What types of businesses are best suited for the Sprout Accelerator?
Sprout is looking for start-ups with a disruptive idea in agritech & agrifood. We accept companies with revenues between $0 - $1M per annum.
How will the final companies be chosen? What's the criteria?
Selection will be based on assessment of capability of people (such as communication skills, responsiveness, ability to listen, take advice) and assessment of idea/business (such as uniqueness, potential to have a competitive advantage, applicability to a large market).
What happens if my company doesn’t make it as one of the top eight companies?
All shortlisted applicants will be invited to attend the block courses. Those who are not selected will attend the block courses at their own expense (cost, travel and accommodation).
Do the eight companies that participate have to live in Palmerston North during the Accelerator?
No, it is expected that you will remain at your home base for the course of the Accelerator.
Do the participating companies get office space?
No. However, if you need office spaces please talk to the Sprout team and we can talk to our regional partners regarding finding cost effective office space for you.
Will I travel to New Zealand if I am an international company selected for Sprout?
Yes, you will be expected to travel to New Zealand for a minimum of two visits.
For an international company accepted into the Accelerator, who will cover the travel costs?
Sprout will cover the costs of travel and accomodation for one person to travel to New Zealand for a minimum of two of the key Sprout events. The airfare will be based on economy/basic seat and bag fare.
Will the information in my application be treated as confidential?
Please submit only non-confidential information in the application form. Once the top eight to 12 companies have been selected and contracts have been signed between Sprout team and companies, further information can be released and that will be treated as confidential.
Can the participating companies still apply for Callaghan Innovation R&D grants during the Accelerator?
What type of funding do the participating companies receive?
You do not receive funding for simply being accepted into Sprout. Sprout will assess your capital needs during the selection process and provide recommendations on capital strategy and provide introductions to appropriate investors for the stage of your business and the markets you are operating in.
What is seed investment?
Seed investment is the term used to describe the initial capital used to start a business.
What happens if my company is not able to raise investment at the end of the Accelerator?
There will be reasons for not being able to raise investment. The Sprout team will work with the companies on those reasons equipping them to apply for other similar investment opportunities and also guide them to other funding avenues suitable for their businesses.
What costs have to be incurred by me or my company?
If your company is selected as an Accelerator participant, your travel (flights) and accommodation for the block courses will be funded by Sprout for no more than two people in the team. Any costs over and above that will be incurred by your company.
What happens after five months?
The ideal situation is you will find some interest in your company after the completion of the Accelerator. The Sprout team will continue on as your business advisors and help close any investment deals. After the Accelerator the goal will be to have your own team of expert advisors and directors who can support you on your growth path.
Can I apply for multiple businesses to be a part of the Accelerator?
Yes you can apply to Sprout with multiple businesses and ideas. However, only one business per team gets selected as a participant.
Will I get to meet the Sprout partners during the Accelerator?
Yes, there will be multiple opportunities to meet the Sprout partners at both the block courses & the Partner’s summit where you will present your business.
Will I have to share my business ideas, journey and information with other companies in the Accelerator?
Yes, a key component of Sprout is working alongside other entrepreneurs and leaning on each other for advice and guidance. You will not be expected to share confidential information but should be open to having other people reviewing key business metrics.