Check out these entrepreneurial events going on in Boston during September.
IDEA is a student-run venture accelerator
that provides a variety of resources to Northeastern affiliated entrepreneurs who are looking to launch their own businesses. Throughout the stage-gate process we provide ventures with coaching, mentoring, in-kind services, business planning framework, and the opportunity to apply for our Gap Fund.
Ready is the first stage in IDEA’s business model process and is where ventures submit their value propositions, are paired with a coach and begin working on their business plans.
This stage is critical in the development process, as founders will speak with potential customers, solidify their target market and potentially pivot their business plan. This stage is also where each venture will figure out the problem their business is solving and how it will fit into the market.
The Ready stage provided a systematic way to translate my rough ideas into the foundation of a sustainable business.
— Gavin King, Tackboard
In the Set stage, ventures further evaluate their business model, learn how to acquire customers and research the cost of doing so.
They dive deeper into the problem they are solving and discover how they will make money off of their solution. Ventures are also introduced to IDEA’s Mentor network that is made up of industry professionals who provide their expert opinion on a variety of topics. In addition to mentors, IDEA also provides its ventures with access to service providers such as law firms and accounting firms that offer in-kind services to help companies grow.
The response I received from investors following my pitch was very encouraging.
— Toju Ometoruwa, Pickasound
Go, the final stage, is where ventures begin figuring out their financial structure, they talk to potential investors and have the opportunity to apply for IDEA’s Gap Fund.
At this point, grants from the Gap Fund allow ventures to grow through substantial milestones of building their business. In this stage, ventures are also connected to members of IDEA’s investor network to secure angel and seed funding to take their company to the next level. Companies are considered launched when the have raised a significant amount of capital, have entered another accelerator program, or are self-sustaining