What is FPF Incubation Programme?
Business incubators nurture the development of entrepreneurial companies, helping
them survive and grow the idea to MVP stage for Start-Up’s, when they are most
vulnerable. These programs provide their client companies with business support
services and resources tailored to Idea stage Start-up’s. The most common goals of
incubation programs are creating jobs in a community, enhancing a community’s
entrepreneurial climate, retaining businesses in a community, building or
accelerating growth.
FounderPassion Foundation is more than office space, we’re looking for
Entrepreneur aspirants who are entrepreneurial, growing firms with an emphasis on
innovation around technology. Companies who would both benefit from and
contribute to a community sense of collaboration would be a good fit for the
Incubator. Simply click here and submit the short form telling us about your
company. We will then contact you to arrange a meeting.
You should be a citizen of India and you can be from any state to apply for our
program.
We’d enjoy showing you around the facility and introducing you to some of the
remarkable people who make the project a community. Just give us a call at +91 6369601422
Our resident companies benefit from a professional workspace, 24hr building
access, in-kind office hour support (accounting, legal, marketing, finance, etc),
business development and sales coaching, free access to events, resources,
exposure, and other supports where possible.
Yes, the FPF is available to be booked for community events as long as the event
does not conflict with the FPF programmes. Check our Room Booking Page for
prices and availability.
FPF network will allow the startup teams to take advantage of Infrastructure, Support
services, mentoring sessions, on-demand expertise, grants and additional avenues
for funding.
We solicit all the ideas that cater to new technologies or new business models or
both which can be highly scaled (Exponential).
Your idea submission should include details such as – customer problem/pain-point,
solution and value-proposition, targeted customer segments and addressed market
opportunity apart from basic information about you and your team (if applicable).
The following are the criteria (not limited to) used to select an idea:
- Addresses the clear pain point or need of a customer
- How the idea addresses the identified pain point
- Potential market of the opportunity
- Size of the market for the opportunity
One of the objective is to be agile and give any return (Go or No-Go) with arguments
and fast. The FPF Business incubation team will select the ideas.
There are 5 different steps:
Step 1: Ideation
Step 2: Incubation and Prototyping
Step 3: MVP Validation
Step 4: Grant/Seed Fund
Step 5: Next level growth
Depends on the maturity of the idea (from 1 month for the ideation phase up to 12-36
months including business prototyping and start-up development phase)
Currently we are based out of Coimbatore and You will have to work out of our
incubator here. If we extend our offices to other locations, you can use other
locations on need basis. If there is a business need we have other community
partner locations where we can help you work for short period of time.
You will receive an intimation from Business incubation team on the progress and
status of ideas.
If IP is developed before or during the incubation program, it will be transferred to the
new business once it is created.
If you have a great idea, but do not want to risk working on the idea, you can still
share the preliminary details of the idea with the incubation team or identify a person
who could execute on your behalf.
We encourage you to contact the business incubation team if you want to be either a
cofounder of a Start-Up. You can also volunteer for our Incubator.
How will be my life at FPF Incubation?
We encourage you to contact the business incubation team if you want to be either a
cofounder of a Start-Up. You can also volunteer for our Incubator.
What are the roles/ responsibilities of the idea owner and incubation core
team? What support does the business incubation team offer to potential
entrepreneurs?
The below table maps the roles/ responsibilities of the Incubate and incubation core
team with the relevant support offered by the business incubation team:
About each stage of Business Incubation process
• Ideation
If you have a great idea, submit your idea(s) here . Once you have filled the
application form for the idea, based on the potential of the idea the evaluation
committee will either accept the idea to move to the next stage or reach out to the
idea owner to further build on the idea. The apply link in the website is open all
through the year. Apart from this, there will be campaigns organized to address a
specific topic.
• Incubation and Prototyping
Once the idea is approved for incubation during the idea review meeting, the idea
owner needs to form a core team (with support from the incubation team).
Thereafter, the core team works together full-time over a duration of 3-6 months to
derive a comprehensive business case/ business plan.
MVP Validation
The MVP Validation phase will be 5 intermediary stages such as:
Early Customer development
Product feasibility
Business viability
Execution plan to validate the Minimum Viable Product.
Customer validation of MVP
Seed
The business case is reviewed by the investment committee (comprising of Venture
team, relevant business owners to determine whether the incubation receives initial
seed money from the committed seed fund. The amount of seed money depends on
the scalability of the business plan presented by the core team.
There could be grants from Government or other organisations which can be availed
by the Start-Up’s. We will facilitate the process according to the regulations of the
grant authority.
Next Level growth
After raising initial seed money, the newly formed venture (former incubation core
team) works like any start-up striving to grow and meet the needs from the investors.
Knowledge: Through start-up talks and conferences, the entrepreneurs
receive useful information and knowledge that can be applied to their
companies. Topics range from problem discovery to fundraising, including
growth hacking, UX design, leadership, project management, among many
others depending on the companies needs.
Mentorships: “Been there, done that” entrepreneurs, CEOs, investors and
other specialists offer expertise in their field to give companies guidance and
advice. There is no better way to get access to knowledge and insights than
tapping into experienced people.
Exposure. Working closely with local, national and international media, we try
to help our companies publish featured articles, as well as connecting with
entrepreneurship events and facilitate networking environments.
Infrastructure. Located in Coimbatore, Tamil Nadu, India you get access to
office space with Internet connectivity, meeting rooms and other facilities,
where many other Start-up’s and entrepreneurs interact and develop their
technological projects.
Talent Pool Access. By being a part of FounderPassion Foundation, each
Start-Up can benefit from the students in the institutions we work with through
internship programs.
The program expects you to participate proactively and physically in the incubation
program during your incubation period. Attend all the mentorships, talks and events
organized by FPF. It is expected that you follow a timeline and strategic plan that you
design.
We strongly suggest to concentrate your efforts in growing your company. During the
stay, entrepreneurs should seek to achieve their goals, and use the Incubator
support to leverage your plan.
A term sheet is a bullet-point document outlining the material terms and conditions of
a business agreement. After a term sheet has been “executed”, it guides legal
counsel in the preparation of a proposed “final agreement”, which in this case if the
Stock Purchase Agreement (SPA). The SPA is a contract to transfer ownership of
stocks from the seller to the purchaser.
The key provisions of a stock purchase agreement have to do with the transaction
itself, such as the date of the transaction, the number of stock certificates, and the
price per share.
It is very important that you check both documents before signing up. Those might
include more complete conditions of the relationship between the Start-Up, the Seed
Fund investor & the Incubator.
The entrepreneur. The incubator only provides guidance, mentoring, preparations
and access to its networks, that includes potential investors to help entrepreneurs do
their fundraising activities. However, it is totally the entrepreneurs’ responsibility to
search and look for future funding.
In order to be introduced to potential investors from the accelerator network, the
company has to address the basics for fundraising.
No. A founding team cannot apply to more than one Start-Up per Incubation
program. The restrictions listed in the Terms and Conditions limit any team from
receiving funding for two Start-Up’s at the same time. We also ask for total
dedication to your Start-Up throughout the duration of the program, something that
will not be feasible while working on two Start-Ups.
We don’t screen applications just because they have a single founder, it does make
things more difficult. We strongly advise you to seek for co-founders who will balance
your skillset.
We don’t require a complete business plan/model for the application. But during the
personal discussion during your application review stage you might have to explain
in detail so that you get enough support from the panel.
From idea stage to early stage start-ups that are developing their MVP until they
start selling.
We don't usually sign a NDAs with entrepreneurs/investors because we have lot of
ideas that come along on daily basis. Signing an NDA might hinder us from working
with future teams who have similar ideas. However, our intention is to support Start-
up’s grow faster and stable during the Idea to MVP (Prototype) Stage which will
never go against the interests of entrepreneurs.