Electrifi Business Accelerator Program - Frequenty Asked Questions
The Programme is unique and addresses the need of structured guidance in new entrepreneurial venture. First six months are very crucial in a start-up. This phase can make the difference of success from failure. Even experienced entrepreneur may be unable to cope up with situations not witnessed ever before. In a problem situation, it is quite common to fall back on friends and family. What if this set of people have limited know-how in the new start-up? How to spot best practices to avoid costly mistakes? How to increase connections and reach out to people, otherwise would have been difficult to get advice from?
The Electrifi programme pitches just for that. The program is very customized to the individual founder’s ventures. Professionals from the industry will interact to understand the challenges and try and help address them with the founders. The team act as board member (not being on the board) to the start-up enterprise. This concept, taken from large organizations where board helps the CEO with strategic direction, market knowledge and key decision making, will be extended for the start-up through this program.
- Answering the most basic questions - what, how, why questions that most entrepreneurs want to ask. For example, how to hire senior professionals? How to retain them? How to market effectively without spending a fortune? How to position the product? What is the best suited target audience in different phases of market reach? Etc.
- Case studies with what has worked in other organizations and which other organizations could not succeed? And Why? What situation and background are needed to make certain things work?
- Blank and filled Templates as the basis for preparation of functional plans
- Performance review monitoring together – for effective execution of functional plans
- Among others
The applications are being sought from all-over India. There would be certain road-shows in cities with active entrepreneurial activity – Delhi/NCR, Chandigarh, Jaipur, Bangalore, Ahmedabad and Hyderabad. It will be conducted in Delhi/NCR.
No. Start-up venture can be anywhere in India. They need to be in Delhi / NCR during these 16 weeks. Incubation facilities can be availed during this period. Help in finding accommodation can be provided for founders from outside Delhi / NCR.
- Indian entity registered with Registrar of Companies, Govt. of India
- Should be less than 3 years on 1st Nov 2018 from the incorporation date
- Companies working in any of the technologies - Artificial Intelligence (AI), Machine Learning (ML), Neuro-linguistic Programming (NLP), Internet of things (IOT) or Blockchain
- Start-ups have or should be able to complete their product development within 8 weeks from the launch of the program
Any application for the program or award will be assessed at least on the following factors
- Execution ability of the team
- Market acceptability of the idea
- Practicability of the business idea
- Solution impact
There will be two jury sessions – one online and other collective. After the first jury session online, applications will be graded based on the above factors. Thereafter, during the second Jury session, shortlisted applications will be discussed and top 20 applications selected for invitation to founders for presentation.
- Mentorship – Brainstorming soundboard for your business, vast perspective and market guidance by industry practitioners
- Seed funding – Each selected venture for the program will get between Rs 10 Lacs to Rs 20 Lacs
- Follow-on funding – Our partnership with many angel and venture groups will help the visibility of cohort ventures amongst them, to pitch and expect to be funded further
- Market Access – With vast network of our mentors, cohort venture founders will be taken to market with connections and introductions
- Incubation support – Selected ventures can utilize the JSS incubation facilities, at a cost. Incubation also has partnerships with many brands like AWS for $2000 credits, ClearTax with 20% discount, F6S, legal, IP, travel etc services – all at a preferential and negotiated deals. Total benefits are valued at more than $10,000.