RevUP will admit two cohorts per 12-month period, each of 5 months’ duration. Each Cohort will have two tracks – one track for “equity-seeking StartUPs” pursuing an incubation programme and the other track representing “growth-seeking ScaleUPs” principally pursuing a training programme. We will strive to include as many female founders as possible.
The Business Incubation Programme for StartUPs will be delivered virtually, using the OneXL digital platform.
Selection for the Incubator Programme for startups and early stage firms
We will identify the best Founders of early stage ventures that have the potential for high growth and access to financing by the end of the incubation period, or shortly after. RevUP will use a four-step process to ferret out the best candidates.
Selection and graduation of Founders are critical for a successful incubator. The screening process is designed to meet RevUP’s mission and ensure that the firms selected will benefit from its value-added services.
Evaluation Criteria
The basic evaluation criteria to be used by the Selection Committee include:
Formalising the Incubation Agreement
Once accepted, Founders and their teams will be required to sign a binding agreement which details:
The 5-month incubator programme is designed to increase the likelihood of successful development of early stage and growth stage companies, facilitating growth that is beyond what each participating company could achieve on its own. Offering value-adding services will be key to RevUP’s ability to successfully nurture high growth firms, provide them with access to capital, help them grow and scale and generate jobs and wealth.
RevUP will draw on the vast human and resources of our Partners – a cadre of trainers, professionals, including lawyers, IP Lawyers, accountants, auditors, tax specialists, marketing and management consultants, valuation specialists, human resource and others – to support its clients. Our key partners will provide the most appropriate support needed for Founders to grow and scale their businesses profitably and sustainably.
The 5-month incubation programme will have the following components:
A. Extended DISC Assessment and Strategic Planning
After completing the on-line application, Founders selected for the Incubation Programme will complete the Extended DISC, a psychometric assessment and participate in an on-line interview. Each Founder will map their vision with defined goals and objectives, and together with the Management team, perform an analysis to identify the gaps between the current status and the vision. The Founder, with guidance from the Management team, will design a strategic growth plan that will fill these gaps and facilitate the business achieving the vision.
B. Matchmaking with Mentors
Mentorship is considered a critical foundational component for building a successful start-up or early stage company. Research has conclusively shown that early-stage businesses that have received mentorship have superior survivability rates when compared to non-mentored businesses.
RevUP and its Partner, the World Business Angels Investment Forum (WBAF) will provide a pool of trained and certified international mentors. RevUP will also recruit local and regional mentors who will join our mentor pool.
RevUP’s Mentor Pool will comprise professionals who are willing to serve as mentors and business advisors for client companies. Mentors will be selected based on their experience with the client’s industry sector and stage of development. Each business participating in the programme will be assigned one or more mentors who will play key roles in supporting the Founders and their teams over the life of the programme and beyond. The Mentors in the RevUP pool will have been trained and certified to ensure their effectiveness in their roles and there will be a match-making activity to ensure that Founders are matched with the right mentors.
C. 70-hours of Management Training– Establishing the Founder as a Business Development Leader
D. Investment Readiness Programme
E. Pitch to Angel Investors
Throughout the incubation programme, the Management team, Mentors and Trainers will be evaluating the companies to decide which of them are ready to make a pitch for equity capital from the Angel investors in the FirstAngelsJA Network and other investors
When they are deemed ready, Founders will get an opportunity to make a pitch presentation to panels of Angel Investors. The panels will typically consist of no less than 8 investors, who will listen to and formally evaluate the pitches and determine if the businesses are a good fit with their portfolios.
Investment Criteria
Angel investors will be broadly looking at the following factors in the businesses in which they invest:
F. Weekend Retreat facilitated by McKinsey & Company
The final activity for each Cohort is an in-person weekend retreat on Jamaica’s North Coast, facilitated by McKinsey & Company’s SME Practice Fuel, on “How to become a Successful CEO”. Loaded with insights from McKinsey’s proprietary database on CEO performance, the largest of its kind, containing 25 years’ worth of data on 7,800 CEOs from 3,500 public companies across 70 countries and 24 industries, McKinsey’s will engage Founders in discussions and exercises on what it takes to become a successful CEO.
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