An accelerator program managed by a governmental entity

Fail

The Problem

This client has been tasked with  promoting innovation and entrepreneurship in ICT and its applications. Every year, they organize two accelerator program rounds in five different cities in Egypt. In 2019,  they contracted  Acumen Consulting to manage and deliver the accelerator in Alexandria due to Acumen’s history in successfully managing similar projects.

Approach

The Approach

The Accelerator program for Acumen was a three phase project: curriculum design, training material delivery, and technical and business mentorship.

Since all participating startups in the program must be related to the ICT sector, a number of considerations were taken to customize a more tailored program. The Lean Startup Cycle was incorporated as an integral philosophy to be adapted by participants for the product innovation and market research exercises. The marketing module was heavily focused on up to date digital marketing techniques that are adopted by leading tech giants likes Google, Amazon, Facebook, and Netflix. The delivery of the program content is a mix of lectures, in class exercises and readings. Sessions are highly interactive having intra and inter group participation. The progress of participants is evaluated throughout the duration of the program via three business mentorships sessions and one technical session. Business mentorships, led by Acumen’s team of expert business consultants, evaluate every aspect of the startup’s business plan, including business model, costing, marketing, organization structure, operations, and project management. Technical mentorship sessions ensure that product development meet industry standards and provide engineering consultation for startups on software to use, developers to hire, debugging, etc. At the end of the program, startups that perform exceptionally will be offered the chance to pitch to investors.

The Results

Top 3 performing startups were selected to pitch at  the client's  headquarters in Cairo in front of a panel of industry leaders and. The second round of the program with new entrants kicked of at the end of  August.