We are looking for great teams with great ideas. The idea is important, it should be viable and sustainable. Pick something that can be started small but potentially can grow big. What is even more important are people in your team - smart, passionate and unbreakable, people who learn fast and just make things happen. Your team ideally should have 2-3 co-founders, but we also consider groups of four or five. The best team has co-founders with multiple talents: development, business, design, marketing, etc.
Teams must have at least one current AUA student, or
At least half of the team members are AUA alumni
The selection process will be held in three rounds. In the first round teams will be assessed based on their application forms. Second round includes individual tasks for each team. Third round is in-person interviews . An appointed committee will be responsible for reviewing the applications, completed tasks, and conducting the interviews.
The purpose of individual tasks for teams: We receive a lot of applications, some of them are obviously good, some are obviously bad, and those that are in between just unclear either on idea side or team side. There surely will be teams that we’ll like but because of unclear answers or missing parts we won’t be able to make firm decision. For such cases we’ll assign additional “clarifying tasks” to the teams.
Oct 15, 2017: Round 1 call closes
Oct 29, 2017: Round 2 call closes
Oct 31 - Nov 3, 2017: interview round
Nov 6, 2017: final decision
Nov 13, start of the incubation program
Each team will be assigned a workplace with a desktop at on-campus EPIC space that will be 24/7 available. The teams will have access to the common space to work on their startup ideas to develop and refine their products and services. Additionally, lab space in the basement of the MB will be available for EPIC residents to use for the duration of their residency. Lastly, conference rooms will be available for the teams to reserve and use free of charge.
Every month the teams will be evaluated based on their progress by a panel of experts. The evaluations will be used to provide the teams with regular and impartial feedback, as well as help the teams improve their presentation skills. Evaluations will be used to make a decision on whether the teams will keep their resident status, as well as on providing seed funding for the next stage of startups’ development.
The Center will provide mentorship and coaching opportunities for the teams. Both group and one-on-one mentoring sessions will be organized regularly. Technical and business mentors will be selected to match the needs of each team.
The teams that have made significant progress can be awarded a non-repayable EPIC Seed Grant from Michael Agbabian Seed Grant Fund or a stipend to allow team members to fully focus on their startups.
Peer learning and mentorship is a significant aspect of the development process. Teams will provide weekly updates to their cohort and program managers. This will also be an opportunity to ask for help and pose any questions that the teams may have. Peer mentorship will also be instituted to encourage residents to help each other critically assess their ideas and progress.
EPIC will organize workshops, guest lectures, and seminars for resident teams. The topics will vary depending on the needs of the teams and availability of guest speakers/experts. Also, networking events will be organized for the teams to meet angel investors, venture capitalists, and like-minded individuals.
Generally, AUA or EPIC will not own IP created during teams’ residency period. However, if significant AUA resources are used during the idea development and incubation stages, AUA may own the IP. However, to make the process transparent for all parties, EPIC management will communicate directly with the team if there are potential IP (co)owning / licensing prospects.
AUA Entrepreneurship and Product Innovation Center (EPIC)