Eligibility for the program is established through a series of interviews with the co-directors and a formal presentation to the entrance committee. The OSU Advantage Accelerator is a technology specific incubator. Eligibility, and continued eligibility, is based on the following criteria:
- OSU Advantage Accelerator entrepreneurs consist of technology-based enterprises, researching, developing, or commercializing innovative products or services. Thus, there must be evident and apparent growth prospects for the admitted organization;
- At the time of admission the enterprise is a privately held for-profit organization;
- Entrepreneurs are required to have a written executive summary that contains milestones and projections and/or a proven product prototype;
- Entrepreneurs are amenable to advice from our advisors and mentors;
- Entrepreneurs will comply with responsibilities and duties in our acceleration agreement document, and;
- The organization has an intention to create jobs and economic growth.
In addition to mentoring, each entrepreneur is required to attend workshops and CEO roundtables and networking events, as provided through the OSU Advantage Accelerator program. OSU Advantage Accelerator also provides access to capital through the various Angel networks, connections to venture capital and access to strategic partnerships.
Business accelerator and incubator programs differ from commercial property by requiring clients to graduate from the accelerator or incubator at an appropriate point in their development. Mandatory graduation will occur when the following criteria are met:
- The technology is developed and no meaningful R & D is being completed;
- More than 70% of a client’s revenues are derived from consulting;
- Sales exceed a point where the annual review committee believes that an entrepreneur will no longer benefit from residing in the accelerator;
- At any time that the client organization becomes a public entity, the annual review committee will decide whether continued residency in the accelerator is acceptable;
- Failure to accept professional mentoring or abide by the other terms of the incubation program;