| 211 Warren Street l Newark, NJ 07103 l 973.353.0611 l www.ifelnj.org |
Requirements and Selection
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endeavor to grow your business. If you meet the requirements as
outlined, we encourage you to apply for admission to the IFEL
Accelerator program.
Requirements
The prospective participants must:
Through the application process we will also look for evidence of
certain business characteristics, including:
After an applicant has undergone an initial screen, a final
determination regarding acceptance into the IFEL Accelerator
program is based on demonstrable evidence of the business
characteristics as listed above and ability to meet the five criteria
described below.
1) The strength of the business model.
Does the business model describe the uniqueness of the
business’ value proposition to its customers? Is there a clear path
to profitability? Is there a sufficient customer base? Does the
business have the long-term potential to employ a significant
number of people and generate significant revenues? Does the
entrepreneur have a complete plan that has sufficiently addressed
market, operational, management, financial and strategic issues?
2) The character of the entrepreneur.
Does the entrepreneur have the management potential to grow and
run a business that will be significantly larger than what it is today?
Is the entrepreneur receptive to consulting and technical
assistance? Is the entrepreneur open to change? Has the
entrepreneur demonstrated perseverance and “stick-to-it-
iveness”? What industry experience and/or general business
knowledge does the entrepreneur have?
3) The fit of the entrepreneur and business with the incubator.
Can the incubator have a positive impact on the long-term growth
prospects of the business? Do the business and its products and
services have the potential to be a positive influence on the
incubator’s community? Does the entrepreneur seem ready for the
financial and programmatic requirements of the incubator, and of
surviving the start-up phase of a business? How will the applicant
interact with other participants and can the applicant business
successfully operate within the framework of the IFEL program?
Companies that are directly competitive with any of our current
resident-clients may be referred elsewhere.
outlined, we encourage you to apply for admission to the IFEL
Accelerator program.
Requirements
The prospective participants must:
- have revenues less than $2 million at the time of application
- be a “for-profit” enterprise
- be New Jersey based
- demonstrate need which is unmet by existing resource
providers - demonstrate the potential to gain and/or provide a benefit
from the relationship with IFEL and willingness to contribute
to the respective IFEL and local communities
Through the application process we will also look for evidence of
certain business characteristics, including:
- Strong opportunity for profitability
- Founder with a strong vision/viable business model
- Opportunities for growth and/or value enhancement
- Defensible market position
- Growth industry / strong local market opportunity
- Competitive advantages
- Long term sustainability
After an applicant has undergone an initial screen, a final
determination regarding acceptance into the IFEL Accelerator
program is based on demonstrable evidence of the business
characteristics as listed above and ability to meet the five criteria
described below.
1) The strength of the business model.
Does the business model describe the uniqueness of the
business’ value proposition to its customers? Is there a clear path
to profitability? Is there a sufficient customer base? Does the
business have the long-term potential to employ a significant
number of people and generate significant revenues? Does the
entrepreneur have a complete plan that has sufficiently addressed
market, operational, management, financial and strategic issues?
2) The character of the entrepreneur.
Does the entrepreneur have the management potential to grow and
run a business that will be significantly larger than what it is today?
Is the entrepreneur receptive to consulting and technical
assistance? Is the entrepreneur open to change? Has the
entrepreneur demonstrated perseverance and “stick-to-it-
iveness”? What industry experience and/or general business
knowledge does the entrepreneur have?
3) The fit of the entrepreneur and business with the incubator.
Can the incubator have a positive impact on the long-term growth
prospects of the business? Do the business and its products and
services have the potential to be a positive influence on the
incubator’s community? Does the entrepreneur seem ready for the
financial and programmatic requirements of the incubator, and of
surviving the start-up phase of a business? How will the applicant
interact with other participants and can the applicant business
successfully operate within the framework of the IFEL program?
Companies that are directly competitive with any of our current
resident-clients may be referred elsewhere.
| The Institute for Entrepreneurial Leadership |