Accelerate Okanagan — Revup Program
Highlights
This program is designed specifically for entrepreneurs like you who are ready to grow their business. It offers a range of resources, expert guidance, and accelerator programs to help you scale up effectively. By participating, you can gain access to tailored support that addresses your unique business needs.
Why Apply?
- Customized Action Plan: Work with experienced executives to create a growth-oriented strategy.
- Mentorship and Coaching: Access to industry experts who provide strategic guidance and critical feedback.
- Quarterly Strategy Sessions: Set clear goals and reflect on progress to ensure continuous improvement.
What's in it for You?
- Capital-raising Preparation: Learn pathways to secure funding and become investable.
- Team Development: Enhance leadership skills and team efficiency.
- Market Strategy: Master go-to-market tactics and connect with potential customers.
The program is designed to be accessible and beneficial, making it easier for you to qualify and start reaping the rewards.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed interest rate of 5% per annum.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Debt refinancing.
Fees:
- Application Fee: $150, non-refundable.
- Annual Maintenance Fee: 1% of the loan amount, billed annually.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be a business located in the Okanagan region.
- Must be a tech company, innovative business, or support organization.
- Must be a member of the Accelerate Okanagan network or willing to become a member.
- Must have an established leadership team.
- Must have a customer base.
- Must have growing revenue.
Must be organizing to scale.
Disqualifications:
- Businesses outside the Okanagan region.
- Businesses not involved in tech, innovation, or support services.
- Businesses unwilling to join the Accelerate Okanagan network.
- Businesses without an established leadership team.
- Businesses without a customer base.
- Businesses without growing revenue.
- Businesses not planning to scale.
Description
This program is designed to help your business grow. You can receive up to $200,000 in investment through an 8-week pitch program. This program educates both investors and startups on the investment process.
Here's what you can use the money for:
- Expanding your product line
- Marketing and advertising
- Hiring new staff
- Improving your technology
The program focuses on rapid validation, iteration, and development, ensuring your business is ready to scale. It also helps you understand capital-raising pathways and prepares you to be investable.
Why this is valuable for you:
- Access to capital: Up to $200,000 investment to fuel your growth.
- Expert guidance: Learn from experienced investors and industry experts.
- Networking opportunities: Connect with potential investors and other startups.
This is a great opportunity to take your business to the next level with the support and resources you need.
Program Steps
Create an Account: Visit the program's website and create an account if you do not already have one. This will allow you to access the application portal.
Complete the Online Application Form: Log in to your account and fill out the online application form. Provide all necessary details about your business, including contact information, business structure, and a brief description of your business activities.
Prepare the Required Documentation: Gather the following documents to support your application:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Identification Documents (e.g., passport, driver’s license)
- Any additional documents specified in the application form
Upload Documentation: Upload the prepared documents to the application portal. Ensure that all files are clear and legible.
Review and Submit: Carefully review your application and the uploaded documents to ensure all information is accurate and complete. Submit the application through the portal.
Confirmation and Follow-Up: After submission, you will receive a confirmation email. The program administrators may contact you for additional information or clarification. Be prompt in your responses to any follow-up requests.
Await Decision: The program administrators will review your application. You will be notified of the decision via email. If approved, you will receive further instructions on how to proceed.
Participate in Orientation: If your application is approved, attend any required orientation sessions or webinars to understand the program’s expectations and resources available to you.
Engage with Program Resources: Utilize the resources, in-house experts, and accelerator programs provided by the program to support your business growth.