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.
At this meeting, the Manager will also present and have representatives legally sign the Client Services Agreement to officially mark the beginning of each client’s participation and outline the terms and expectations of support through the program.