New Ventures BC — Venture Accelerator Program
Highlights
The Venture Acceleration Program is designed to help your business grow and succeed. With one-on-one mentorship, you will receive personalized guidance from experienced professionals. This program offers virtual mentorship sessions that fit your schedule, ensuring you get the support you need, no matter where you are in BC.
By joining, you will gain access to market validation training to identify your customers and markets, and quarterly reviews to keep you accountable and celebrate your progress. Additionally, you will benefit from program perks like AWS credits and Hubspot for startups. The program is affordable, with costs starting at just $95 per month, making it a cost-effective way to accelerate your business growth.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Loans are offered with a fixed interest rate of 5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without any penalties.
Eligible Expenses:
- Research and development costs.
- Marketing and promotional expenses.
- Purchase of equipment and technology.
- Hiring and training costs for new employees.
Restrictions on Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to pay off existing debts.
- Funds cannot be used for real estate purchases.
Fees:
- Application fee of $100.
- Annual maintenance fee of $50.
- No prepayment penalties.
Qualifications
- Must be based in British Columbia (BC).
- Must be developing a new and innovative product or service in any tech sector.
- Must be coachable and able to commit to regular meetings.
- Must be in the ideation, early, or growth phase.
- Must be generating revenue or pre-revenue.
Disqualifications:
- None specified.
Description
This program offers your business regular mentorship, no matter where you are in BC. You can get one-on-one sessions with experienced mentors over phone or video, at a time that suits you.
Key benefits include:
- Virtual Mentorship: Get personalized advice from a mentor who understands your industry.
- Market Validation Training: Learn to identify your customers and markets.
- Quarterly Reviews: Stay on track with panel sessions that review your progress and celebrate your successes.
- Program Perks: Access valuable resources like AWS credits and Hubspot for startups.
The program costs $95 per month for bi-weekly meetings or $150 per month for weekly meetings. If you’ve participated in New Ventures BC competitions before, you get a $50 discount for the first three months.
This program is designed to help your business grow, whether you’re just starting out, ready to scale, or looking to pivot. The mentorship and resources provided can help you make better business decisions, avoid costly mistakes, and take your venture to the next level.
Program Steps
Complete the Application Form:
- Visit the program's website and fill out the online application form with your business details.
Prepare Documentation:
- Gather the necessary documents, including:
- Business Plan
- Financial Statements
- Proof of BC-based operations
- Description of your innovative product or service
- Evidence of revenue generation or pre-revenue status
- Gather the necessary documents, including:
Submit the Application:
- Upload the completed application form and required documents through the program's online portal.
Initial Review:
- Wait for the program team to review your application. They will contact you to discuss your business and confirm your eligibility.
Choose a Mentor:
- After approval, the program team will help you select a mentor based on your business needs and availability.
Set Up Regular Meetings:
- Schedule regular mentorship sessions, either bi-weekly or weekly, based on your chosen plan.
Participate in Market Validation Training:
- Engage in the online Market Validation Training Program to identify your customers and markets.
Set Quarterly Objectives:
- Work with your mentor to establish quarterly goals such as developing a Minimum Viable Product (MVP), refining your go-to-market strategy, or planning for financing.
Attend Quarterly Reviews:
- Present your progress to a panel of mentors and receive feedback and guidance on next steps.
Graduate from the Program:
- Upon meeting your objectives, prepare for scaling up or transitioning to a scale-up accelerator program.
Access Alumni Support:
- After graduation, take advantage of monthly mentorship sessions or occasional check-ins to support ongoing strategic planning.