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Transcript of SEED
Tech Industry Meetup
Seed Team and Funded Startup
Shared Administrative Equipment and Conference
Board of Directors
Certified Instructors, Local Talent, Mentors
Master / Apprentice
Volunteer and Intern
Startup: $212,000 =
$10,000 x 10 teams (local funding/grants)
+ $80,000 staffing
+ $8,000 marketing
+ $5,000 pipeline events
+ $12,000 rent
+ $6,000 Global Accelerator Network membership
+ $1,000 LaunchPad Central licensing
$106,000 Local investment
+ $106,000 WEDC match (up to $350,000)
Perpetual Funding will be provided by:
Investors select teams
"Accelerated Technical Entrepreneurship, Apprenticeship & Training Labs"
Students work with accelerator team
2 x 10 teams ($10,000ea)
12 week program
Lean Startup Business Model
Our focus and intent are focused on individuals pursuing entrepreneurial ventures in the industry in order to bring awareness of the best practices in entrepreneurship to the participants
MKE EL grads
NE WI Meetup Groups
Program Schedule (subject to change):
Week -8 to -4: Applications
Week -4: Identify top 20
Week -3: Identify top 10
Week -2: Final selection
Week -1: Startups move into co-working space
All Program Weeks: Weekly founders lunch (teams briefly state "what we did last week", "what we'll do this week", and "our hurdles are...".; weekly 30 minute Managing Director/Team meetings; optional weekly lunch session (various topics); weekly dinner session (e.g. UI/UX Best Practices, Building a Sales & Marketing Machine, Scaling a Business); meeting with mentors and mentor presentations
Week 1: Orientation, establish team companies, assignment of IP, establish bank accounts, initial web presence, “How to Build a Startup” course on Udacity.com, mentors introductions, first pitch (no outsiders). Each startup receives
Startup Owner’s Manual
written by Steve Blank and
Business Model Generation
written by Alexander Osterwalder
Week 2: Customer discovery workshop, Lean business model, hypothesis testing, guest speaker, 25 customer contacts, meet with mentors, pitch practice (with mentors)
Week 3: Job-to-be-done workshop, customer segment testing, get-keep-grow, 25 more customer contacts
Week 4-10: Story telling practice, MVP Build, Metrics that Matter, 25 more customer contacts, pitch practice (with mentors)
Week 11: Above plus investor sneak peek
Week 12: Same as 4-10, last week with mentor meetings
Week 13: Final pitch practice, dress rehearsal pitches to alumni, angel investment education seminar
As scheduled: Pitch to angel investment firms for additional funding
Startups that are accepted into the program will be required to complete a series of milestones as well as make a final pitch to the Managing Directors before they receive their funding. Because we are not taking equity in the startups we need to ensure that each participating startup has a stake in the program. Requiring each to reach weekly milestones ensures that the startup and its founders are engaged on a regular basis.
Mentors and Advisors
Mentors are individuals who have committed to working with a team one on one for the length of the program.
Advisors are individuals who stop by on occasion or hold workshops for the cohort as a whole.
Global Entrepreneurship Collective, Inc (GEC, non-profit)
76 seats @ $12,500ea ($950k)
5-6% equity stake per seat
Fraction of investment covers operating expenses
Pitch for additional funding
Funded startups move
into co-working space
Dropout (financial, etc.)
Software tool to track the progress of each startup as they work through the program. Designed around Steve Blank’s Lean Startup Methodologies. Teaches students the best practices of running a business. Holds startups accountable for the various metrics that they are required to reach. WEDC staff and program managers provided startup progress access.
Curriculum guided by available and emerging technology, regional needs, strategic economic growth
Curriculum identified and selected by Skills & Needs Analysis Committee
provided by FCEDC
Full-time, 4 days/week
Compensated with equity stake in startup, pay from startup, or by Dept. of Labor ($8/hr)
1 year, 7mo tracks
3 in classroom
4th with seed team
Purposes: To serve local businesses; to develop (often tiny) missing skill sets and talent; bridge the gap between graduation and hire (offer experience); to serve as an extension of other educational programs - with a focus on technology and immediate responsive programming.
How is the tech academy different than tech schools?
Can "pivot" (change) quickly, according to regional and market demands
Guaranteed placement. All students are placed with a startup (at a minimum).
Dept. of Labor pays students for their time in the Labs. Likely state or profit sharing with startup.
Will students be placed in all Labs each session?
Not necessarily. Labs are categories of available funding. For instance, Vetransfer teams are eligible for veteran grants.
Ideally, 10 teams will be selected each session. Those teams can go into one or more of the Labs.
Purposes: To create new companies from new technology and tech platforms. To generate products that bring revenue to Wisconsin. To increase NE WI employment. To earn NE WI a reputation for being a leading technology development area in the U.S.