FAQ

Eligibility

Can anyone apply for the Summer Program 2016?

Yes, as long as you are 18 years or older and willing to be in Bishkek during the whole program.

What kinds of startups are you looking for?

A lot of our applicants tend to be tech focused, but we are looking for promising startups in all sectors. We will select startups based on various criteria including market need, growth opportunities, innovation and team quality.

Can I apply for Incubation Program if I can’t work full time on my idea for the 10 week duration of the program?

We invest a lot of resources to make sure the startups we select successfully produce the prototypes of their products/services by the end of the Incubation Program. We think it would be difficult to achieve successful results without working fulltime on your idea for at least 10 weeks. All of cofounders need to dedicate full time for the entire 10 weeks of the program.

We haven’t started our business yet, but we have an idea and a plan. Can we apply?

Yes, absolutely! If you are determined and have a promising idea and a plan, participating in the program will be a perfect way to launch your startup!

We have been working on our business for a while. Can we apply?

Generally, we work with early stage startups and help accelerate their development during the Incubation Program. If you have been operating your business for a while (more than 1 or 2 years) but think that participating in the program can help significantly grow your business, you can definitely apply.

Can I apply to the Incubation Program without any other co-founders?

Launching a new startup without co-founders is a very difficult task. We encourage each startup to have between 2 and 3 co-founders. You can still apply as the solo founder, but you will have to work harder on convincing us that your startup can succeed.

We don’t need the money. Would the Incubation Program still be helpful to us?

Yes, absolutely! The seed capital is only a small part of the Incubation Program meant to make the lives of our participants a little bit easier. More important is the entrepreneurial environment of the program. As a startup founder, you will need to not only develop your core product or service, but also deal with other issues such as registering your company, setting up the necessary technology, creating an effective marketing plan, and making financial statements and projections. You will go through a training program on these important topics related to starting a new business and get the support of our dedicated mentors throughout the program. Also, going through this process with a number of other startup teams will promote a healthy competition and motivate you to make quick progress in your project.

Application Process

Where do I apply for the Incubation Program?

You can access the Ideagrad 2016 Application online on our site.

What is the deadline for the application?

You will need to submit your application before midnight on May 25th

What if I am having technical difficulties submitting my application?

You can email us at office@ideagrad.com.

What happens after I have submitted the application?

The selection committee will evaluate the startup ideas based on various criteria including market need, growth opportunities, innovation and team quality. After interviewing the teams, we will between 5 and 10 startups to participate in our program

When will I know if I have been accepted into the program?

We will send the formal acceptance letters by June 1st.

Bootcamp Logistics

Once I am accepted, do I need to do anything to prepare for the Summer Program before orientation?

We will send you a packet containing a list of useful readings and resources for entrepreneurs well as tasks you need to complete before orientation.

What can I use the $1000 product incubation seed capital on?

The $1000 product incubation stipend should be used directly in starting or expanding your business. We encourage you to use this stipend on things that you absolutely need to build your proof of concept, rather than on things that are nice to have for your startup.

We are working on an expensive idea. What can I do?

The purpose of the Ideagrad is to build a proof of concept of your idea. Often, entrepreneurs overestimate the amount of funding necessary to build the first prototypes of their products/services. Focus on the essentials necessary to get to that point. Once you build your prototype, you will get an opportunity to present your results to later stage investors during demo day and scale your startup. We think the $1000 stipend should be enough to get you started.

How does the training and mentoring program work?

During the first week of the program, all participants will go through a training program in topics that are extremely important for entrepreneurs during the early phases of their startups. The topics include Canvas Business Model, Customer Development, Digital Marketing, Growth Hacking, and other aspects of starting a new business. We will have mentors dedicated to supporting the teams in each of these areas.

Do I need to sign a contract with Ideagrad if my startup is selected for the Ideagrad Program?

Yes, all selected startup teams will be required to sign a Termsheet outlining the conditions of being a part of the bootcamp, including an 10 percent equity ownership for Ideagrad in the startups.

How long is the program?

The Ideagrad Summer Program runs for 10 weeks, from June 20th to August 27th.

What are the goals of the program?

You can find more information on our site in section about Summer Program

What are the benefits of participating in the Summer Program?

The Summer Program Ideagrad 2016 will help you develop and execute your business plan and produce a prototype of your product or service by Demo Day. We will help you successfully navigate through the difficult early phases of a startup by providing you with a comprehensive training and mentoring program and a $1000 product incubation capital. In addition, we will invite industry experts and other entrepreneurs to share their experiences with you, and promote an entrepreneurial environment where you can get motivation and feedback from other program participants. At the end of the program, you will be able to present your results to a group of investors at Demo Day and hopefully raise more funds to scale your startup.

After Bootcamp

What happens during Demo Day?

At the end of the 10 weeks, each team will present the results of their work during the program to an audience that includes a group of investors and other prominent members of the business community. The goal during demo day is for the startup teams to convince investors to make potential investments based on the products and/or revenue they have generated so far.

What happens after the Summer Program ends?

We will be in close touch with all the Incubation Program teams in the weeks and months after demo day as they negotiate with investors. We will facilitate the deals between investors and the startups by setting up investment agreements and helping provide fair valuations for the new startups.

Will I be able to stay in touch with Ideagrad network even after the program?

Absolutely! You will be a part of Ideagrad Summer Program’s Alumni and will be able to stay in touch with previous and future Ideagrad startups. You will receive regular updates from Ideagrad about important news and events taking place in the region.