Resource:Obtaining Start-up Money Through VentureWell: Kent State University
Contents
Obtaining Start-up Money Through VentureWell: Kent State University
Introduction
VentureWell E-Team program is a great place for students who are apart of the VentureWell community to obtain funding for their start-up. Venture well has pretty broad guidelines when deciding what types of E-Teamss to fund, as long as it is in the technology field, you will be able to apply.
Mission
“VentureWell’s purpose is to create opportunities that help innovators advance early-stage ideas that will benefit society.”
E-Teams
VentureWell defines an E-Team as a “multidisciplinary group of students, faculty, and industry mentors working together to bring a technology-based invention (product or service) to market”
The amount of members of your E-Team is up to you, the innovator. But they ask to keep the teams to no more than 6 because the “To many cooks in the kitchen” saying comes into affect.
Stages of Funding
Stage 1
VentureWell picks 50 E-Teams for this round. In this stage, initial research needs to be submitted justifying your concept along with a value proposition relating to your start-up. $5,000 dollars will be rewarded during this round of funding along with a Stage 1 workshop.
Stage 2
After moving on from stage 1, you then move to Stage 2 of funding. In this stage, teams will attend a Stage 2 workshop. They will also receive $20,000 in grant funding. They will also refine your business plan and concept along with providing venture coaching for your E-Team. Students will need to send at least 2 members of the team for venture coaching.
Stage 3
Based on how far along your start-up is, teams will be accepted for Stage 3 of funding. In this stage teams will receive training on sector specific partnerships and investment readiness training. Only 10 teams will be picked for Stage 3.
Making Sure Your Proposal Fits the Criteria
- Your innovative idea needs to be tech related and prove feasibility
- You need to provide a business model and show commercial potential
- Your E-Team needs to be diverse and show different levels of expertise in a wide range of areas. It is also recommended to have a staff advisor from your school give his/her support during the initial stages of your start-up.
- Your start-up needs to prove it can make a positive impact on the environment or have a positive impact on society.
Dates to Know
Deadlines for Stage 1 occur three times a year. There are two more opportunities to submit your proposal this year…
Winter Deadline: January 27, 2016
Spring Deadline: May 4, 2016 S
Written by, Brad Baumeister
