Learn the details of the iVentures10 program.

What’s the schedule?

• March 31 - Applications deadline
• April 12th- Decisions sent
• June 14- Boot Camp/Program Start

How is iVENTURES10 associated with Illinois Launch?

• iVENTURES10 has partnered with the University of Illinois to allow student companies to seamlessly apply for multiple programs and counseling through a common application. Teams applying to the iVENTURES10 will be automatically reviewed for  placement in the many other entrepreneurship programs at the University.

How many students per team?

• 2 to 4 people is a good size. If you have more or less people we’ll still look at your application, but it’s not optimum.

How long is the program? Where’s it located?

• 10 weeks during the summer in Champaign, IL at the University of Illinois.

Is a business plan required to apply?

• No. The focus of iV10 is on building ideas into products - it’s not a business plan competition.  Sure, we will go through the basics of your business model to ensure that the idea has the potential to succeed. However, our primary focus will be on getting things done rather than writing a fictional business plan.

How is iV10 funded? Is it part of a large program?

• iV10 is part of IllinoisVENTURES, a seed and early-stage technology venture capital firm focused on research-derived companies in information technologies, physical sciences and life sciences, with a particular emphasis on those deriving from research conducted at the University of Illinois and other regional research institutions. We work closely with investors and entrepreneurs to mold concepts, vision, intellectual property, sweat and passion into breakthrough, high-growth companies.

What exactly is seed funding?

• Seed funding is the earliest stage of venture funding. It helps pay your expenses while you get started. Some companies may need no more than seed funding to get off the ground. Others will go through several rounds of funding before they reach profitability. That said, we want to challenge the notion that it takes millions in funding to build a successful software or web company.

What are you looking for in iV10 applicants?

• We are looking for ideas that could reach scale with modest amounts of capital in less than 2 years. A great idea, however, is not good enough. The people in your team are what matter most to us. Your idea will most definitely shift and change during the 10 week program. The goal of the iV10 program is to get you through the initial phase of turning your idea into a company, which means that you’ve built something impressive enough to raise additional capital. At the end of the program, we will evaluate your company as a candidate IllinoisVENTURES investment.

How much funding do accepted teams receive?

• We fund up to $25,000 per team for the 10 week period. We think this is enough to prototype your idea. THe funds can be deployed at each team’s discretion except for compensation. Each team member will receive up to $5,000 for the 10 weeks (you can take less if you want) and the rest can be used to purchase specialized hardware, software, or whatever you need to build your prototypes, test your assumptions, and prove your concept.

What about the paperwork and legal process of forming a company?

• We will help you with all of the paperwork in forming and setting up your company. The $25,000 is not a grant, so we will work with you on the terms of the investment before you start so there are no surprises.

What else is provided?

• The IllinoisVENTURES team has been through the start-up process many times before. Our guidance ranges from how to set up servers to how think about your business model, we will provide you with as much mentoring as you need. If we can’t answer your question we’ll help connect you with someone who can. Over the course of the 10 weeks we invite various entrepreneurs and venture capitalists will give talks to the entire group.