The Idea Factory, an entrepreneurial program in Virginia, has announced its next application cycle for their rigorous 6-week virtual training program. Aimed at entrepreneurs with technology or manufacturing-based business ideas, the Idea Factory is dedicated to guiding participants through the process of testing, refining, and validating their business concepts. The program is especially committed to providing opportunities for those affected by the COVID-19 pandemic and fostering a diverse and equitable entrepreneurial ecosystem in the region. With an investment of just $500 (with need-based scholarships available), participants will receive the resources, support, and mentorship necessary to further their entrepreneurial journey. Applications are open to anyone in Virginia, with priority given to Central Virginia residents, and are due by Monday, January 11th, 2021.
Program Overview
The Idea Factory is excited to begin accepting applications for their next session. The Idea Factory is a fast-paced, 6-week virtual program where you’ll learn how to test, improve, and validate your business idea. The application deadline is Monday, Jan. 11 for the winter session which begins on Feb. 8th.
Program Objective
The Idea Factory exists to (1) lead aspiring founders through the process of testing, refining, and validating their ideas, (2) provide new opportunities for those who have been negatively impacted by COVID-19, and (3) enhance our region’s entrepreneurial ecosystem and economy by building a more diverse and equitable founder community.
Who’s it for?
Anyone in Virginia with a technology-driven or manufacturing-based business idea is welcome to apply. Priority will be given to applicants from Central Virginia. The Idea Factory will provide the training, resources, and support to test your idea and help you decide whether you are ready to take the next steps towards becoming an entrepreneur.
Time Commitment
- 10 hours per week for 6 weeks
- Participation in a virtual workshop 1 evening per week
- Attend a weekly office hour with a mentor or experts
- Willingness to talk about your idea with others, including interviewing strangers
Investment
The program fee is $500, with need-based scholarships available (we don’t want cost to be a barrier for any aspiring entrepreneur). Additionally, participants who successfully complete the program, validate their idea, and plan to commit a substantial amount of time to pursuing a new business will be considered for continued support and free resources to help them keep going.
Am I ready?
All you need is an idea and a willingness to explore starting something new to apply to the Idea Factory. You don’t need business experience, specific training or educational background, or to quit your day job. So yes, you’re ready!
Apply at startupvirginia.org/idea-factory! (Applications due Monday, Jan. 11, 2021)
—
StartWheel is your online source of information that’s solely focused on the entrepreneurial activities that are taking place across Hampton Roads, Virginia, also known as #The757.
If you have an event, announcement or celebration that you’d like to share, drop us a line! Do you have a suggestion on how we can improve, we’d love to hear that too.
Question & Answer
What is the Idea Factory program?
The Idea Factory is a 6-week virtual training program aimed at entrepreneurs with technology or manufacturing-based business ideas.
Who is eligible to apply for the Idea Factory program?
Anyone in Virginia with a technology-driven or manufacturing-based business idea can apply, with priority given to Central Virginia residents.
What is the time commitment required for the Idea Factory program?
Participants are required to commit 10 hours per week for 6 weeks, attend a virtual workshop 1 evening per week, and engage in a weekly office hour with a mentor or experts.
How much is the investment for the Idea Factory program?
The program fee is $500, with need-based scholarships available to aspiring entrepreneurs.
Do I need prior business experience to apply for the Idea Factory program?
No, all you need is an idea and a willingness to explore starting something new. Business experience, specific training, or educational background are not required.
