Business Accelerator Program Process Overview

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Program Information

Teams for 2013
Collaborators
Resources

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

Phase 1: Intake

  • Business owners submit applications
  • Initial assessments are conducted
  • Committee interviews most promising candidates*
  • Committee selects top 10-12 candidates
  • Each entrepreneur assigned an Advisor and U of M grad student

*An important note: In order to be considered for the program, applicants must submit their most recent financial statements or tax returns, and
if available a strategic and/or business plan. This data will help us better understand your business situation, as well as enable us to report later
on the results and impact of the program. To protect your confidentiality, we store all client information and only use combined data in our reports.
No company's information will ever be identified or reported individually.

Phase 2: Team Check-In

  • Entrepreneur & Advisor speak/meet to determine if match is a good fit
  • Team notifies program manager of final decision
  • If team decides to move forward...
    • Team signs NDA and submits to program manager
    • Entrepreneur sends Advisor most recent financial statements and any other relevant documents such as a strategic and/or business plan

Phase 3: Kickoff

  • Business Accelerator Program participants meet and network
  • Program manager discusses program, tools and expectations
  • Business Accelerator Program Alumni share stories

Phase 4: Assessment Workshop

  • Teams attend workshop, in which facilitator guides teams through assessment
  • Advisor helps entrepreneur identify personal and business strengths, weaknesses, and goals
  • Advisor provides feedback and suggestions on how to accelerate growth
  • Teams identify Business Accelerator Program goal(s) – including student project

Phase 5: Planning Workshop

  • Teams attend workshop, in which facilitator guides teams through planning process
  • Plan will outline:
    • 1-2 realistic and measurable goals (which includes student project)
    • Action-steps that should be taken to reach these goals
    • Additional resources available to help achieve goals
    • Timeline indicating when each step and goal will be completed

Phase 6: Acceleration

Team Project Meetings (1x/month)

  • Team meets at least once a month to discuss progress
  • Advisor and program manager help connect entrepreneur to additional resources

Peer-Group Meetings (1x/month)

  • Entrepreneurs meet monthly as a group to share experiences, ideas and connections
  • At each session, 2 entrepreneurs present growth-projects and present key question/issue to the group for feedback

Phase 7: Closing Ceremony

  • Teams attend ceremony to celebrate successes and "graduate" from program

Phase 8: Evaluation

  • Entrepreneurs submit a final evaluation to track short-term impact
  • Entrepreneurs submit yearly evaluations thereafter to track long-term impact