Idealabs – not just a lab filled with ideas and people, oh and before I forget start-upmoney.
Idealabs is an inspirational start up accelerator program. It’s the first one in Belgium, I think, that explains the big turn out at the launch event.
Different types of people can apply for the bootcamp: product designers, IT-people, students or just people with a very good idea.
Good news! You can still apply till the 5th of August.
What is what? Start-up? Accelerator? I get free money?
Phase 1: Prep your idea!
- First you will have to have a great idea.
- Register yourself online at : http://hosting01.idealabs.be/apply
- If you have a team, apply your teammember(s)
- Write down your idea.
Yes, it’s that simple. People with experience and expertise will now judge your project. This will be a very strict proces. I asked mister Nick De Mey following question: “I all ready have a business plan and a financial plan and half of a strategy but lack the funding can I apply?” Nick answered: “off course you can, everybody with a great idea, can apply”.
Once your project is selected to go to Phase 2:
You’ll then get €15.000 and 3 months time to build your product, to build a MVP aka the product..
- What is an MVP? It’s an abbreviation for Minimum Viable Product. An MVP can be best explained as a strategy used for fast and quantitative market testing.
- The product should be up and running, now the audience is will be your judge. If it’s worthless the normal audience will judge that it’s worthless.If you have cleared this phase and you are selected to go the next round.
Phase 3: Things are getting serious.
- You’ll get then a €100.000+ funding
- Off course you’ll attract other people like angel investors, funding groups, etc.
Now the company has to take it’s own course, LA, NY, Moscow. Who knows where it will end.
What does IdeaLabs take from you with all this funding:
- 10% of the company is owned by IdeaLabs.
- 3 months you’ll have to work on your product full time at the Idealabs factory (sounds like sweat shop, but it’s actually really cool building).
So if you have 3 months to spare and a very good idea, why doubt yourself, enroll now.
Don’t want to end with a bad note but still some minor difficulties that I have with this project:
- A €15.000 funding for a MVP is not that much, oké I get it. This gives you new insides and new ideas and you’ll have to make some difficult choices. An extra developer or an extra designer?
What’s more important for this product?
- 3 months full time. People that have a great idea but have kids to feet, rent to pay, etc. Difficult for them to work this kind of way. Maybe a nightlife project for the nightraves among us.
Ok this is the ending! With a positive note:
Awesome things can become of this. These people will get your project to another level that’s for sure. They’ll let you re-do, -think and -play your game!
First start-up accelerator in Belgium so guys if you just finished University or are still inside university with an awesome idea come to idealabs and maybe you’ll be the next big thing in Start-Up Land.