at least one minute of your team members describing their role in the venture. Acceptable video formats are either Media Player or QuickTime
All steps must be completed and submitted to meet the deadline of 5 p.m., Friday, March 15; there will be no exceptions
If you have any questions, please feel free to contact:
Han Peng at [email protected] or 313-450-3355.
