How are Mitchell International and EvoNexus working together?
Mitchell International is establishing a program within the EvoNexus incubator called Mitchell@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, Mitchell International will engage in discussions with selected companies with the goal of providing seed funding.
Why are Mitchell International & EvoNexus working together?
The goal of Mitchell@EvoNexus is to help support startup innovation and promote the further development of a healthy technology ecosystem in the San Diego area.
What sorts of companies do you fund?
While Mitchell International will consider possible funding for companies who are admitted to the EvoNexus incubator in any technology area, we are most interested in companies focused on the following areas:
Opportunities to leverage technology and information to understand, leverage or improve driving behavior. One area of interest in this category would be using telematics to detect and record accident facts.
Opportunities to leverage data to understand, leverage or improve recovery in auto casualty incidents, or from workplace injury situations.
Auto Property & Injury
Opportunities to better understand the impacts of a car accident, the severity of the collision, and the likelihood of personal injury. In particular, how to leverage these data components to predict recovery times, and understand fraudulent claim cases.
In addition, Mitchell International is interested in companies that are solving big problems in these areas:
- Big Data, Analytics
- Mobility for Insurance Claims
- Consumer Health
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 you understand the customer need (have you talked to customers?)
- Demonstrate that you’ve explored market viability (how do you know if and what customers are willing to pay?)
- Prove to us that you’ve thought through the technical feasibility (can you show us a working prototype?)
How long is the program?
Most companies are expected to operate within the incubator for one to two years.
How much funding will admitted companies which Mitchell@EvoNexus desires to fund receive?
Amounts will vary depending on the company, though Mitchell International 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. Mitchell International will consider a variety of funding structures, including convertible notes, and expect the model to vary depending on each company’s needs.
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 Mitchell International can help you achieve success given the current stage of your company.
How will we know if our group is selected?
After the submission period closes, the EvoNexus Committee will review applications and companies for further evaluation, diligence and face to face discussions. Companies will be notified whether they have been selected to move to the next stage of the review process via email in the 30-days after the submissions deadline. From there, EvoNexus will let you know whether your company will progress to the next step after each stage in the review process.
If we are not placed in the Mitchell@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 Mitchell International’s consideration to provide funding under the Mitchell@EvoNexus program. Your application serves both purposes.
Do I need to send in a business plan?
Everything needed is covered in the online application and by submitting a pitch deck. You will need to be able to describe your business model, but are not required to submit a formal business plan.
Who will we be mentored by?
Selected companies which are placed in the Mitchell@EvoNexus space will be matched with an appropriate mentor from within Mitchell International. They will also have the opportunity to work with the network of industry professionals involved with EvoNexus.
What does EvoNexus provide?
EvoNexus offers companies full service office space – furnished, network connected and ready to operate. They also provide access to a broad range of domain experts and mentors, and the opportunity to leverage a wide network of business and VC contacts.
I’m concerned that I am exposing my Intellectual Property by applying. Will you sign an NDA?
While we will be respectful in the handling of information in your application, we do not enter into NDAs for this process and do not wish to receive confidential information. Please do not disclose any proprietary business or technological information. EvoNexus expects to see many applications which are likely to contain similar ideas or which contain ideas that companies who sit on its Selection Committee currently are developing.
How does Mitchell@EvoNexus differ from other Incubators?
Mitchell International and EvoNexus are take a longer term view than many other incubators. Companies are admitted to EvoNexus for up to 2 years, and any Mitchell International seed funding which may be provided is sized accordingly. While Mitchell International’s seed investment is conditioned on your being accepted by EvoNexus, your consideration for the EvoNexus program is not dependent on being successful in obtaining Mitchell International funding. Both EvoNexus and Mitchell International like to think of ourselves as providing meaningful support for meaningful technology innovation.
Will Mitchell International consider investing further in my Company, through venture funding or acquisition?
Through this program, Mitchell International 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.
Do we get to select which office we work from?
This will depend on the size of your company and the space EvoNexus has available, but they will try and accommodate your requested location.
What if we are students, can we still apply?
While students are not excluded from applying, admission into the Incubator requires that you be a legally incorporated company with a leadership team able to dedicate time and energy into the business on a full-time basis.
Is there a restriction on the amount of members of the group?
No. That said, the expectation is that companies working out of the Downtown location will have no more than 6 employees at move-in. Companies operating out of University Town Center may be a little larger.
I’m a single founder. Can I get accepted?
Although applications from single founders won’t be explicitly screened out, you do need to be a legally incorporated company with a team able to dedicate the necessary skills, resources and energy into making your business a success. Given the nature of technology businesses, it is important to have the right combination of technical and business skills in the founding team.
Will you help me secure venture funding?
While this is not guaranteed, EvoNexus and Mitchell International will work together to equip you with the tools and introductions that will help you seek further venture funding when it is appropriate.
Can I stop by the offices to say hello?
Please do not drop into the EvoNexus offices without making an appointment. While persistent, this is not particularly persuasive. EvoNexus and Mitchell International are happy to take meetings via appointment, so please consider first reaching out via email.
Will I have to move to San Diego?
EvoNexus is only operating in the San Diego area at this time. If accepted to the Incubator, the expectation is that you will be located full time in San Diego.
Will you help with relocation and housing?
While EvoNexus can give you pointers on local resources, relocating and finding new housing will be up to you.
Can I apply if our company or founders are not from the USA? Will you help with Visas and immigration?
While EvoNexus will accept anyone from anywhere, you do need to be based in San Diego during your time in the incubator lab and be in the USA legally. Neither EvoNexus nor Mitchell International can assist you in securing visas.
Is Mitchell International hiring?
If you are interested in working for Mitchell International, please check here: http://www.mitchell.com/careers/index-careers.asp