Details

CHALLENGES OVERVIEW

The New Ventures Challenge 2021 startup competition is accepting applications into four pipelines covering Health/Wellness/Nutrition, AgTech, B2B Software, and Come Up for Minority Founders. Qualifying companies will range from formative inception to early-stage technology enabled companies, typically before raising a Series Seed financing round.

Selected teams will benefit from Flywheel’s success over 5 years developing curriculum focused on current skills in technology, marketing, leadership, operations, and finance. In addition to pre- and post-revenue startup teams and companies, student teams from accredited higher education institutions are encouraged to apply. Refer to eligibility requirements and terms for more information.

The core curriculum is delivered virtually through our Learning Management System, supplemented with virtual and in-person cohort sessions with subject matter experts and mentors.

ABOUT THE ACCELERATORS

Teams that advance to the accelerators qualify for an average investment of $50,000 based on progress toward milestones.*

WINNING THE CHALLENGE INCLUDES ACCEPTANCE INTO ONE OF THE FOUR FLYWHEEL NEW VENTURES ACCELERATORS.

The Accelerators are an intense three-month program through which startups develop ideas into investor-ready functional business models. Teams are taken through a lean-startup method with weekly workshops and agreed upon milestones.

The educational program that accompanies the investment and mentorship is one of the most important ways that the Accelerator’s management team can positively influence startup success. Our Learning Management System allows self-paced curriculum delivery coupled with a hybrid cohort experience combining virtual and in-person sessions with mentors and industry experts.

Flywheel’s principals and New Venture Investors are involved at every step. Because of the pressures on founder time and founder focus, it’s critical that the education program consist of only the most relevant topics, covered in a concise way that is easily and immediately applicable.

*Please refer to Terms and Conditions before applying.

WEEKLY OBJECTIVES
AND MILESTONES

WEEKS 1-4

Focus is placed on both refining the business concept and value innovation (making the competition irrelevant). Emphasis is on the business idea development and understanding core concepts of product and customer portfolios, market position and Blue Ocean strategies.
Key milestones at the conclusion of Week 4 include first development steps toward design of an MVP (or next iteration) and meeting needs of early adopters .

WEEKS 5-8

Focus is on building and testing Minimum Viable Product (MVP) in the form of functioning software, infrastructure and/or device prototype. This phase involves structured interactions with early adopter and customers, continuous refinement of MVP, and confirmation of customer and market channels. The key milestone for this stage is defined as an MVP and initial customer acceptance.

Informing Customer Relations: Networking, Pitch Practice, Marketing, Sales and Service, Communications, PR and Branding
Key Concepts: Strategic Alliances, Colllaboration, Industry Clusters, Resource Sharing, Co-Branding, Purchasing Partnerships, Co-Production

Critical path toward Week Six milestones.

WEEKS 9-12

Focus continues on building and testing MVP and preparing for Demo Day. Emphasis on metrics and validation that founders have created an attractive business concept, a strong organizational plan, are developing good client/customer relations, and will achieve profitable operations.

Informing Customer Development: Partnerships, Pitch Practice, Sales Process Chain, Sales Activity Plan, Sales Arguments, Sales Objections
Key Operational Concepts: Financials, Production and Delivery, Funding and Internal Process Systems

Critical path toward Weeks Ten and Twelve milestones.

RESIDENCY: WEEKS 13-20

Follow-up residency allows teams to continue receiving guidance, sales and marketing coaching involvement from mentors as they develop market traction and scale thier customer base. Teams benefit from the financial support in the form of initial equity investment, but also the quality of the Accelerator's domain, legal and infrastructure support, a strong mentorship network, and robust relationships and seed investors.