Resident Qualification

Background

With the support model at VOLTA shifting from a focus on educational programming to one of bespoke support for resident companies, a clear ICP is paramount for best-fit and offering optimal support to our resident companies. This document provides clarity around what an Ideal Resident Company looks like. The ideal fit will be aligned in four key areas.

#1 Early Stage Tech or Med Tech Startup

In order for us to optimally support our founders and the ventures they start, these ventures need to be Tech or Med Tech Startups.

Questions to answer

Is your company a tech or med tech startup? Explain.

What problem are you solving?

What stage is your startup in? Explain

Is one of the founders a technical founder?

#2 Startup has to show high growth potential

VOLTA has a mandated focus to support tech and med tech startups with high growth potential which could potentially contribute to the province economically and by creating more job opportunities. Moreover successful high growth startups from Atlantic Canada will contribute to the startup ecosystem and leverage more entrepreneurial and startup activity long term.

There are other organizations focussing on small business and non high growth focused businesses and in order for VOLTA’s funding to be allocated targeted and effectively it needs to be in high growth potential ventures and founders with a focus to grow these ventures into highly successful businesses.

Questions to answer

Do you want to grow a highly scalable business quickly?

Do you have a local, national or global expansion in mind when growing your business?

Do you realize that growing a high growth startup entails a massive amount of time in raising capital and are you committed to doing that?

#3 At least one Founder needs to be located in Atlantic Canada and the company needs to be incorporated here as well

VOLTA is clear on supporting Atlantic Canada Startups and founders. At least one co-founder needs to be located in Atlantic Canada full time and ideally you should aim to build a team in the province.

Questions to answer

Where are the founders located?

Will the founders be located in Atlantic Canada for the foreseeable future?

Where are you looking to establish your team?

Where is the company incorporated and if you are not incorporated yet, where are you planning to incorporate?

#4 Founder has a strong profile to build a successful startup

Building a startup is not easy to do. It takes humans with resilience, determination, grit and a whole lot of characteristics to build a successful high growth startup. For this reason it is paramount that the founding team shows the right signals and characteristics when coming on board as resident companies.

It is one thing for VOLTA to offer support to founders for long term success. If the founder(s), however, do not engage and make the most of the support it is an investment wasted that could have gone to another founding team.

Questions to answer

Why have you decided to become a founder and start this specific Startup?

What do you expect from being a founder?

What do you perceive to be the most important characteristics for success as a founder?

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