- During the accelerator stage (3 months), teams receive structured training on vital and fundamental business matters, delivered by recognized industry experts, usually 3 times a week.
- Specific achievements-milestones are tied to each training area, to be delivered by participating teams to ensure that their start-ups are moving forward fast and getting ready for stage B.
- During the incubator stage (6 months), mentoring dominates. Mentors are coming from diverse backgrounds such as business, industry, finance, academia, technical and consulting,
- They play a guiding and facilitating role; meet regularly with teams covering all aspects of business creation and development and make recommendations for more specialized training.
- Teams are urged to search their environment locally and internationally and seek our assistance in every step.
Idea offers collaborative spaces that encourage brainstorming, cooperation and ynergies between them:
- Open plan offices for 2-5 persons, access to high speed internet, telephone lines and office equipment.
- Access to meeting rooms, conference rooms, and a training/presentations room.
- Fully equipped common kitchens per floor, lunch areas, coffees, drinking water supply.
- Infrastructure to house disabled team members.
Specialized consulting and services
Depending on the needs, the progress and requests of each team, IDEA provides first level consulting services during the incubator stage 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: Ain 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, of their products and services.
- International business and networking services: Consulting on aspects of international business, assistance in finding potential customers, collaborators and partners abroad (Business to Business match making).
- Legal and Intellectual Property Rights (IPR) services: Assistance and support for the protection of the teams’ intangible assets such as patents, trademarks internationally.
- Information and Communication Technology (ICT) services: Provision of ICT assistance, support and software / hardware consulting to the IDEA Programme teams.
- Individualized development of skills: Provision of tailor-made support and training for the enhancement and further development of the skills identified through their mentor and other methods.
Idea creates opportunities for the networking of teams, utilizing the vast network of contacts of the co-founders, strategic partners and supporters, in the form of networking events, pitching events and other. This will give them the opportunity to attract investors as well as create strong contacts that they can benefit even after graduating from the programme.
- The successful teams that qualify to progress to stage B-Incubator, additionally to all the services enjoyed, receive the total amount of €10,000 as seed funding provided by Bank of Cyprus for the development of their start-up. The funding is provided in tranches based on teams meeting the milestones of the
- In exchange for all the support and based on an agreement being entered into, the start-up companies provide 5% of the start-up equity back to Idea and will be utilized towards the sustainability of the programme.
Investment & Funding
- The teams will be brought in touch with a network of investors (business angels or investment funds) for the possibility of funding their start-up
- Teams are prepared for investor pitching.
Financial advisory services inform teams of various financial instruments, grants or competitions that can be utilized to cover some of the initial business operation costs.