STEP 1: APPLICATION SUBMISSION
The candidate – enterprise applies for funding to the incubator, compiles a Business Plan and
provides the evaluation team with all the necessary data for the technical documentation.
Deliverables
- Business Plan (analytical)
- Patents/Trademarks/Copyrights
- Technical Documents/Blue Prints/Designs/Tests/Drawings
Average Completion Time: 5% of the total process time
Related Documents
- Business Plan (analytical)
- Patents/Trademarks/Copyrights
- Technical Documents/Blue Prints/Designs/Tests/Drawings
STEP 2: DATA EVALUATION AND ANALYSIS
The evaluator analyses the available data according to funding criteria and compiles an
evaluation report to the Funding Committee (or to the responsible for funding authority)
based to in-house or external experts’ studies. This report constitutes the main characteristics
of the enterprise
Deliverables
- Evaluation Team data analysis / Other relative documents
- External Expertise Reports (Business / Technical)
Average Completion Time: 30% of the total process time
Related Documents
- Evaluation Team data analysis
- External Expertise Reports
STEP 3: EVALUATION REPORT
The evaluation team compiles a report / proposal for the Funding Committee considers the
business and technical documentation and the reports from all the external expertise.
During this step there is an identification of the risks, the capital needed, the rules of
cooperation, the number of the future investments and all the other agreement details.
Deliverables
- Evaluation Report / Agreement Proposal
Average Completion Time: 10% of the total process time
Related Documents
- Evaluation Report / Agreement Proposal
- Business Plan
- Technical Documents/Blue Prints/Designs/Tests/Drawings
STEP 4: FUNDING COMMITTEE PROPOSAL
At this step the funding committee assesses the evaluation team report and its agreement proposal.
According to funding criteria and general strategy of the incubator they either accept or deny
the proposal. They should assess thoroughly the proposal and finally propose the continuance or
not of the specific project with their own suggestions. At this step the committee files a report
to the Board of Directors.
Deliverables
- Funding Committee Proposal
Average Completion Time: 10% of the total process time
Related Documents
- Funding Committee Proposal
STEP 5: BOARD OF DIRECTOR DECISION & FINAL PROPOSAL
At this step a Board of Directors’ meeting is being held and the final decision is being
issued taking into consideration the funding committee’s proposal accompanied by a suggestion
for the future planning for the enterprises’ funding determine the necessary framework for
negotiations.
Deliverables
- Final Decision
- Written authorization to CEO to proceed with all necessary steps: negotiations, legal documents
Average Completion Time: 10% of the total process time
Related Documents
- Written authorization
STEP 6: NEGOTIATIONS - AGREEMENT
At this step the responsible person discuss the incubator’s proposal with people from the
candidate company in order to come to a final agreement. At this stage of negotiations
about the funding scheme and all agreement conditions both the Funding Committee and the
Board of Directors are constantly informed in order to close the final agreement.
Deliverables
- Non paper (A document with all basic agreement conditions that must be signed)
Average Completion Time: 20% of the total process time
Related Documents
- Non paper
STEP 7: DUE DILIGENCE / INVESTMENT
At the final step there is a thorough examination of the enterprise’s parameters concerning
the provided data and a preparation of all the legal documents for the funding procedure.
Legal departments do all necessary work and prepare the documents to be signed.
Deliverables
- Due diligence (Legal, Accounting, Tax, Business, etc)
- Legal documents
- Investment (Capital transfer)
Average Completion Time: 15% of the total process time
Related Documents
- Legal documents
- Accounting records
- Bank Statements
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