IDEA Benefits to startups
The main benefits of IDEA to participating startups are the following:
IDEA will provide structured training in the form of workshops (IDEA Accelerator training) to the team members during the accelerator stage (the first 13 weeks of the program), with regular classes (2-3 times per week, afternoon hours, 3 hours per session). The training consists of short workshops on start-up creation and growth related topics which cover all aspects of the creation and development of a sustainable venture with a global outlook. Among others, the core subjects will be communication & pitching, business model and business plan formulation, digital marketing, sales and branding, metrics, business ethics, team building and HR. Further training will be delivered through events and public presentations throughout the program duration as well as specialized workshops on topics of interest and/or importance to the incubator teams.
IDEA will utilise its founding and strategic partners as well as mentors, coming from business, industry, finance, academia technical and consulting background and covering all aspects of business creation and development to each participating team. Mentors will play a guiding and facilitating role, meeting regularly with the teams to discuss the progress on the implementation of the business plans and providing consulting and recommendations for more specialised assistance (e.g. the need for specific training, specific services etc) within the network of IDEA partners.
Continuous guidance, feedback and monitoring by IDEA
The IDEA team will hold regular meetings with the startups, both at accelerator and at incubator stage in order to review progress, identify issues that need attendance, provide feedback and monitor the milestones set during the programme to ensure their timely completion.
Cooperation with other teams
The teams in IDEA must cooperate with one another and offer any kind of assistance to each other from brainstorming and pitching sessions to testing of each other’s product/service, to feedback and to resource sharing. Give, take and share are integral parts of the IDEA community and admitted startups need to well embed this.
Fully functional and well equipped co-working offices located at 36 Lykourgou Street, 1011 Nicosia, Cyprus, will house the new entrepreneur teams for the entire period of their participation in IDEA. The location provides easy access by public transport as it is within walking distance from the urban bus terminal station of “Platia Solomou” and the “Ledra Palace” crossing. IDEA is housed in a refurbished building with high tech infrastructure, independent building entrance and suitable spaces for the provision of support services in various aspects of business creation and implementation specifically designed for startups and spinoffs.
The main characteristics of the infrastructure are:
- Office space for small entrepreneur teams with fully furnished open plan offices for workstations/team members with access to high speed internet, telephone line and shared equipment for printing.
- Collaborative spaces that promote brainstorming and also cooperation between team members or even between teams. Also the teams may have access to meeting rooms, conference rooms, and a training/presentations room, upon reservation.
- Fully equipped common spaces such as kitchens and dining spaces.
- The building has the infrastructure to house disabled team members with appropriate ramps and toilet.
Specialised consulting and other services
IDEA will provide pro bono consulting services to the participating teams as follows:
- Accounting, tax and audit services: assistance in the establishment of the company, including accounting, tax, insurance and corporate law advice.
- Human Resource management services: assistance in the recruitment, selection, development of human resources specifically suited to a start-up business.
- Corporate identity, branding, marketing, advertisement and communication services: assistance in the creation, branding and promotion of the new venture corporate identity and the branding of their products and services.
- International business and networking services: Consulting and support on solving all aspects of international business and assistance in finding potential customers, collaborators and partners abroad (Business to Business match making).
- Legal and Intellectual Property Rights (IPR) services: assistance and support in the process of the protection of the teams’ intangible assets such as patents, trademarks, copyrights etc within Cyprus, the European Union and internationally.
- Information and Communication Technology (ICT) services: provision of ICT assistance, support and software / hardware consulting to IDEA teams.
- Financial advisory services & networking with investors: To inform the teams of various financial instruments, grants or competitions that can be utilised to cover some of the initial business operation costs. Also, through IDEA, the teams will be brought in touch with a network of investors (business angels or Venture capital firms), provided they have worked hard and made themselves ready for this.
Seed Funding and Equity
- For the successful stage A teams entering and completing stage B, a total of €12,000 seed funding will be provided for the development of the start-up from the Bank of Cyprus, as follows:
- €8,000 when entering stage B when their MVP should be ready and their company already being incorporated and all share matters are sorted, and
- €4,000 at around the 6th month, provided they have launched, their daily presence at IDEA continues and the practice the give, take & share culture of IDEA.
- Based on valid estimations, the total value of both services and cash offered to each startup participating in IDEA from the beginning of the cycle, amounts to euro58,000.
- IDEA is a non-profit organization and it is a social responsibility initiative of its founding & strategic partners. Startup companies will grant a 5% equity to IDEA, aimed towards the sustainability of IDEA so as to assist more Cypriot startups in the future.