How are InterDigital and EvoNexus working together?
InterDigital is establishing a program within the EvoNexus incubator called InterDigital@EvoNexus. Companies will go through the standard EvoNexus selection and due diligence process for admission to the Incubator. EvoNexus will determine who to admit and will extend an offer of acceptance under their standard terms and conditions. In parallel, InterDigital will engage in discussions with selected companies with the goal of providing seed funding.
How much funding will admitted companies which InterDigital desires to fund receive?
Amounts will vary depending on the company, though InterDigital is offering companies admitted to the EvoNexus incubator in connection with this program the opportunity to receive seed funding of up to $250,000 each. InterDigital will consider a variety of funding structures, including convertible notes, and expect the model to vary depending on each company’s needs.
What are InterDigital’s areas of interest?
While InterDigital will consider possible funding for companies who are admitted to the EvoNexus incubator in any technology area, they are most interested in companies who are focused on the following areas:
- Internet of Things
- Smart Cities
What are your selection criteria?
EvoNexus considers a range of things when admitting companies, including the scale and scope of the problem or opportunity you are proposing to address, your ability to differentiate from would-be competitors, your go-to-market approach and your founding team. In terms of suggestions for strengthening your application, you might consider the following:
- Make sure you have the right mix of skills for the business you are proposing to address.
- Show us your idea in action. Build a prototype, prove it can work!
- Demonstrate that you’ve done the leg work to validate your idea. Explore your market channels, talk to would be customers, validate requirements and test for willingness to pay.
How long is the program?
Most companies are expected to operate within the incubator for one to two years.
Is my company “too far along” to apply?
If you are thinking about using the services of an incubator and are still raising seed funding then this program is probably right for you. It doesn’t matter if you have already taken funding from other investors; the focus is on whether EvoNexus and InterDigital can help you achieve success given the current stage of your company.
If we are not placed in the InterDigital@EvoNexus space, will we be considered by EvoNexus for placement elsewhere in the Incubator or do we have to submit another application?
EvoNexus will consider your company for application to the Incubator independent of InterDigital consideration to provide funding under the InterDigital@EvoNexus program. Your application serves both purposes.
Who will we be mentored by?
Selected companies which are placed in the InterDigital@EvoNexus space will be matched with an appropriate mentor from within InterDigital. They will also have the opportunity to work with the network of industry professionals involved with EvoNexus.
Will InterDigital consider investing further in my company, through venture funding or acquisition?
Through this program, InterDigital is looking to help expand the local technology ecosystem and build relationships with exciting young companies. It is a positive thing if these relationships ultimately evolve into a more strategic dialog.
Will you help me secure venture funding?
While this is not guaranteed, EvoNexus and InterDigital will work together to equip you with the tools and introductions that will help you seek further venture funding.