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Startup companies admitted to the TAP building will be required to participate in the Mtech Ventures Program. This program guides the startup company through a phased Lean Startup process:
Phase 1: Team formation. Two week I-Corps. Start customer discovery. Overall feasibility assessment.
Phase 2: Eight- week I-Corps with founding team. Customer validation. Identify a repeatable and scalable business model that can deliver the volume of customers required to build a profitable company. Build and validate Minimum Viable Product (notional prototype).
Phase 3: Customer Creation. Build end-user demand and drive into sales channel. Build sales and marketing teams.
Phase 4: Graduation day. Commercial launch.
At each phase, the company will be guided by Mtech Ventures staff, mentors, and Entrepreneurs-in-Residence (EIRs). Companies will be provided with necessary training, workshops, resources, and tools to achieve mutually agreed milestones. Examples of these resources are Lean Startup/I-Corps (NSF) workshops, legal and accounting services from a pool of professional service providers, and support for TEDCO (MII) and Federal (SBIR/STTR) grant applications.
Mtech staff, mentors, and EIRs will work with the company to set mutually agreeable milestones and deliverables. Progress will be reviewed periodically and adjustments made accordingly. At Mtech ‘s discretion, a company may be asked to terminate the “License for Use of Space” in the TAP building if the Company refuses to follow the guidance provided by The Program team.
All companies are expected to graduate from The Program in 2 years, with a 1 year extension in special circumstances.