Venture Acceleration Program
Are you a tech company looking to commercialize your technology?
About the program
Venture Acceleration Program
Are you a tech company looking to commercializeThe process of introducing a new product or production method to market. your technologyScience or knowledge put into practical use to solve problems or invent useful tools.? Our VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program connects you to a group of business and technology expertsA person with extensive knowledge or ability based on research, experience, or occupation and in a particular area of study. to take your idea further. The program helps entrepreneurs accelerate the process of defining a proven business model based on a set methodology and set of best practices for growing technology companies.
The Venture Acceleration Program is delivered by a team of Executives in ResidenceA person who typically is or has been a successful entrepreneur in a venture capital firm, private equity firm, startup accelerator, law firm or business school. This person works with technology companies through mentorship and guidance to grow their idea or business. (EIRs) and supported by a province-wide network of partners and entrepreneurs. Together they make up the BC Acceleration Network (BCAN), an alliance of regional partners and executive-level mentors.
Delivery Partners:
Greater Victoria
VIATEC
Victoria, B.C.
Web: www.viatec.com
Email: rbennett@viatec.ca
Phone: +1 (250) 483-3214
Central/Northern Island, Sunshine Coast & Gulf Islands
InnovationA new method, idea or product. Island
Nanaimo, B.C.
Web: www.innovationisland.ca
Email: info@innovationisland.ca
Phone: +1 (250) 753-8324
Lower Mainland & Fraser Valley
entrepreneurship@UBC
Vancouver, B.C.
Web: www.start.entrepreneurship.ubc.ca
Email: info@entrepreneurship.ubc.ca
Phone: +1 (604) 822-0600
Foresight Cleantech Accelerator Centre
Burnaby, B.C.
Web: www.foresightcac.com
Email: jjackson@foresightcac.com
Phone: +1 (604) 245-0042
New Ventures BC
Vancouver, B.C. / Province-wide
Web: www.newventuresbc.com
Email: contact@newventuresbc.com
Phone: +1 (604) 602-5202
VentureLabs
Vancouver, B.C.
Web: www.venturelabs.ca
Email: info@venturelabs.ca
Phone: +1 (604) 729-4747
Okanagan Valley
Accelerate Okanagan
Kelowna, B.C.
Web: www.accelerateokanagan.com
Email: contact@accelerateokanagan.com
Tel: +1 (250) 870-9028
Kootenays
Kootenay Association for Science & Technology
Rossland, B.C.
Web: www.kast.com
Email: info@kast.com
Tel: +1 (250) 362-5052
Central Interior B.C.
Kamloops Innovation
Kamloops, B.C.
Web: www.kamloopsinnovation.ca
Email: info@kamloopsinnovation.ca
Tel: +1 (250) 434-0200
North Central B.C.
Innovation Central Society
Prince George, B.C.
Web: www.hubspace.ca
Email: executivedirector@hubspace.ca
Tel: +1 (236) 423-0113
Your Application
Steps to apply
If you are interested in applying to the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program please reach out to the delivery partner in your region.
For additional information, contact programs@innovatebc.ca
Program eligibility
TechnologyScience or knowledge put into practical use to solve problems or invent useful tools. entrepreneurs are accepted for participation in the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program based on several factors, including:
- Product validity
- Market opportunity
- Drive and ambition
- Team talent
Your program delivery partner will determine the application process which may include:
- A program application
- A formal evaluation form
- Pitching to a rountable of EIRs
- One-on-one interviews
- References
Selection decisions are made by program delivery partners within the BC Acceleration Network.
What kind of technology companies qualify for this program?
We recognize that use of the term technologyScience or knowledge put into practical use to solve problems or invent useful tools. is wide and varied. For the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program, technology is defined as products and productized services, with engineering attributes in advanced communications technologies, digital media and web, electronics design and manufacturing, software development, mechanical and industrial technologies and other advanced engineering disciplines. We’re especially interested in supporting companies that are developing technologies aimed at target markets and target customers that are aligned with the Province of British Columbia’s key industry sectors. If you’re not sure whether your technology qualifies, please reach out to a partner in your region or contact us.
How much does the Venture Acceleration Program cost?
Entrepreneurs pay $200 per month towards the cost of the program. This is excellent value, considering that the market value of executive-level consulting fee rates for comparable services is in the range of $2000-$3500 per month.
How long is the program?
There is no set length of time for participation in the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program. Depending on your product and market and the challenges that emerge on the path to success, the length of time you remain involved in the program will vary. As long as you remain committed to the process and you’re making progress towards objectives, you may stay engaged with program resources.
What’s the role of Executives in Residence (EIRs)?
EIRs are the primary point of contact for a participant in the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program. Their role is to guide entrepreneurs in alignment with the Venture Growth Model. They provide structured management oversight and guidance. This is based on the specific domain knowledge or management expertise needed to optimize the entrepreneur’s success.
How is the Venture Acceleration Program different from other accelerators?
EIRs are a distinct feature in the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program. Companies tell us that having an experienced EIRA person who typically is or has been a successful entrepreneur in a venture capital firm, private equity firm, startup accelerator, law firm or business school. This person works with technology companies through mentorship and guidance to grow their idea or business. as an active member of their management team is hugely valuable. Your EIR will help you define objectives and move towards them by committing to regular performance targets.
What can I expect from the program?
The VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program provides startupA company initiated by individual founders or entrepreneurs to search for a repeatable and scalable business model. entrepreneurs with focus, resources and guidance. You will benefit from:
• Collaboration, work-plan development and formal management oversight
• Coaching through the Venture Growth Model from experienced EIRs.
• Assistance in overcoming tactical and strategic challenges.
• Weekly status reviews and a series of quarterly performance updates
What kind of training do your EIRs have?
Our EIRs all have extensive experience in entrepreneurship and the tech industry. In addition, they receive training through the program itself in the use of the VentureA new business activity. Growth Cycle to grow a technologyScience or knowledge put into practical use to solve problems or invent useful tools. company.
Will we get office space?
Office space is available through some of the regional delivery partners; others offer a virtual environment. Check out what is available through the delivery partner in your region.
Do I have to give up equity in my company?
No. You do not have to give up equity in your company to join the VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program. If you decide to seek venture capital to grow your company, your EIRA person who typically is or has been a successful entrepreneur in a venture capital firm, private equity firm, startup accelerator, law firm or business school. This person works with technology companies through mentorship and guidance to grow their idea or business. can help prepare you for that process and guide you through it.
Is additional funding available?
The VentureA new business activity. AccelerationA fast-tracking of progress towards one’s goal, with the support of outside experts, support or infrastructure. Program does not provide financial support to individual companies. The program will help you accelerate the process of defining a proven business model for sustained profitability. This will be very helpful in attracting financing from a variety of sources including angel investors and venture capital if needed. Partners in the BC Acceleration Network have direct relationships with a variety of sources of capital and can help you connect to sources of funding.