How would you like to be part of a 90-day startup accelerator program, that could result in start-up financing for your business idea?
The coIN Loft, Delaware’s first coworking space, has invited entrepreneurs from Delaware and the immediate surrounding regions to apply to be a part of BetaFish, which will result in five businesses receiving up to $8,000 in seed capital.
How BetaFish works:
Interested parties email betafishde@gmail.com for an application, then submit the application with $25 application fee, payable to The coIN Loft.
BetaFish will invite fifty initial applicants to planning days, the first of which is scheduled for Wednesday, June 9, from 6-9pm at The coIN Loft, 300A W. 9th St, Wilmington, DE. Planning days will be scheduled for Wednesdays and Saturdays, and competitors must attend at least one (and are welcome to attend all) of the planning days.
During these semi-weekly planning sessions, BetaFish will work with applicants to refine their ideas around three key elements: (1) Can they “build” the business in 90 days; (2) Can they find at least one person willing to buy it in 90 days; and, (3) Can the business rapidly grow without failing to deliver its value propositions or exceeding budgetary projections, and exist within a browser or mobile device.
Desirable collaborations will be facilitated during the planning period.
BetaFish will work with applicants to identify the budgetary and infrastructure needs of the business and write a straightforward business plan that includes marketing, competitive analysis, and a top consumer list. (Factors that determine the level of seed capital an applicant is eligible for include: infrastructure needs and the complexity of the product being proposed. Businesses that require a team larger than three people to start up will not be considered, for budgetary reasons.)
Applicants will polish their pitches into 7-minute slideshow-based presentations to be given to an audience of angel investors, well-known local business people and other stakeholders in July. The pitch party will help narrow down the applicants to ten, and these finalists will have an opportunity to make one-on-one pitches to confirmed angel investors.
The investors will work with BetaFish to finalize the five seed capital recipients, and these five businesses will move toward launch. The five winning teams will, in turn, become members of coIN, with a minimum three-day-per-week membership commitment. By mid-November, these businesses’ products will be ready for either beta-testing or rollout.
