Admission to the eLab Summer Accelerator Program is highly selective and space in the eLab is limited. For the summer of 2013, we are looking for cohesive teams where each team member’s participation is critical. Applications will need to address the key areas listed below.
- Pain: What is your product and/or service, what significant problem does it solve for whom, and why is that valuable for them? How did you get the idea for your product and/or service?
- Team: Highlight your passion for entrepreneurship and for your idea. Describe the backgrounds, the diverse and complimentary skill sets and roles of the venture team, and how this relates to the problem you are trying to solve. What are the weaknesses of your team and how do you plan to address those weaknesses? What will the team members do this summer if your venture is not selected for the eLab?
- Business Model: What is the market size and need for your idea/innovation? How could you quantify the benefit to an individual or organization provided by your innovation? How will your product and/or service be developed and provided? When will it be ready for launching? How will your venture identify, contact and attract customers? How would you characterize the size of the market opportunity that you are addressing and the strength of the competition pursuing that opportunity?
- Currency: What are possible ways for you to generate revenue or to provide social good? What will be the distinct competitive advantage that your venture will offer and why is that important to your customers/users? How will your venture generate revenue and or social good and reach a sustainable, profitable stage? How much financing will be required to achieve profitability?
- Project Stage: Describe the stage of your project. Is it just an idea that you believe can provide the basis for a company? Is it based on a new technology or on established technology that you would be applying in new ways, to new applications? Have you validated your proposed product and/or service with customers, suppliers, partners, or investors?
- Advisors: Describe and identify current and potential advisors, their commitment to your idea, and how they will enable you to achieve your goals.
- Summer: Outline the key milestones and deliverables you expect to achieve at the eLab this summer? Why do you believe that being part of the eLab will help you achieve those?
- Future: What are your plans for your future venture after the summer of 2012? What do you envision you will be doing in the next 2-3 years? Do you belive that you will be continuing to build your venture in the years ahead? Why?