Business Acceleration Program
1. What is the Business Acceleration Program about?
ENRICH in the USA is launching the Business Acceleration Program (BAP) as vehicle for setting up promising EU deep-tech entrepreneurs, high-growth startups and SMEs in the US West Coast ecosystem.
The goal of the program is to help you prepare your market entry/development plan and then connect with the #1 Business / Corporate Development “all-tech” ecosystem in the world, and to identify ideal investors, partners and customers to build your US activity upon/with.
A total 18 EU companies will be funded over a 3-year period. In 2018, we will choose 4 within the first call EU companies. Once selected, the 2018 program is free of charge for the participants; traveling and accommodation budget is not included.
The program will be managed by the ENRICH in the USA West Coast Hub (San Francisco Center and its new local “ambassadors”) that will provide guidance on market research, planning, and offer advisory resources, and introductions to potential corporate partners, seed-funding/equity based acceleration programs, business angels and seed VCs for funding, and end-users for possible Proof of Concepts (PoC) or Pilots.
2. What do we offer?
The BAP gives you the opportunity of:
- 3 months of tailored and interactive curriculum and program (services)
- Live feedbacks from mentors/advisors and potential investors.
- Support to find seed funding opportunities in the USA (including equity based accelerators).
- Introduction to potential technological and financial corporate partners.
- Support to find Proofs of Concept / Pilots opportunities with customers.
- Fully leverage ENRICH in the USA and local ambassadors' support.
- Participation in a one-week trip in San Francisco to confirm introductions and interviews.
Brief description of the program
- 1st Step - Assessment And Planning (month #1)
After studying your business plan and collaterals, we will conduct a 3-hour brainstorming session (or two 90 min sessions) with a team of business advisors to challenge you, to assess your strengths and work out your weaknesses to enter the US market, and to agree on the goals to be achieved during your ENRICH in the USA acceleration program.
- 2nd step - Weekly Curriculum (months #1, #2 and #3)
During 3 months, you will participate at weekly interactive online work sessions (2 to 4 hours per week) as described below.
- US Market Access Academy (1h30 x 4 sessions): Learn how to find US potential clients, survey potential end-users, engage PoC, and set up a pilot
- US Product Management Academy (1h30 x 4 sessions): Learn how to develop your Product Road Map including your Market Requirements Document and Product Requirements Document.
- US Capital Access Academy (1h30 x 4 sessions): Receive guidance on your elevator pitch, presentations, messaging, website and collateral, and learn how to apply to receive seed funding via equity-based programs, and angel investors.
- 3rd Step - US Advisory Committee (months #2 and #3)
Together, we will tailor and select an advisory team of 3 US mentors. 2 structured advisory sessions of 1.5 hour each will be conducted – starting month #2.
- 4th step - Acceleration Week In The Silicon Valley (month #3)
Meet in person your local advisory committee and ENRICH in the USA team, and put in practice what you have learnt: pitch to / interview with potential seed investors and equity-based accelerators, and meet the potential partners and end-users you have identified with our support.
The Acceleration Week is planned with 14 hours of scheduled group sessions, brief/debrief meetings and interviews in San Francisco Bay / Silicon Valley, and 20 hours of one-on-one meetings scheduled by you with our support (and contacts) in San Francisco Bay / Silicon Valley.
The precise dates of traveling are to be agreed on / confirmed by the group of companies selected.
3. What’s in it for you?
Average per participant
- Business development and sales/marketing plan advised
- Road map for US expansion in place (based on the full review/rewrite of all important documents and collaterals)
- ≥ 10 meetings/discussions with potential partners and investors
- ≥ 2 “deals” with US/international prospected targets met or introduced to - in the next 24 months. - Road map for US expansion in place (based on the full review/rewrite of all important documents and collaterals)
4. Who are we looking for?
Deep-tech entrepreneurs, high growth startups or SMEs that have been selected and have already benefitted from an ENRICH service or other Horizon 2020 /FP7 funded programs in relation to the USA, such as Ready2Go or Overseas Trade Fair, or other government / national trade programs in relation to the USA, and would like to launch their “dual” activity in the USA (opening a presence in the USA while keeping their structure in Europe) in the next 12-18 months.
The participant have to be deep-tech focused e.g. Biotech, Cleantech, Nanotech, Aeronautic/Aerospace, etc. or Industry focus with ICT convergence e.g. Smart Home, Smart City, Smart manufacturing, e-Health, Ag-tech, Food-tech, Autonomous Vehicles, Applications with Drones or VR/AR/360/Simulation, Security applications, Blockchain applications, etc.
In order to qualify for the provided service, applicants have to meet the following requirements:
- Individual applicant must be a tax payer in an EU MS/AC AND/OR be an EU MS/AC passport holder
- Incorporated applicant must pay taxes in an EU MS/AC AND/OR have as the majority of shareholders EU MS/AC passport holder
- Applicant must be able to communicate (read and speak) in English;
5. Our Partners
ENRICH in the USA is organizing this service in partnership with the ENRICH in the USA ambassadors.
6. Dates and Timeline
Calls for the Business Acceleration Program are opened and made available through the ENRICH in the USA website every year in May.