Business Accelerator Program - Business Owners

Printer-friendly version

Program Information

Teams for January 2013
Collaborators
Resources

Contact Information
Mauvalyn Bowen, PhD
Phone #: (612) 624-3578
Email: bowen075@umn.edu

Benefits & Time Commitment

Benefits

  • Access to an Advisor with the experience and expertise to help drive growth
  • Access to an MBA student capable of conducting an accounting/finance, marketing, or operations consulting project
  • Access to a select group of business owners from a diverse range of industries
  • Access to subject-matter experts on growth-related topics

Time Commitment (Approximately 100 hours)

  • Kick-off event and Assessment Workshop (3 hours)
  • Monthly workshops (10 hours)
  • Peer Group Meetings (5 hours)
  • Monthly Team Meetings (15-20 hours)
  • Meeting Prep & Project Work (50-60 hours)
  • Closing Ceremony (3 hours)

How It Works

Each selected business owner is matched with an Advisor and a grad student, who work as a team to assess the business’s current situation, identify specific growth goals to work on, develop a plan of action, and then put the work in to reach these goals. While the Advisor guides the growth process, bringing in people from his/her network for additional support, the student provides hands-on assistance on a specific research project. To further accelerate growth, the business owners also meet on their own to share experiences, ideas, and connections, while also hearing from subject-matter experts on relevant growth topics.

Download full-size image (GIF)

For a more detailed overview of this process, click here.

 

Selection, Expectations, & Application Process

Selection Criteria

  • The business must be facing a specific growth challenge in accounting/finance, funding, marketing or operations
  • The business must have annual revenues between $750,000 and $15 million
  • The business must have at least 3 employees
  • Applicant must be the founder/owner of the business
  • Applicant must be fully committed to the business and working on it full-time
  • Applicant must be open to new ideas and willing to take constructive feedback

Expectations

  • Attend all Business Accelerator Program events and workshops (Please refer to schedule for specific information).
  • Meet with team at least 1x/month.
  • Be very clear in what type of assistance/guidance you are looking for.
  • Understand that you drive the process (i.e. schedule meetings, create agendas, etc.).
  • Prepare for all meetings/calls ahead of time.
  • Be professional, open, and responsive to your team.
  • Understand that your advisor and student are volunteering their time to help you. 
  • Be respectful of any referrals/contacts made by advisor and/or program manager.
  • Sign “Acknowledgements and Release from Liability” form and “Non-disclosure agreement.”

Application Process

  1. Complete an online application.
  2. Most promising candidates are selected for an interview, during which the following must be submitted: most recent financial statements for the last 3 years and any other available documents (i.e. business plan, marketing materials, press coverage, etc.).
  3. Top 10-12 applicants are selected.

Cost: $599 per business