Importantly, the European Commission and project partners invest substantial resources into every EU-XCEL participant through air-travel, accommodation, catering/networking costs and education/mentoring staff and incubator resources. It is essential that our investment and resources are targeted towards the most dedicated entrepreneurs who have a genuine commitment to co-founding incubator-ready tech startups that they will continue to progress beyond the life of the EU-XCEL Virtual Accelerator programme.
EU-XCEL participants are typically involved in full-time or part-time work and/or education and combine their work/studies with their EU-XCEL commitments. Every participant must be available for the entire duration of their startup scrum (five working days) and to travel in the 48 hours before/after their startup scrum. The startup scrum is followed by a twelve week virtual acceleration programme and teams are required to invest time and input regularly over these 12 weeks. Teams are required to devise a team manifesto at their startup scrum where they agree time requirements with their fellow team members to progress their startup plan. While it is understood that participants have other weekly commitments and the number of weekly hours need to be negotiated around this, EU-XCEL requires that vacation time cannot exceed one week over the 12 week virtual acceleration phase, that teams hold at least weekly skype meetings and by-weekly meetings with their mentors to ensure they are fully focused on developing and submitting the best possible business plan in the short time frame allowed.
Ultimately, it is about you inputting with 2 – 4 other aspiring entrepreneurs into the co-founding of a new startup and getting it as incubator ready as possible and developing one of the strongest business plans to secure a place in the Challenge Final.