The Intent of the Resident programme is to help transform your vision into a viable product with Product-Market validation, over a 3 to 6 month period. The teams go through a cycle of Prototype Building, Customer Development, Product-Market Fit Process and to the beginnings of the Business Model Cycle
Here’s What You Can Expect to Get out of the Programme
The Resident programme lasts for upto 6 monthsâ€”enough time for your team to build the first version of the product and get the market validation done. By the end of the programme, youâ€™ll be ready with a product that people want, and are willing to pay money for.
Cost and Criteria
We take only teams which are very early on with their idea into this Programme. Ideally Founding teams, which are 1-3 member in size is what the focus is on. Teams are expected to pay a nominal sum for the duration of the Programme (Rs.7500 per month for Single Founder, Rs.10,000 for Two founder teams and Rs. 12,000 for Three founder Teams) to show seriousness and commitment towards the building out of their idea/concept.
Note: We do have partners who will be open to sponsoring teams which do not have the financial means to back this requirement.
We provide the furnished office space and bandwidth (internet and guidance) for the duration of the programme. This is a collaborative space for all Teams in the program, providing a forum for mutual support, idea sharing and tech talks. We expect all the teams to be in Chennai during this time. [ Tour of The Startup Centre, Chennai ]
All the Teams will have access to the Startup Centre Classes. This program covers all business topics relevant to an emerging business, from business model definition to market segmentation and pricing strategies. The sessions will take place on a rolling basis and Teams can participate in all modules or only those areas where they would like to build up more skills specific to the stage of their product development and enterprise.
The Mentor Base
For the duration of the Programme, members of The Startup Centre will be available to interact with on a regular basis to guide you. Teams will have regular access to our extensive network of business and technology experts, many of whom are rather experienced entrepreneurs in the Indian Landscape. Our Mentor Base is extensive, so we are confident that we can connect you with an expert for any coaching needs, be it marketing, finance or product development-related.
An Average Product Startup goes through 2.5 iterations before they get their product right. How do we cut down on that iteration as much as possible? The right tools. Through our partnerships we are able to provide the teams in the Resident and Accelerator Programme, the best stack that is out there, to ensure that they are equipped to the best in churning out the first product. Some of the partners mentioned are here (Announcements on some major partners soon)
All great stories need a platform for advertising their success. Association with the Startup Centre and resulting awareness at our networking events, blog posts, and press releases will provide Teams with reach to the next level.
The Resident Programme becomes a means for both The Startup Centre and the Teams to engage to try out the support that is provided for High potential Entrepreneurs. The Accelerator Programme that is due to launch in November, and subsequent rounds will have first preference for selected candidates of the Resident Programme, given the experience of having worked together.
The Resident Grant
The Startup Centre has Partnered with Lightspeed Venture Partners to give one of the Outstanding teams, Starting from the Batch of September 2011, a Grant of Rs. 5,00,000 (Approx $10,000). The Criteria for selecting the company will align with the goals of the Resident Programme – a team, which can build out their product and have that initial customer development process done, to move into the next stage of Enterprise building. No Strings attached. Seriously.
- Launching an Experiment to Spot Problems Worth Solving - November 2, 2015
- Introducing In50hrs Healthcare Edition - May 14, 2014
- Ideas Pitched / Prototyped at In50hrs Pune 5 - September 16, 2013