iCatalysts accelerator is a rigorous 10-week program that bridges university affiliated start-ups to a commercial life. EFN’s university partners offer our accelerator as a prize for their winning teams. Visit our website for more information on the program’s selection criteria, details and to apply. Below are frequently asked questions and our answers.
1. What are the program dates?
The summer between mid-June and mid-August.
2. Does the program ask for equity?
No.
3. Do teams get an investment from the program?
No. However, teams are introduced to investors and pitch to investors.
4. Is there a cost to participate as a team?
Yes. The program fee is $900 per team.
5. Are teams expected to travel?
No. All group meetings, and workshops are held on Go to Meeting. Mentors and teams use any means they wish to communicate (e.g., Phone, Skype, and Google Hangouts). However, teams are highly encouraged to attend our capstone event in Silicon Valley to present to investors, the audience and to demo their solutions.
6. What are examples of iCatalysts teams?
Please current and past teams on our website
7. What tools are used to facilitate team and mentor collaboration?
EFN Online, available from our partner EFN, is a collaborative platform that allows easy messaging for all team members and mentors. The platform has 500 members including many of EFN’s mentors. iCatalysts teams can set up team groups to securely collaborate and share documents among the team and mentors.
8. How are mentors and teams expected to work together?
Mentors are expected to work together consistent with EFN’s Mentor Guidelines and teams with EFN’s Entrepreneurs/Mentee Guidelines
They use a variety of EFN tools and frameworks including our Venture Assessment Tool to help plan and execute their work together.
They establish mutual commitments for their work together. A mentoring relationship is a formal commitment for both mentor and mentees. We take this very seriously. A brief, simple, informal written agreement (in an email or document) is recommended.
9. How are mentors expected to work together?
Each venture in the program will have a lead mentor and one or more specialized mentors. The lead mentor will normally focus on helping the team with business strategy/model and be a steward for the overall mentorship of the team. The lead mentor will play a leadership role for the mentoring team. The supporting mentors will normally be specialists on a particular topic(s) such as the market strategy, technology, finance, etc. A lead mentor should plan on spending closer to higher end of the range of hours per month (4-6 hours). Supporting mentors should plan on three to five hours a month.
The lead mentor is expected to foster a collegial atmosphere with his/her specialized mentors. All mentors should be included and empowered. The intent of the lead mentor is not to be a gatekeeper to the team. All mentors will have open access to the teams but are also expected to keep their fellow mentors in the loop
10. How are lead and specialized mentors assigned to a team?
EFN asks the venture team leaders when they enroll in the iCatalysts if: 1) they would like to continue to work with their present EFN mentor(s) (if they have an EFN mentor(s)), and 2) what skills/backgrounds do they seek in associate/specialized mentors.
Based on this feedback from the team leader and the interest expressed by their EFN mentor(s), EFN recommends mentors to teams. Teams confirm recommendations usually after a “get to know you” call or meeting
11. How do the cohorts work?
Monthly there will be a 90-120 minute Go to Meetings session for the cohort where each team will present a 5 minute pitch to the other teams and all the mentors in the cohort. Each presentation will be followed by 5 minutes of questions that other teams and mentors from any team may ask. This approach will provide peer to peer learning and allow mentors supporting one team to support another team and their mentors.
Mentors within the cohort will be invited to evaluate each team within their cohort monthly. These evaluations will be provided to the team members and mentors. This process will give teams the opportunity to receive structured feedback from mentors who are not assigned to their team (offering different viewpoints).