Initial Funding

If your company is invited to join NextStart and participate in the summer 2010 program, you will receive up to $5,000 per team member ($10,000 maximum per company) This is an equity investment – the investors will receive between five and ten percent equity in the company in exchange for the initial investment.

Facilities

NextStart companies will be housed in the NEXT Innovation Center, a new office building in the vibrant downtown Greenville community that houses a number of the Upstate’s high-impact entrepreneurial companies.  The location is ideal – providing many networking and casual mentoring opportunities for you and your team.

Mentoring

You will be paired with individual mentors chosen for their specific expertise and industry experience. Mentors will meet with your team on a regular basis to review progress and to provide all-around guidance and coaching.  In addition, you will have the opportunity to contact members of the NextStart Network of mentors, ambassadors, and business service providers as needed for individual assistance and advice on legal matters, marketing strategies, personnel decisions, etc.

Learning Opportunities

As an essential part of the program, you and your team will participate in an intense business planning program, the NextStart Workshops, to further develop your business concept and business plan.  You will also have an opportunity to participate in seminars and events throughout the summer, free of charge, including:

• Weekly sessions with entrepreneurs and/or professional service providers with experience working with entrepreneurial ventures.

• Monthly NEXT Best Practices discussion sessions with successful regional entrepreneurs that are part of the NEXT organization.

• Clemson University Renaissance Center Speaker Series on topics related to entrepreneurship, innovation, and global issues.

• GSATC (Greenville-Spartanburg-Anderson Technology Council) events including monthly “Learning Lunches” and “Tech After Five” events.

• InnoVision Technology Forums: Companies may attend these forums, which are hosted by local technology companies and feature a brief presentation about a contemporary issue followed by a facilitated discussion among attendees.

Resources and Assistance

A variety of regional support organizations will provide assistance to the NextStart companies, including:

• Spiro Institute for Entrepreneurial Leadership at Clemson University: If your company needs specific market information, competitor assessment, or other research to help validate sections of your business plan, the Spiro Institute may be able to assist by involving teams of MBA students to address your needs. Spiro Institute faculty can also provide coaching to companies who need to brainstorm market and competitive issues – and conduct additional market validation and competitive landscape research.

• SC Launch! If your company has the potential to strengthen South Carolina’s  knowledge economy and meet specific criteria, you may be able to receive assistance from SC Launch!, an organization dedicated to assisting high-impact entrepreneurs that can bolster the knowledge economy in South Carolina. Launch can help such companies obtain access to business services such as banking, accounting, legal, insurance, advertising, and marketing through the Resource Partners network.

• Clemson University Research Foundation (CURF): Companies that have a license to intellectual property from Clemson University may receive additional assistance, including financial assistance, from CURF.

• Clemson University Technology Incubation Program (TIP): Companies who qualify for incubation services at Clemson University may be accepted into the Technology Incubation Program, a Clemson University-driven innovation program to enable and accelerate the development of high-growth, high impact technology-based startups.

• NEXT Greenville: NEXT is a resource collaborative and network of technology entrepreneurs in the Upstate of South Caorlina.  NEXT provides high level networking for members companies as well as "best practice" programs.  Member companies are described here: NEXT Companies.

• The Greenville Chamber of Commerce: The Greenville Chamber of Commerce is a non-profit organization designed to support business development and economic growth in Greenville County.  The Chamber is active in efforts to recruit and develop entrepreneurs and high impact companies and offers many services in support of its entrepreneurial members.

Follow-On Funding

At the end of the summer program, the founders will pitch their company to an audience of qualified investors for additional funding.  Companies may also be interested in applying to area funding sources including:

• Upstate Carolina Angel Network: Companies may apply for consideration by UCAN, an organized group of local qualified investors who make early-stage equity investments in regional companies. Interested companies would follow the standard UCAN application process.

• SC Launch! Qualified companies with the potential to strengthen the state’s knowledge economy may be able to apply for small grants, loans, and equity investments of up to $200,000 from Launch. Launch also awards matching funds to South Carolina-based companies that have been granted a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase 1 award. Interested companies would follow the standard SC Launch application process