Advanced Incubation Program 2024

The incubation programs will provide you with management and mentoring support, access to market resources, networking opportunities and business skills training.

Stage one:  

• Extensive practical capacity building program over four months focusing on business models, finance, legal, product development and more. 
• The program will help you in ideation and prototyping, help you to test your ideas before converging them into an MVP. 

Stage two: 

• The incubation program will help you developing and testing your MVP (or prototype if you’re not there yet), carrying out plenty of customer discovery to find a product-market fit and if you haven’t already, looking into hiring your first team members.
• Helping you articulate and navigate the critical steps towards developing your enterprise.
• We assign a mentor for you that will give you an early intervention by industry professionals which is vital to the initial development of your startup. 

Successful ventures will have a chance to receive grants up to:

1st place: $25,000 and continued support (e.g., legal, mentorship, connections to investors)

2nd place: $15,000 and continued support (e.g., legal, mentorship, connections to investors)

3rd place: $10,000 and continued support (e.g., legal, mentorship, connections to investors)

The other ventures will receive technical support that values up to $50,000 

All ventures will have an opportunity to apply for a safe fund value up to $50,000

Target Group: 

The idea or/and the startups MUST be health related.

Personal Qualities and Motivation:

• Passion and Drive: A strong desire to be an entrepreneur and build something meaningful.
• Problem-solving Skills: The ability to identify problems and develop creative solutions.
• Resilience and Adaptability: The capacity to overcome challenges and adjust to changing circumstances.
• Learning Agility: A willingness to learn new skills and adapt to new information.
• Initiative and Self-Motivation: The ability to take action and be proactive without needing constant direction.
• Teamwork Skills: The ability to collaborate effectively with others, as most businesses require teamwork.

Business Idea and Market Potential:

• Innovation and Market Need: Does the business idea address a real need or problem in the health market?
• Scalability and Growth Potential: Can the business idea be scaled to reach a wider audience and achieve significant growth?
• Competitive Advantage: What sets the idea apart from existing solutions in the market?
• Feasibility and Business Model: Is the business idea financially viable? Is a clear business model outlined?

Experience and Skills:

• Prior Business Experience: Previous entrepreneurial ventures or relevant industry experience can be beneficial.
• Technical Skills: Depending on the nature of the business, specific technical skills may be necessary (e.g., coding, engineering).
• Financial Literacy: A basic understanding of financial management concepts is crucial for running a business.
• Marketing and Sales Skills: The ability to market and sell products or services is essential for business success.
• Medical or general health experience and knowledge.  

NOTE:   Doctors, University researchers, seniors in the health system can also apply, and they can be the Subject Matters Experts (SME) founders. They can remain on their current full time job and invest few hours a month to the new startup.  

Selection process: 

• Receive applications
• Screen CVs and ideas  
• Interviews by experts  
• Decision

The program has a limited space for up to 25 people, only.  

Dates:

The program is FREE but we will require FULL commitment, three hours a week, starting in August 2024 end October 2024 FROM 17:00 hrs – 20:00 hrs.