Admissions Policy

Selection Process Overview

Our selection processes consider financial and business factors that communicate a realistic
view of what it takes to succeed in a competitive market. It also enables the Incubation
Manager to comprehensively assess a company’s strengths and weaknesses to prescribe
action plans and remedies throughout.

All startups will be selected based on compatibility with Prep and Pave’s Incubation Program
objectives of promoting sustainable enterprise growth and development. To ensure alignment
with program goals, management shall adhere to the following protocols:

1. Initial Contact with Prospective Clients

The majority of initial interactions with potential clients will likely emerge due to Prep and
Pave’s promotion of their Incubation Program during launch activities, as well as through
continued outreach and marketing efforts over time. Additional referrals from supporters and
other stakeholders may also facilitate the first connections. The goal at this stage is to
introduce promising startups to the opportunity and conduct a preliminary screening to
determine potential fit before undertaking a more rigorous evaluation process.

The activities that follow the primary announcement, for up to six weeks include Informative
Sessions at various events; Campus and Community engagements; At People´s Place;
Promotion through social media and other digital platforms; and Media presence.

When making initial contact through launch events or if approached directly, Prep and Pave’s
designated staff will provide inquiring startups with the relevant documents. Specifically, the
Program Overview which details available resources, eligibility, selection process, and
criteria, will be distributed. For transparency, this overview forms an integral component of
Prep and Pave’s selection policy.

In addition, a digital or print reference (if preferred) to the Application Form is to be
furnished. The goal is to fully inform prospects of next steps for consideration, the
expectations and timeline of the evaluation process, and how to initiate formal participation.
Equal accessibility to comprehensive information sets appropriate expectations and
encourages qualified startups with strong alignment to the Program’s objectives to officially
apply.

2. Formal Application

Prospective clients are prompted to fill out the electronic Application Form, which is made
publicly available through Prep and Pave’s online channels such as the website and social
media profiles. The form remains accessible for a defined window of time as indicated in the
official call for submissions.

Once startups have formally submitted their completed applications by the stated deadline,
and the submission period closes, the subsequent phase of the process begins. This structured
approach allows interested ventures sufficient opportunity to apply while maintaining a
clearly delineated timeline for evaluation.

3. Pre-Selection & Tier Grouping

As outlined in the Program Overview guidelines, the Incubation Program Manager from Prep
and Pave will conduct a preliminary evaluation of all submitted applications to confirm
compliance with baseline eligibility standards. The Manager may, if needed, invite additional
leadership members to assist with the screening procedure or serve as advisors during this
phase.

The aim of this eligibility check by the Manager (and any consultative staff) is to objectively
determine which startups should advance to the next level based on alignment with publicly
disclosed admission criteria. This allows qualified ventures the opportunity to undergo
comprehensive review while efficiently filtering out non-compliant submissions. All
eligibility assessments will adhere strictly to the criteria and timelines put forth previously to
applicants.

After confirming eligibility, the Incubation Manager will undertake a more thorough
evaluation of each startup’s business concept, offerings, leadership team, target industry,
current competition and projections for growth. The purpose is to conduct a pre-screening of
the complete pool of qualified applications to select the highest quality proposals deserving
of in-depth consideration by the formal Admissions Committee.

Once this pre-selection process concludes, the Manager will categorize all compliant
submissions into three tiers based on proposal strength. The most compelling ventures in the
top tier will be prioritized for committee review, while remaining eligible submissions in the
lower tiers will also be made available if the group wishes to further assess them.

Upon finalizing this triage procedure, the next logical step for the Manager will be to kick off
formation of the official Admissions Committee. This group of experts can then utilize the
Manager’s preparations to rigorously evaluate the submissions through informed discussions
aimed at selecting the startup finalists most strategically aligned with furthering the
Program’s objectives.

4. Formation of Admissions Committee

To thoroughly gauge each applicant’s commercial viability, the Incubation Manager will
aggregate internal and external experts to constitute an Admissions Committee. This panel,
comprising a minimum of three individuals with no more than one from Prep and Pave’s
staff, will comprehensively assess the pre-screened applications.

The committee members will include accomplished entrepreneurs, business leaders with
relevant industry experience, financial specialists, and marketing professionals. Their
combined expertise allows for rigorous evaluation from strategic and operational
perspectives. When possible, technical experts in fields aligning with the focus areas of pre-
selected ventures will also be engaged.

This diverse and achievement-oriented group will work collaboratively to thoroughly
examine submission details and ultimately shortlist the startups demonstrating the strongest
potential for growth, scalability and overall alignment with the objectives of the incubation
program. Their insights will guide the selection of final candidates best poised to realize
success with the support services on offer.

5. Admissions Committee´s Evaluation Meeting

The Admissions Committee is given advance notice of the specific date allocated for
thorough deliberation of applications, with an allotted time frame of up to three hours.

The Incubation Manager will electronically disseminate the pre-screened, eligible
submissions to committee members and the scoring rubrics in advance.

A secondary tier of applications is made available and members may request any others from
the complete pool. The Incubation Manager oversees the proceedings, available to assist the
committee with logistics or inquiries as needed during deliberations.

This organized process equips the dedicated specialists with sufficient time and materials to
rigorously discuss submissions across tiers. The Manager’s preparatory screening and on-
hand guidance facilitate well-informed discussion toward ultimately selecting the final
candidates demonstrating exemplary strength of vision and viability for growth through
incubation support services.

The Admissions Committee will evaluate each Applicant based on the standardized
Assessment Form and associated scoring rubrics Their ratings will be directly informed by
the publicly disclosed criteria in the Program Overview.

Committee members may discuss their individual appraisals upon completion to share
perspectives, gain additional insights, and allow for clarification as a group. Once finished,
the Incubation Manager will tabulate scores from the evaluators.

A summary of results will be presented, including a list of up to ten startups selected for
admission based on achievement of the highest cumulative scores. The Manager is then
tasked with scheduling a follow-up meeting with these selected ventures to formally offer
incubation services.