Our winter application cycle is now closed.
Our summer application cycle will open June 1, 2012.
Idea Transformation Fellowship Program: Selection Process
Before entering the Idea Transformation Fellowship Program, applicants pass through a four-round evaluation process. This process occurs in semi-annual cycles, with application cycles open Dec 1 - Jan 15 and June 1 - July 15.
The selection process is competitive; all applicants in each cycle are evaluated against each other. After each round, the applicants are notified via e-mail as to whether they will continue on in the evaluation process. We typically receive 20-25 applicants per cycle (40-50 applicants per year) and have invested in an average of 10 businesses per year.
The members of the selection committee are executives who possess commercial experience and market savvy as well as specialists with mastery of the technical intricacies of a specific technology focus area.
Round 1: Initial Evaluation
The first round identifies applications that express appropriate ideas and market focus, are adequately completed, and are otherwise eligible to continue in the process.
Round 1 takes approximately two weeks to complete.
Round 2: Competitive Landscape Analysis
During round 2, Idea Foundry conducts a thorough analysis of the market and competitive landscape for each applicant’s business. We assess market opportunities, identify competitors, and follow pertinent industry trends. We share these findings with each applicant—regardless of whether the idea moves on to later rounds—so that even the companies we ultimately turn away can benefit from our analysis.
The length of Round 2 depends on the number of applicants but typically takes approximately 2 months to complete.
Round 3: Due Diligence & Workplan Formation
The applicants that emerge from Round 2 are those that Idea Foundry has selected to work with, and the evaluation process is essentially complete. During Round 3, the tables get turned and the applicant has an opportunity to evaluate us. Working closely together, Idea Foundry and the applicant form a workplan detailing the services Idea Foundry will perform during the Fellowship Program. These services are designed to leverage our skills and experience to fill whatever gaps the applicant’s business currently has and to take the business to the next level. The applicant can evaluate the resulting workplan to determine whether to continue with the investment and enter the Fellowship Program.
During this process, Idea Foundry conducts due diligence on the applicant’s business to ensure that any outstanding legal or IP obstacles to the investment are properly resolved. This also includes finalizing budgets and milestones and tailoring the legal agreements accordingly.
Round 3 proceeds at the applicant’s own pace, typically lasting about 1 month.
Round 4: Signing the Papers
As the final stage, Round 4 simply consists of signing the paperwork. We’ll issue the first investment check and hold a kick-off meeting to begin delivering the services outlined in the workplan.
Generally the entire selection process takes 3-4 months.