Eligibility
Candidates must be entrepreneurs or early stage startups with technology-based business plans who are ready to launch their business and gain traction. They may apply in two categories:
1. Launch Candidates: These entrepreneurs have technology business concepts that they need to refine over the summer with mentoring and coaching so they can prepare business plans that can be used to pitch to potential investors.
2. Start-up Candidates: These entrepreneurs have technology business plans and are seeking seed investments to launch or grow their businesses.
The Program
Applicants must submit an on-line application to N2TEC. The application is available at www.n2tec.org. Applications will be reviewed and we will schedule phone/SKYPE interviews with the finalists.
One-week N2TEC Accelerator Training Program
All selected candidates will receive a $2,000 grant and a seat in the week-long N2TEC Accelerator Training Program (NATP) in early June 2010 in Sioux Falls, SD. The one-week program is required of all candidates and will be operated in a manner similar to the 2009 program. The goal of the program is to help the candidates address critical issues in the launch of their businesses and get them positioned for additional resources and potential investor funding.
Launch Candidates
In addition to the $2,000 grant and a seat in the NATP, launch candidates may receive an additional $2,000 and six weeks of mentoring and coaching on their business plan by N2TEC staff and community enterprise organizations that work with entrepreneurs. They will have the opportunity to participate in a “deal dating” event with investors at the completion of the six weeks.
Start-up Candidates
In addition to the $2,000 grant and a seat in the NATP, start-up candidates will receive coaching on their investment pitch and have the opportunity to pitch to obtain up to a $40,000 initial investment in their business. Depending on the requirements that a community attaches to its portion of the investment, the investment may or may not require the candidate to give up equity in their company but will require them to launch in the community that has financially supported their business.