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Innovate Accelerator FAQ
When are Innovate Accelerator applications due?
Unlike other accelerator programs, the Innovate Accelerator accepts applications on a rolling-admission basis.
When are Innovate Accelerator applications reviewed?
Applications are reviewed the second Monday of every month.
Who views and reviews the Innovate Accelerator application?
Applications are only seen and reviewed by the Innovate Longmont review committee, which currently consists of members from the Longmont Economic Development Partnership, TinkerMill, Startup Longmont, Boulder SBDC, and the Longmont Area Chamber of Commerce.
Will I get a chance to talk to the review committee in person about my application?
You may be invited for an in-person interview if the review committee deems it necessary to ask you additional questions about your application.
When will I be notified if I am accepted?
Expect to be notified no more than 4 weeks after the review committee reviews your application.
I’ve got a secret startup I’m working on. Will Innovate Longmont sign an NDA?
No, Innovate Longmont will not sign an NDA at any point throughout the Innovate Accelerator process.
What is the minimum criteria needed for my application to be considered?
All applicants must meet the following minimum criteria for your application to be considered:
- Majority of business operations must be in Longmont.
- Not currently involved in another full-time incubator or accelerator program.
- Able to fully commit time to the development of the business, including coaching, mentoring, and special events.
- Evidence of innovation.
- Willingness to participate in marketing materials and to report economic data to Innovate Longmont.
What is the selection criteria and how are applications selected?
Applications are evaluated through the lens of the following characteristics. Please take these criteria into consideration when completing your application.
- EXECUTION: The application is our first introduction, get off on the right foot. Successful applicants have a big vision, but also pay careful attention to detail.
- TALENT: Do you have what it takes to lead your venture to success? Strong applicants exhibit characteristics of extraordinary leadership: vision, intelligence, resilience, and follow-through.
- PROBLEM/SOLUTION: Does your venture identify a real and pressing problem and propose a viable solution? Strong applications effectively and narrowly define a pain point and outline a solution that addresses the pain point.
- SUSTAINABILITY: Strong applicants understand resource limitations and have a plan for business sustainability through potential economic and financial pitfalls.
- IMPACT: Successful applicants demonstrate significant impact as a core part of their venture. We look for impact both in terms of how impactful the core product or service is, and how scalable the model is to spread this impact.
- INNOVATION: How is your solution to a problem different from current solutions? What sets you apart? There is value in audacious ideas that disrupt the status quo and move the needle on 21st-century challenges. Think big!
- COMMUNITY: A successful applicant demonstrates a commitment to their community. How does your business venture complement and enhance the Longmont community?
- CULTURE: Strong applicants understand the importance of culture to the success of a business venture.
Does my startup need to give up equity in exchange for participating in the accelerator program?
No, Innovate Longmont does not take any equity from your startup in exchange for participating in our accelerator program.
Does the Innovate Accelerator provide capital to startups participating in the program?
Yes, startups participating in the accelerator are granted capital when it matters most.
What does that mean exactly?
The Innovate Accelerator deploys capital to startups after they have completed portions of the curriculum and are advancing to the next startup phase.
How long is the accelerator program?
Since we offer a personalized accelerator program, the duration of the program is depended on what the review committee determines your curriculum to be and how quickly you get through the curriculum.
Wait, what do you mean it is personalized?
Since our accelerator program is open to startups across all industries, our program offers a personalized curriculum depending on the target industry. For example, an innovative food startup will have a slightly different curriculum than a startup building a SAAS application.
Can I apply as a single founder to the program?
Yes, you can. However, we recommend having a co-founder as it’ll help your startup accomplish more quicker.
Does my startup need to be incorporated before applying?
Do I need to relocate to Longmont to participate in the program?
We strongly suggest that you (and your team members) be in Longmont for the duration of the program.
Do you require that the startup is based out of Longmont?
Yes, we require that founders in the program register their startup in Longmont.
Will I have office space?
All participants in the accelerator program will have free access to the 1 West Coworking space.
Does the Innovate Accelerator offer other perks?
Our perks are currently valued at over $300,000. That includes hundreds of thousands from Innovate Longmont partners such as Google, IBM, HubSpot, and more.