ADMISSION AND INCUBATION TERMS
- Admitted start-ups
- Incubation program is for one year. But, the contract can be renewed subject to progress and/or maturity of the innovation, strength and needs of both the enterprise and team as well as adherence to incubation terms and conditions.
- Obligations of incubated companies
- Teachable founders/directors – RSTP staff, advisors and mentors give information and advice.
- Disclose financial, personnel, compliance, legal, strategic and intellectual property rights to RSTP for assessment of enterprise development and compliance.
BENEFITS TO START-UPS
- Low overheads – shared and subsidized facilities and services enables start-ups to direct resources to the development of their products or services and businesses.
- Acquisition of technical and business know-how – founders and teams learn fast and avoid mistakes that can lead to product and business failure.
- Legitimacy – associating with and being promoted by the RSTP can facilitate market access. Legitimacy can also attract financiers and collaborators.
APPLICATION & SELECTION
Download Application Form at www.itbi.org.sz/application/, complete and email it to RSTP.
- Phase 1 – Screening
- Phase 2 – Shortlisting
- Phase 3 – Selection
Applications are assessed for completeness, relevance, innovation/originality and whether the incubator can make a difference to the solution, team and enterprise.
Applications are assessed for coherence, technical feasibility and preparedness for pitching.
Pitching & evaluation by an independent Selection Committee. The Committee makes a recommendation to RSTP on whether an applicant can be admitted into the incubator or not.
A demonstration that the proposed solution addresses a real and significant challenge in any of the priority sectors. The innovation-led enterprise (start-up) must be founded by Swati nationals and can have a turnover ranging from E0 – E20 million.
- Innovation/originality & intellectual property
A demonstration that the proposed solution is new or an improvement of an existing solution.
- Founder(s) or team strength
Evidence that founders have skills to develop the product or service and have a long-term vision for the business, a strong work ethic, are teachable and willing to acquire technical and business know.
- Prototype or proof of concept
The solution should be between Technology Readiness Levels (TRL) 2 to 9. TRL 2 represents an idea that is supported with adequate technical research and a feasible methodology that will lead to an experimental proof of concept. TRL 9 represents a ‘qualified’ or ‘certified’ technology.
- Proof of market attractiveness and product opportunity (market research)
A clear description of the market characteristics and customers and research that confirms that the product or service will fill a gap and evidence of understanding of competitor positions, advantages, disadvantages and potential response of competitors to the proposed product or service.
- Commercialization and financial evaluation
Clear revenue streams, price model, and a viable business model.
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