- Accelerate FAQ
- 1. How do you monitor the progress of startups you have funded?More
Ans: Accelerate LABS has partnered with GETJAMA to help do a survey on the startups. GETJAMA is an Monitoring and Evaluation company that offers solutions for market research and surveys. It facilitates the collections of authentic and real time data to enable businesses and individuals make informed decisions. How they do this is, they do a pre-test survey on the businesses of the applicants which would be issued out before the start of the training, and a post-test survey at the end of the program to understand their progress so far. With this, we're trying to know what progress have been made since the end of the program , what they've learnt and how it has helped their businesses.
- 2. How do I apply? Is it free or I have to pay for the classes?More
Ans: Yes it is totally free. Microsoft and The Future project Africa have collaborated to create a medium where entrepreneurs can sell their ideas, learn on how to grow their businesses and get funding for business expansion from investors at no cost at all.
- 3. Do I have to have an existing business to get support from accelerate LABS?More
Ans: No you don't have to own an existing business to be a part of Accelerate Labs. This program is an opportunity for you to learn, grow and create new ideas. So even if you don't own a business right now, we believe that by the end of the program, you would be able to come up with a brilliant idea to help impact the economy of Nigeria.
- 4. How many people have been through the program?More
Ans: Our goal is to reach 2160 youths in Nigeria. So far in the first stream, we have been able to train and equip 900 people with 150 from each of the geo-political zone. By the end of January we hope that we would have been able to equip another set of 900 youths. The plan is to reach 2160 youths by the end of the third stream.
- 5. I'm above 30, and I want to register with accelerate LABS, can I be a part of it?More
Ans: Yes you can! There's no age limit to for people that can apply. As long as you have a brilliant idea or a business you're running, we welcome you to Accelerate LABS.
- 6. What kind of startups do you support?More
Ans: We support virtually all kinds of startups, from the different sectors; Ranging from Technology, Fashion, Education, Agriculture, Transport etc, as long as you love what you do and you're able to sell your idea passionately.
- 7. What is it like to be a part of accelerate LABS?More
Ans: Accelerate LABS was created for youths who have passion for entrepreneurship and making an impact, It is a network of young brilliant minds who come together to help each other grow. During the course of the training friendships/connections that will last for a long time are made. We organize picnics/meet and greets where each attendant is encouraged to showcase their products and sell to people who are interested. At the end of one year, Accelerate Labs will empower youths to develop empathy, find clarity of purpose and the needed resources build socially responsible enterprises in their communities.
- 8. What percentage of applicants get accepted?More
Ans: At the start of the program, over 1500 applications were received, but unfortunately, we were only able to accept 900 of them with150 from each geo political zone, making that a total of 60% of the total applicants. Our goal is to reach 2160 youths, and to complete that in 3 streams.
- 9. Are there any technical prerequisites or required skills for applicants to be accepted to the program?More
Ans: No there are no prerequisites. All we require is an open mind to learn, an interest in entrepreneurship and passion for nation building.
- 10. Where are the locations for the hubs?More
Ans: We have our hubs in the 6 geo-political zones in the country, each of the zones has a host state. The locations for the hubs are listed below
- North Central – Federal Capital Territory
- North East – Bauchi
- North West – Kaduna
- South East – Abia
- South South – Edo
- South West – Lagos
- 11. Can I apply to the program in any city within the 6 geo-political zones?More
Ans: Yes you can.
- 12. Are there financing options?More
Ans: Yes there are financing options, we have partnered with investors who are willing to invested in your businesses. Decisions would be made on the demo day, it is an opportunity to pitch in your ideas the best way you can in order to receive funding. Note that the money is not given out as grants but as loans which would be paid back within a specific time frame.
- 13. Who are the instructors?More
Ans: Instructors are experts in different fields depending on your area of interest. They consist of business owners, business experts and IT experts. They also have years of experience in business development and training.
- 14. What is the level of commitment?More
Ans: Accelerate Labs will be in three streams with each stream running for 3 months. Each stream will include 3 weeks training session, 4 weeks mentoring session, 3 weeks research and practice and a demo day for pitching of business ideas to prospective investors
- 15. What is the enrollment process?More
Ans: Interested applicants can register on our website where they’ll fill all relevant information, calls can also be made to apply for the program as well. After the application, there'll be a screening with a seven-man jury across the 6 geo political zones who will then evaluate each applicant based on their area of interest and skills. Successful candidates would be contacted on where and when the program will officially start and any other necessary information.
- 16. Do I get to choose my mentor or a mentor is being assigned to me?More
Ans: Applicants do not have the liberty to choose a mentor. A list of capable hands with expertise in different areas have been put together which would be given to all candidates to choose from before the start of the program.
- 17. Accelerate Labs StructureMore
Blended in structure (In-Class and Online) 3 months in all.
- In-Class; 2 days every 2
- Online; Videos of Lectures, Case Studies, Films, Assignments, Discussions, One-on-One Mentoring
- 18. To get the best out of Accelerate LabsMore
- 90% attendance of each module (In-class or online)
- Punctuality – we keep to schedule!
- Lateness is not
- No phone calls during class
- Movement during class session is not
- Use of rest room is allowed only during tea and lunch break
- Do not take, eat or drink water, food, or beverages in the classroom
- Do not sell or display any product in the classroom and within the school
- Do not leave the class before the closing
- No fighting or any violent act within the premises.
- 19. To get the best out of the courses at Accelerate LabsMore
- You need to Prepare Adequately before and after classes (in-class and online)
- Read through the cases
- Jot down key points, figures and
- Discuss with the others during the case preparation periods
- Log in daily on the portal to check for
Remember you have to combine these activities with your work – it is part of the training!
- 20. General guidelines for sessionsMore
- Individual participation is very important
- No group answers/opinions except the facilitator specifically requests for this.
- Questions and answers should be Brief, to the point and orderly
- 21. Administrative DetailsMore
- Immediate interface with the Program coordinator will assist in every way possible to help you achieve your purpose for coming.
- Distribution of materials
- Copies of slides etc. not in the binders will be distributed after class- mostly soft copies through mails
- Name tags will be given on the first day of class. It should always be worn in the building.
- Participants will be charged for misplacing tags.
- After every module, please ensure that you complete the feedback form online and submit. Note that this will be part of your requirement for graduation.
- Toilet must be flushed after use. Please endeavor to keep to the cleanliness of the Center .
- The duration of time allowed for tea break is 15 minutes while duration of time allowed during lunch is 45 minutes. The remaining minutes for both tea and lunch break are left for participants relax/network.