How are Viasat and EvoNexus working together?
Viasat is establishing a program within the EvoNexus incubator called Viasat@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, Viasat will engage in discussions with selected companies with the goal of providing seed funding.
Why are Viasat and EvoNexus working together?
We are both committed to the further development of a healthy technology ecosystem and leveraging the significant talent pool in Southern California.
What are Viasat’s areas of interest?
While Viasat 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:
- Communications & signal processing
- Computer networking
- Software Defined Networks / Network Function Virtualization / cloud computing
- Big data/analytics/data science
- Artificial Intelligence/machine learning
- Media services & internet browsing
- Connected environments (IoT, Smart Home)
- Internet on mobile platforms (Airline, Maritime, Connected Car)
- Internet service worldwide (policy, culture, technology)
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.
How much funding will admitted companies which Viasat desires to fund receive?
Amounts will vary depending on the company, though Viasat 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. Viasat 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 Viasat 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 (current round is February 28th), the EvoNexus Selection Committee will review applications and companies short listed 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 Viasat@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 Viasat consideration to provide funding under the Viasat@EvoNexus program. Your application serves both purposes.
Do I need to send in a business plan?
Everything needed is covered in the online application located on the EvoNexus Application Site and executive overview slide 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 Viasat@EvoNexus space will be matched with an appropriate mentor from within Viasat. They will also have the opportunity to work with the network of industry professionals involved with EvoNexus.
Will Viasat consider investing further in my Company, through venture funding or acquisition?
Through this program, Viasat 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 Viasat will work together to equip you with the tools and introductions that will help you seek further venture funding.