social startup accelerator playbook

FUELLED BY:

SOCIAL STARTUP

ACCELERATOR PLAYBOOK

2 SIGMA Social Startup Accelerator Playbook

Authors:

Charles Fernandes

Vaibhav Gupta

Avinash Devulapalli

Gautham K

Editors:

Ms. Priyanka Kohli

Responsible:

Ms. Priyanka Kohli

Published by:

Strategic Alliance on Corporate Engagement in Start-up Incubation

Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH

B5/1, Safdarjung Enclave

New Delhi 110029

Tel: +91-11-49495353

Email: [email protected]

Web: www.giz.de

Date: January 2018


Contents 1. Document Overview ........................................................................................................................... 8

2. Charter and Focus ............................................................................................................................. 12

2.1 Program Charter ......................................................................................................................... 14

2.2 Case Studies of Corporate- Incubator Partnerships.................................................................... 16

2.3 Sourcing and Selection of Corporates and Incubators: .............................................................. 17

2.3.1 Corporate Scan ..................................................................................................................... 17

2.3.2 Formation of a Consortium .................................................................................................. 18

2.3.3 Onboarding of a TBI ............................................................................................................. 18

2.4 Defining Focus Areas ................................................................................................................... 20

2.5 Value Proposition to Social Startups ........................................................................................... 20

3. Program Design ................................................................................................................................. 22

3.1 Organisation Structure ................................................................................................................ 24

3.1.1 Governance Council ............................................................................................................. 24

3.1.2 Key Stakeholders .................................................................................................................. 26

3.2 SIGMA Offerings .......................................................................................................................... 31

3.3 Scope of Program ........................................................................................................................ 31

4. Program Launch ................................................................................................................................ 32

4.1 Launch Planning .......................................................................................................................... 35

4.2 Pre-Launch .................................................................................................................................. 37

4.3 Soft-Launch ................................................................................................................................. 37

4.4 Program Launch .......................................................................................................................... 38

4.5 Post-Launch ................................................................................................................................. 38

5. Application Processing ...................................................................................................................... 40

5.1 Screening of Applications ............................................................................................................ 42

5.2 Interviews with Initial Shortlisted Applicants ............................................................................. 42

5.3 Shark Tank ................................................................................................................................... 43

6. Onboarding ....................................................................................................................................... 44

6.1 Documentation Requirements.................................................................................................... 46

6.2 Background Verification .............................................................................................................. 47

6.3 Contract Signature ...................................................................................................................... 47

6.4 Identification of Mentors ............................................................................................................ 48

6.5 Boot Camp ................................................................................................................................... 48

7. Operations ........................................................................................................................................ 50

7.1 Curriculum Design ....................................................................................................................... 52


7.1.1 Course Content .................................................................................................................... 54

7.2 Mentoring ................................................................................................................................... 59

7.3 Startup Roadmap ........................................................................................................................ 61

7.4 Day-to-Day Operations and Fortnightly Reviews ........................................................................ 61

7.5 Pitch Coaching & Demo Day: ...................................................................................................... 62

8. Post Program ..................................................................................................................................... 66

8.1 Feedback Collection .................................................................................................................... 68

8.2 Key Learnings and Conclusion ..................................................................................................... 70

9. Appendix ........................................................................................................................................... 72

9.1 Chart on procedure for CSR expenditure .................................................................................... 74

9.2 SIGMA Stakeholders and Sponsors ............................................................................................. 75

9.3 Startups of SIGMA ....................................................................................................................... 76

9.4 Sample Application Form for Startups ........................................................................................ 78

9.5 Event Agendas ............................................................................................................................. 79

9.6 Feedback from Startups and Partners ........................................................................................ 80

9.7 Sources ........................................................................................................................................ 80

9.8 Snapshots from the Demo Day ................................................................................................... 81

Document Overview8


1. Document Overview

This playbook is a step-by-step guide on how SIGMA – A Social Startup Accelerator Program,

was structured and executed. The aim of this document is to provide the reader an overview

of the various industry best practices and elements that were considered while designing and

executing an accelerator program for social impact startups.

The document is divided into seven sections. The first two sections provide an understanding

of the program objectives, program design and its key focus areas. The next four sections

focus on activities conducted for the smooth and successful launch of the accelerator

including: Program Launch, Application Processing, Onboarding, and Operations. The Post

Program section is focussed on feedback collection mechanism and identifying areas of

improvement for future engagement with social impact startups.

Startup Accelerator programs are a recent model and there are no set formulas to run such

programs. Therefore, this guide does not attempt to describe definitive prescriptive methods

to run an accelerator. Instead, the aim of this guide is to help the reader understand the primary

areas to consider while building a program of their own. It provides step-by-step instructions,

that can be modified where required, to execute a startup accelerator program as seamless

as possible.

Charter and Focus12


2. Charter and Focus

2.1 Program Charter Startup and enterprise promotion has become a buzzword in India ever since the

announcement of the ‘Startup India’ initiative by the Indian Government. The government has

implemented multiple policies and benefits to enable startups in India. In the past 5 years,

India has seen multiple startups rise and fall. Among the many reasons for their failure is lack

of access to domestic capital and venture capital. The current support and incubation systems

are also insufficiently equipped to help nourish entrepreneurship. The 220+ incubators [1] in

the country are too few to support the startups which are blossoming in various sectors. A

recent study by GIZ, documents that incubation capabilities are especially low where impact

or social enterprises are active. Incubators are located mostly in the metropolitan cities which

calls for more effort to help incubators significantly increase their bandwidth and operations to

other geographies in India where social enterprises aid rural and underserved markets.

With corporates looking to stay ahead of the curve in terms of innovation and market share,

many of them have begun exploring the middle-income sections as viable sources of revenue.

With the onset of technologies like IoT, Machine Learning and Artificial Intelligence, there is

an increased scope for cheaper and better solutions in fields of healthcare, sanitation,

agriculture, energy, transportation etc. Impact enterprises, social enterprises or social impact

startups have a significant role to play in achieving these development goals by driving

innovative solutions to help the middle-income section. However, due to the rough market

dynamics their impact either remains limited to a small population or spreads too thin when

they attempt to scale.

This presents the ideal ground for the collaboration of social enterprises and corporates.

However, corporates are unable to assess the risk vs benefit of collaborating with social

enterprises.

With the new Indian Companies Bill (2013), a condition for mandatory spending of 2% of net

profits by India’s largest corporates on CSR-measures has been introduced. Supporting

business incubators qualifies as a CSR activity under the Companies Bill (2013), offering a

huge opportunity for the Indian Startup Ecosystem. However, due to market failure and

information asymmetry, corporates and incubators have difficulty finding each other. This

leaves them ignorant of the each other’s value proposition despite them finding each other’s

partnership highly essential.

A study by LiveMint [2] illustrated that corporates in India have underutilized the incubator

avenue to spend their mandated CSR budget. Out of the INR 4993.12 Cr spent on CSR

Initiatives by the top 85 companies in the country, only a meagre INR 6.23 Cr have been

accounted to being spent towards DST approved incubators. The lack of understanding of the

startup ecosystem by the corporates is an evident pretext elucidated by the data.

The social enterprise sector on the other hand, has been on a positive growth trajectory.

Among the 2 million social enterprises [3] operating in India, a vast majority is focussed on skill

development and education. They too however experience multiple barriers to growth such as

lack of capital and grants, struggle to maintain cashflow, shortage of managerial skills, lack of

knowledge of field, and recruitment and staffing issues. Leveraging the 110 DST approved

incubators [4] in the country can help social enterprises overcome their major growth barriers.


In the recent times, multiple corporates have started their own accelerator programs. These

however are targeted towards startups catering to the higher income groups or enterprises.

The corporates evangelise their platforms and attempt to integrate startup offerings with their

own.

Given this gap between the corporates and incubators, GIZ conceptualized an initiative, to

bridge this gap by forming a partnership between a corporate and an incubator as part of their

CSR strategy and pilot an accelerator programme for social impact startups. The aim of the

program was to bring a few for-profit social impact startups from across India and help them

scale through a rapid process of exposure to knowledge, capital, and industry connections.

There have been cases of corporate - incubator partnerships in the past. However, they were

neither driven as a part of the company’s CSR agenda, nor run as an accelerator program.

They provided either adhoc support to an individual startup or remained financial sponsors to

the program. The next section describes a few case studies of corporate-incubator

partnerships


2.2 Case Studies of Corporate- Incubator Partnerships

GIZ engaged Zinnov, a leading management consulting firm with a focus on helping

organizations globalize their business was engaged to design and execute a social

enterprise focused accelerator programme by forging partnership between corporate and an

incubator. The program was also conceptualized with the idea to build the capacity of the

incubators to run accelerator programs.. Zinnov had the expertise of designing and

executing corporate accelerator programs for the past decade. It also had deep connects in

the startup ecosystem to source partners, and was identified by GIZ as a suitable

organisation to implement this engagement.


2.3 Sourcing and Selection of Corporates and Incubators:

2.3.1 Corporate Scan The first step in establishing such a program was to identify corporates with an interest in

engaging with for-profit social impact startups. This required a Go-To-Market Strategy to be

put in place with appropriate segmentation, targeting, and positioning.

Segments of corporates were identified based on the following objectives:

1. NSE top 100 companies with high CSR spend

2. Multinational companies with significant ecosystem presence in India

3. Willingness of corporates to work with for-profit social impact startups

4. Key social focus areas and initiatives targeted towards the upliftment of Bottom of the

Pyramid segment

Value Proposition to Corporates:

The corporates could leverage the innovations that startups are focussed on, and acquire the

unique position of powerfully contributing to the social start-up ecosystem in India. SIGMA’s

value proposition for the corporate partners is described in the figure below.


2.3.2 Formation of a Consortium The vision of SIGMA Social Startup Accelerator, was to support social impact startups become

successful by leveraging corporates’ CSR initiatives (which align with startup objectives) and

gain business and technology mentorship to build a scalable business.

Over 60 corporates in India were actively solicited and the opportunity at hand was explained

to them. For a long time, corporates in India have contributed back to the society through CSR

initiatives by working with not for profit organizations. The idea of engaging with for-profit social

impact startups was nascent to most and they were willing to take smaller bets with their CSR

funds. There was not enough body of work where corporates had pulled in their CSR funds

for supporting social enterprises. This proved to be one of the greatest challenges in

onboarding a suitable corporate who could partner with SIGMA.

Through extensive interviews it was evident that corporates were willing to have multiple

partners bringing their CSR funds to form SIGMA. They were also wary of the risks involved

as it was their first time engagment with an incubator through their CSR initiative. This led

Zinnov to modify their value proposition and reduce the financial demand they were expecting

from potential partner organisations.

The reduced CSR contribution per partner as well as the novel ideology of interacting with

social startups brought 4 corporates to partner for the program. Citrix, HARMAN and Zinnov

each brought a nominal sum of USD 10,000 from their CSR funds to the table. Ericsson due

to their keen interest in IoT based solutions for the BoP Market decided to bring forth USD

10,000 from their R&D budget.

These 4 corporates together formed a consortium by each bringing forth financial aid through

their CSR funds and non-financial aid through technical & business mentorship.

2.3.3 Onboarding of a TBI As per the CSR mandate, for-profit organisations are not allowed to receive CSR funds.

However, these funds could be transferred to a Technology Business Incubator (TBI), which

could then use these funds to help support for-profit social startups through an accelerator

program. To legally be allowed to receive CSR funds, an incubator requires to have the

following:

• DST approval

• Section 8 or non-profit status

• Three years of financial statements

Incubators across the country were scanned based on the following criteria:

• Social incubator with a focus on addressing bottom of the pyramid (BoP) issues

• Technology Business Incubators approved by the Department of Science &

Technology covered under Companies Act, 2013

• Incubators which were section 8 or non-profit which had at least 3 years of financial

statements.

Value Proposition to Incubators:

The incubators could gain from the corporate-incubator partnership through:

• Increased access to corporate funds

• Increased access to industry ecosystem


• Added credibility with corporates as partners

IKP EDEN, a Technology Business Incubator in Bangalore satisfied the above criteria. It was

a maker co-working space with new-age facilities. Its parent organisation, was set up with the

mission to create a world-class ecosystem for fostering leading-edge innovation in the country.

Being centrally located in Bangalore, it also provided easy accessibility to host an accelerator

program.

The TBI was onboarded has a hosting partner to SIGMA and worked in collaboration with the

Consortium of Corporates to successfully run an accelerator program.

The organisation structure of SIGMA is as follows:


2.4 Defining Focus Areas

There were five key focus areas defined for SIGMA. The consortium of corporates helped

strategically define the focus areas. The figure below depicts the start-up focus areas of

SIGMA.

2.5 Value Proposition to Social Startups

SIGMA provided multiple benefits for startups in their growth journey. It not only offered

startups an opportunity to work with corporates, but also provides them with a platform to learn

from and interact with industry experts and thought-leaders. The figure below highlights

SIGMA’s value proposition for startups.

Program Design22


3. Program Design

The program design section provides an overview of the SIGMA program. The design

includes three pillars.

3.1 Organisation Structure The organisation structure of SIGMA Social Startup Accelerator comprised of two

components.

Governance Council: The Governance Council was responsible for complete governance

and oversight of the support programme. The council was a three-tiered organization which

took care of all tactical, operational, and strategic decisions for SIGMA.

Key Stakeholders: Key stakeholders and contributors were integral members involved with

part-time with SIGMA but provided important services to ensure the program ran smoothly.

3.1.1 Governance Council The Governance Council was a three-tiered organization including the: 1. Governance Board 2. SIGMA Panel 3. SIGMA Lead Governance Board

The governance board was responsible for defining the overall charter and strategy for the

accelerator. The board was entitled to handle the highest level of escalations e.g.: any IP

conflict arising from the partnership with startups. This board was also responsible for taking

decisions on course correction, change in SIGMA focus areas etc. The board was empowered

to recommend critical decisions on behalf of SIGMA like investments, M&A and GTM.

The table below describes the roles and responsibilities of the governance board.


Process Stage Roles and Responsibilities

Pre-Launch • Final approval on overall charter and strategy for SIGMA

• Budget allocation

Program Launch • Approval of marketing and branding strategy

• Representing SIGMA at launch events

Application Processing • Final sign-off on the startups selected for the cohort

Onboarding • Quick introduction with the on-boarded startups. May not be

important if the person was also part of the jury

Operations • No significant role

Post Program • Make the final decision on way forward with the startups in areas

such as GTM, vendor relationships, investments, and M&A

SIGMA Panel

The SIGMA Panel consisted of senior representatives from the various partners of the

consortium. The panel was responsible for providing guidance on how the program can be

run and best leveraged by the business teams. The panellists were technology and R&D leads

whose team members mentored the startups and looked for opportunities to collaborate with

them.

The table below describes the roles and responsibilities of the SIGMA Panel.

Program Stage Roles and Responsibilities

Pre-Launch • Drive charter definition and operating model finalization

• Advise on engagement model and curriculum as well as potential customer connects

Program Launch • Advise on marketing plans, PR announcements etc.

Application Processing • Be part of the jury for shark tank (optional)

Onboarding

• Be part of the boot camp session (introduction session – optional)

• Act as business sponsors for startups if they identify synergy of business

• Identify mentors who can guide and help the startups

Operations

• Review accelerator progress – KPIs for the accelerator

• Recommend course corrections if there are any concerns

• Identify and recommend opportunities for joint GTM, vendor partnership, acquisitions etc.

Post Program

• Recommend potential candidates/startups for future collaboration (within or outside the paradigm of SIGMA)

• Attend alumni events to understand how the startups are evolving post program

SIGMA Lead

The SIGMA lead was responsible for the accelerator and managed all day-to-day operations,

took key decisions, and brought in external and internal help when required. The lead was

responsible for ensuring startups are engaged and all the required support was provided to

them successfully.


The SIGMA lead is a full-time role dedicated to the accelerator program. The table below

illustrates all roles and responsibilities of the SIGMA lead.


Pre-Launch

• Design the engagement program: offerings, engagement model and curriculum

• Identify functional leads: HR, Legal, Marketing and IT • Get stakeholder buy-in and approvals from consortium and key

stakeholders

Program Launch

• Review program charter and focus, and update application form and startup selection framework accordingly

• Oversee website preparation • Identify and setup ecosystem partnerships • Work with corporate communications team to plan press

releases and announcements • Work with marketing and branding team to plan social media

marketing and external & internal marketing plan • Plan and execute the launch event

Application Processing

• Manage initial screening process • Oversee and conduct interviews • Plan and execute the hackathon • Execute the shark tank session • Work with SIGMA team to identify the final cohort

Onboarding

• Work with relevant functional leads to onboard startups: documentation and admin processes

• Plan and execute the boot camp • Identify business sponsors and mentors

Operations

• Ensure smooth running of the accelerator • Assign mentors to startups • Design program curriculum • Co-ordinate with consortium for support activities • Review startup progress, manage curriculum & KPIs • Manage performance scorecard and improvement roadmaps • Identify opportunities for joint GTM, acquisition etc.

Post Program • Review startup progress and collect feedback

3.1.2 Key Stakeholders Various key stakeholders were brought on-board to support the program at various stages.

These stakeholders played a significant role in ensuring smooth operations and the success

of the program. The key stakeholders were:

Functional Leads Functional leads ensured the timely execution of all pending requests within the program for

smooth operation of the accelerator and provide on-demand assistance to the SIGMA lead for

events or activities. The lead identified single points of contact from various functions who will

be the go-to person for any queries or support related to SIGMA.

Functions from where representation was required:

Human Resources:


• Work with startups for background checks during the onboarding stage

• Address any HR and people-related issues if they arise

• Advice startups on their HR policies, compliances and hiring approaches

Legal:

• Work with the consortium during the drafting and the signing of the MOU

• Work with startups during signing of the NDA

• Advice startups in contract structuring

Finance:

• To help startups with any expense-related approval or reimbursements that have been

previously approved by business sponsors or SIGMA

• To provide basic training on corporate finance and compliances

Facility/Admin:

• To manage the SIGMA location/lab

• To support SIGMA team during preparation for workshops and events

Learning and Development: (optional)

• To help with SIGMA curriculum and course design

• To provide access to facilitators and trainers

The following table explains the roles and responsibilities of all functional leads:

Process Roles and Responsibilities

Pre-Launch

Legal, SCM & IT: • Structure legal agreements.

Finance/ tax teams: • Manage overall budget

• Comply with tax requirements

Marketing and corporate communication:

• Create marketing plan

• Draft the right messaging for the program

Facility manager/ Lab In-charge/ IT: • Set up the co-working space

• Procure lab equipment, software licenses, servers etc.

Program Launch

Marketing and corporate communication: • Set up microsite

• Make PR announcements

• Conduct social media campaigns

• Execute internal and external marketing plans

Events team/Admin:

• Plan and execute logistics for the launch event in

conjunction with the event management team


Marketing and corporate communication:

• Conduct social media campaigns

• Call for applications


Process Roles and Responsibilities

Events team/Admin: • Plan logistics and help execute the shark tank event

On-boarding

Human Resources:

• Work with startups for background checks

• Advice startups on their HR policies, compliances, hiring

approaches etc.

Legal:

• Work with startups during signing of NDA

• Advice startups in contract structuring

Finance:

• Conduct basic training on corporate finance, compliances

Administrative manager:

• Set up access control, IT Infrastructure, and Wi-Fi

Operations

HR, Marketing and corporate communication, sales, finance and legal

• Provide support to startups if required

Facility/Admin:

• Manage the SIGMA location/lab

• Support SIGMA team to prepare for upcoming events

Learning and Development: (optional)

• Help with SIGMA curriculum and course design

• Provide access to facilitators and trainers

Post Program

Marketing and corporate communication

• Maintain and update alumni portal

Legal and SCM

• Prepare vendor and GTM agreements and contracts

External Advisors

External advisors are typically thought-leaders, trend-setters, venture capitalists and other

senior professionals with in-depth expertise in the industry and domain.

The role of an external advisor was to:

• Provide overall guidance on the program, educate startups about program benefits

and advise the consortium on how it can better leverage the various startup offerings

and solutions

• Conduct specific sessions basis need and become facilitators for specific courses

• Bring forward their technological and business acumen to conduct talks and provide

mentorship

• Promote networking and connections between startups and the rest of the business

ecosystem

Mentors

Mentors are the linchpin in a successful accelerator. Accelerator programs are often described

as “mentor-driven” because the bulk of actionable information the teams receive is from the

mentor network. Mentors have exceptional industry knowledge, experience, and connections

and these are often the most important factors in the longstanding success of startups. SIGMA


appointed about 5-6 mentors that were identified basis areas that participating startups would

most benefit from.

Mentor Role:

Mentors to SIGMA were ensured to provide the following:

• Strategic guidance, such as: o Business model suggestions using the Business Model Canvas

o Technical expertise on developing a robust solution

o Customer and industry context as well as an understanding of sales process

o Identification and bridging of gaps in business knowledge and understanding

• Tactical guidance, such as:

o Connections with other people: “Why don’t you call X? Let me introduce you.” o Pushing the team out of the work place and into the marketplace while

questioning their assumptions. In the early weeks of the program, mentors will push the startup to make dozens of customer contacts each week and ask: “From the people you know, who might be prospective customers?”

o Ensuring the team is not simply hearing what they want to hear from their research but also gathering empirical evidence to support their hypotheses

Qualities of a good mentor:

• The mentor has full domain knowledge & in-depth industry experience • The mentor is a disciple of The Socratic Approach: she/he does not force an opinion,

instead she/he asks thoughtful questions and allows the team to find solutions on their own

• The mentor dives deep into the product, the business, the customers, and the financial aspects of the company

• The mentor makes introductions between potential customers and startups knowing how this can be a critical turning-point for a startup’s success

• The mentor connects with the startup founders personally and professionally to grasp all aspects of the business. A mentor that doesn’t connect with the business or its founders is unlikely to motivate the company in the long-run

SIGMA Team

The SIGMA Team was identified by the SIGMA lead and worked with him to identify the

operations team. This team interacted with internal teams such as functional leads, the SIGMA

lead, mentors as well as the startups for carrying all day-to-day functions and activities. They

were also responsible for executing all activities right from providing website suggestions to

the marketing team during the pre-launch stage to the Demo Day at the end of the accelerator

program.

The table below details roles and responsibilities of the SIGMA team:


Pre-Launch

• Discuss content of the press conference and social media with communications, PR and marketing teams

• Provide support on logistics



• Share calendar invites with all attendees and send reminder emails

Program Launch

• Create the application form • Provide potential content for website • Connect with ecosystem partners • Create content for press releases/ announcements and share

with Marketing team • Help in executing the launch event


• Execute the initial screening process • Manage rounds of interview • Plan and execute the hackathon • Coordinate with jury for the shark tank • Work with the panel to identify the final cohort

Onboarding

• Work with relevant functional leads for onboarding of startups: documentation and admin processes

• Coordinate with functional leads for the boot camp • Identify business sponsors and mentors working with the SLT

Operations

• Ensure smooth-running of the accelerator • Assign mentors and facilitators to startups • Work with the SIGMA lead and the SIGMA team for designing

program curriculum • Coordinate with consortium for support activities • Review progress of startups and manage curriculum and KPIs • Keep track of progress for all startups • Create plan for execution of next cohort

Post Program • Design Feedback forms • Collect feedback from startups


3.2 SIGMA Offerings SIGMA offered startups support in various key areas to help them develop market-ready

solutions. The figure below summarizes the various support-areas and offerings of SIGMA.

3.3 Scope of Program The Scope of Program defines the program’s lifecycle and provides an overview of the

engagement duration along with the various stages of the program. The figure below describes

the sequence of events that were integral to the engagement mode

Program Launch32


4. Program Launch

This section covers a detailed description of the activities conducted for the smooth and

successful launch of SIGMA. It includes the marketing and event management plan that

ensured that the program and its message was communicated well and reached the target

startups. Figure below describes the sequence of events that were integral to the program

launch.

The table below provides an overview of the launch process, highlighting the key entry and

exit criteria and defines all execution responsibilities.

Process Overview

1. Planning of Launch

Steps

2. Soft Launch

3. Pre-Launch

4. Program Launch

Entry Criteria • Program design completed

Exit Criteria

• Marketing and branding plan finalized

• Marketing channels identified

• Application platform setup and ready for accepting applications

• Website/ social platforms ready to accept applications

• Startup framework finalized

• Planned launch events completed

Tools and Technology

• Social media platforms; Application Sourcing Platforms

Responsible Accountable Consulted Informed

SIGMA Lead SIGMA Lead SIGMA Panel, Functional Leads

Governance Board


4.1 Launch Planning Planning the program launch was extremely crucial as it involved coordination with various

teams for handling multiple activities. This section details the activities conducted for

successful planning of the program launch. Key activities include:

• SIGMA Logo Design: The “Valley of Death” is a term commonly used by venture

capitalists while describing the negative cash flow stage in the startup lifecycle. Every

startup experiences losses of some magnitude while working on their product or

prototype. To escape this valley, it needs to make its product market ready and start

making revenues. In essence, every startup needs to sustain through its loss-making

phase, innovate to create a market ready product, grow its customer base and multiply

its revenues to accelerate the company forward. The words Sustain, Innovate, Grow,

Multiply and Accelerate abbreviate to form the name SIGMA. The sloped line in the

background of the logo describes a steep incline which the startups need to climb to

achieve success.

• Application Form Finalization: An application form was designed based on

evaluation parameters. It was ensured that it included fields for all the required

applicant data. The form was self-explanatory and easy to decipher. The sample

application form is attached in the appendix

• Selection Framework Finalization: The framework was fine-tuned post discussions

with key stakeholders and gaining an understanding of expectations from SIGMA. The

model was created for suitability of the cohort given the focus areas and landscape of

the startups in India. The figure below describes the selection framework

• Application Sourcing Platform Partnership Finalization: SIGMA partnered with

platforms such as F6s to setup the an online portal to source applications. Details about the

program were shared along with all application requirements to help them to design the


platform, spread the word and conduct targeted marketing. The platform also provided a

membership to all startups selected in the cohort through which they could receive redeemable

credits and benefits on tools and services.

• Marketing Message Creation: Communication themes and messaging were ideated

upon and sent out to the media as well as to program partners. The goal in this step was to

enlighten the ecosystem about the program’s value proposition and key offerings.

• Website Content Creation: (http://zinnov.com/sigma-accelerator/)

Contents of the SIGMA Website were as follows:

a. About SIGMA

• Intent of the program

• Vision of the accelerator initiative

• Why the consortium is looking to engage with startups

• Overview of the program

• Location

• Focus Areas

• Value Proposition

b. Screening Process

A detailed description of the screening procedure

• Stages for screening:

• Stage 1: Screening of Applications

• Stage 2: Interview

• Stage 3: Shark Tank

• Deadline for each of the stages

• Guidelines for the screening process

• Timelines and expected modality for result announcement

• Contact details

c. Apply Now: Link to Application form

d. Mentors: Links to profile of mentors; External & Internal – LinkedIn, Blogs, Twitter,

Quora and YouTube (if any)

e. Social Media: Facebook, Twitter pages for the accelerator

Facebook: https://www.facebook.com/SigmaAccelerator/

Twitter: https://twitter.com/SigmaAccelerate

• Event Management Agency Finalization: The marketing team at Zinnov helped

implement a vendor selection policy to identify the most suitable and reliable event

management agency among existing and known vendors for launch of the program.

DeeperBlue Asia was selected as the program’s event partner

• Social Media Marketing Plan Design: Zinnov’s marketing team, SIGMA Lead and

key stakeholders came together to ideate and finalize on an end-to-end social media

campaign for publicizing the program. Engaging content was created for all stages of the

Program Launch

• Launch Agenda


The launch of the program was a significant milestone for the accelerator and was planned

with careful consideration of all relevant touchpoints. It was important to plan for an agenda

that:

• Keeps the audience engaged

• Conveys the relevant message to the audience

• Includes learning sessions that are intertwined with entertainment, engagement and

short breaks

4.2 Pre-Launch This section details out the internal processes made ready for application processing. Key

activities for the pre-launch are:

• SIGMA Logo Design Execution

• Website Design Completion

• Ensuring completion of the first-cut of the website and test internally for feedback

• Oversee bug fixing and ensuring all beta testing feedback is incorporated

• Marketing Collateral Design

• Ensuring completion of design for all posters, teasers, creatives, and brochures to

be used for internal and external communication, including social media. The

communication broadcasted details of the accelerator, date of launch, objectives,

vision, highlights, mentors, and benefits of the program

• Socialization with Ecosystem Partners

• Sending out communication-based collaterals highlighting the objective and value

proposition of SIGMA to all partners and including information about the upcoming

launch of the program

• Conducting calls/discussions with relevant with relevant stakeholders to ensure

that the partners understand the USP and focus for SIGMA

• Working with partners to identify events and platforms where SIGMA can be

promoted and ensure all marketing material is available for the same

• Internal Release of the Website

• Social Media Updates

4.3 Soft-Launch This section details the activities executed for a successful soft-launch of the accelerator. This

included circulation of news about the launch event to bring about internal and external

awareness about the program. Key activities include:

• Internal Launch of SIGMA: Sharing emails and teasers internally to announce the

accelerator program and build excitement for the launch. Including the vision,

objectives, and details of the program to promote SIGMA among internal

stakeholders.

• Website Launch: Going live and launch the website externally announcing the

launch on all social media platforms

• Social Media Campaign Launch: Publishing teasers and countdown posters to

generate excitement and build hype for the launch on Facebook, Twitter, and

LinkedIn


4.4 Program Launch The section includes the various activities conducted to ensure a successful final launch of

the program. It involved managing the press, setting expectations with the event management

agency, finalizing the event agenda, and officially launching the program. This stage was

integral to the program as it attracted the attention of the right set of target audience and

creates a huge branding opportunity for SIGMA. Key activities include:

• Final Launch Event Plan Creation: The plan creation included finalising on the event

venue, timing, infrastructure, audio-visual requirements and complete event logistics,

with the event management agency

• Media Reach for the Press Conference: A press release entailing relevant details

of the program was shared with media and press personnel. A press conference was

conducted prior to the launch with representatives from the governance council.

• Speaker and invitee identification and finalization: A brainstorming session was

conducted to identify relevant topics for the panel discussions

• Content Design for Speakers: Presentations, videos and interactive content were

developed in conjunction with internal and external speakers to ensure the right

communication with SIGMA objectives and its value proposition goes out to the

audience.

• Invitation Design

• Press Connect

• Program Launch Capture: Aspects of the event were captured through videos and

photos for publish on SIGMA digital platforms such as the website and the program’s

social media platforms.

• Program Launch Announcement: An official announcement was made to sound the

launch of the program, articulate its objectives and call out for applications on the

website

• Launch Dinner

4.5 Post-Launch Post the launch of the program, all social media platforms created for the program were

updated on a regular basis to keep the startups interested in the accelerator program.

Application Processing40


5. Application Processing

The application processing section covers a detailed description of the activities that go into

screening and selecting the best fit for the accelerator. It defines the steps needed for a

successful execution of each of the screening stages such as: reviewing the startup

applications, interviews, testing business acumen and technical skills, and pitching to the jury

members.

Process Overview

Process Description

Evaluation and filtering of applications to select startups which are the best fit for SIGMA.

Steps

• Screening of Applications

• Interviews with Initial Shortlisted Applicants

• Extended Interview/Second Round of Interviews

• Shark Tank & Final Selection

Entry Criteria • Program Launch

• Finalization of Application Form

• Finalization of Selection Framework

Exit Criteria • Selection of Startups for the SIGMA Program


• Application Sourcing Platform


SIGMA Lead SIGMA Lead SIGMA Panel, Functional Leads, Mentors/SMEs, Investors

Governance Board

5.1 Screening of Applications SIGMA received 110+ application for the accelerator program. The procedure of screening

startup applications included engaging with the applicants at various stages, declaring results

and briefing them about the forthcoming stages. The activities listed below were systematically

followed:

• Collating all information submitted through the applications for review and evaluation

• Checking all information submitted for complete validity

• Assessing the data collected based on the selection framework

• Rating the startups on the scoring sheet provided based on evaluation guidelines

• Shortlisting the startups based on the scores (top 50 startups to qualify)

• Reviewing the list to ensure a varied combination of startups that are technology, use

case and customer-centric

• Creating the final list of shortlisted startups

• Declaring results of the application process via email

5.2 Interviews with Initial Shortlisted Applicants A list of questions was prepared for interviewers to gauge knowledge-depth, business model,

business plan and communication skills of startups. These included questions on:

• Assumptions made by the company while defining the business idea/GTM2

• Market estimation for the same idea for an alternate country

• Market estimation for the same idea for an alternate demography


• USP highlights as compared to the competitors

A telephonic screening was conducted for 60 startups and 30 were shortlisted for the shark

tank round.

5.3 Shark Tank This section details out the activities conducted for the successful execution of the Shark Tank,

which is the final stage of the evaluation process for the SIGMA program. The Shark Tank is

a face to face interview round where startups pitch one after the other to a jury panel. The

following activities were referred to as a check-list for execution of the Shark Tank:

• Jury Member Identification

• Identification of a set of high-ranking jury members

• The jury should consist of SLT members, members from the SIGMA panel, industry

heads and VCs.

• Invites for Internal and External Jury

• Invites were created for the internal and external jury

• For external and internal jury members, a short deck was provided with details on

the SIGMA program, the selection process, the complete agenda for the Shark

Tank sessions and guidelines for scoring

• Sample Pitch for Startups

To make the pitch effective and to ensure that the jury was provided with all relevant

information, startups were provided with a sample pitch template (Y-combinator’s 7

Slide Pitch Deck) prior to the Shark Tank. Startups may choose to vary from the

template for specific areas but it is critical to ensure that relevant information has been

covered.

Onboarding44


6. Onboarding

The onboarding section covers a detailed description of all the activities required to be

completed for the successful onboarding of the startups into the accelerator program. The

section covers protocols that are mandatory for getting startups into the TBI’s premises,

background checks, contract terms, identification of mentors and the boot camp activity that

provided an in-depth overview of the program. The figure below describes the sequence of

events that were an integral part of the onboarding process and needed to be executed in that

order for successful onboarding of startups.

6.1 Documentation Requirements The process overview table below can be used as a checklist for successful overall execution

of the onboarding process.

Process Overview

Steps

• Documentation Requirements

• Background Verification and Contract Signature • IT & Administrative Process

• Identification of Business Sponsors • Identification of Mentors

• Boot Camp Entry Criteria

• Startups Selected for the SIGMA Program

Exit Criteria • Startups Boarded onto the SIGMA Program Tools and

Technology • Yammer, SharePoint, WebEx or Trello board for project management

Responsible Accountable Consulted Informed SIGMA Lead SIGMA Lead Functional Leads Governance Board, SIGMA

Team


6.2 Background Verification Two weeks prior to the onboarding and boot camp, startups were informed regarding the

documentation requirements including forms, proof of identity and other information to be

submitted as part of the onboarding process. The process followed is as under:

• Sharing email ids of all startups with TBI to enable background verification

• Collating all documentation requirements and sharing the list with startups via email

• Sending out reminders to startups for completion and submissions of documents

A complete background screening and reference check was conducted before SIGMA

committed to any legal relationship with the startups to ensure all credentials supplied by the

startups were accurate.

6.3 Contract Signature Comprehensive contracts were created and shared with the startups over email. The startups

were given time to look through the contract and make clarifications and amendments. The

contract included, basic documentation for:

•Safety rules

•Code of ethical conduct

•Code of ethical purchasing

•Anti-bribery laws

•Info-security guidelines

Other critical clauses that were included in the agreement are:

•Intellectual Property Rights: Intellectual property (IP) refers to creations of the intellect for

which a monopoly is assigned to designated owners by law. Intellectual property rights are the

protections granted to the creators of IP, and include trademarks, copyright, patents, industrial

design rights and in some jurisdictions trade secrets

•Company Property: Indicating return of all borrowed property post the program, including

equipment, documents, or inventions

•Confidential Information and Non-Disclosure

•Non-Employee Status: Implicitly stating that the program is not an employment contract and

that the individual will not be considered an employee of at any time before, during or after the

program

•Standard Behaviour: Individuals to abide by the guidelines described by SIGMA

•General: Individuals agree that any dispute in the meaning, effect and validity of this

agreement shall be resolved in accordance with the laws of state

•Injunctive relief: SIGMA may seek and obtain injunctive relief against any breach of violation

or threatened breach of violation

•No licenses: SIGMA shall retain all right, title and interest to its confidential information,

license under any trademark and patent or copyright

•Modification: The agreement can only be modified by a subsequent written agreement

executed by the individual and an authorized representative of SIGMA


6.4 Identification of Mentors A mentor can add enormous value to an enterprise and spike the growth of a startup

exponentially. Mentors scrutinize the business model, assess the direction of growth, share

their professional value systems, and instil confidence in the startup while pushing the bar

high. It is essential to understand the stage and needs of the startups before scouting for

mentors. At SIGMA, the startups selected were at the post prototyping stage. Since the

startups at this stage required more business mentorship, the mentor pool consisted of

veterans with 15+ years of experience in their respective fields. startups were assigned

mentors as part of the SIGMA program in the following ways:

Mentor Choice

Mentors work with startups of their choice based on various decision-making parameters such

as: business idea, technology platform, current customer base, GTM strategy, vision, core

competency and team size.

Nomination by the SIGMA Team

The SIGMA team mapped startups based on their stage and maturity level, as well as their

domain and business focus. In this scenario, a startup was mapped with one or more internal

mentors. Note: A mentor may contribute to a startup for the initial 2 months of the program

and move on to guide another startup in need of the mentor’s specific skill and experience

Mentor-Startup Socialization

In this method, mentors interacted with startups in a 3-hour networking event organized by the

SIGMA team. The flow of the event was as follows:

• The SIGMA team conducted a 30-minute induction of mentors to all the attending

startups and educated them of the mentors’ experience and areas of expertise

• The introduction session was followed by the startup pitch session. Startups were

given 7 minutes to pitch their idea/product to all the mentors in the room. This was

followed by a 3-minute Q&A session

• Finally, the floor was open for networking. Here, mentors and startups engaged in

conversation to identify a common goal and expectation from the accelerator program

• Post the networking session, startups were instructed to share a list of their ‘top 3

mentors’

• The SIGMA team compiled a list of the startup mentor preferences and connected

them with the mentors for their approval

• The SIGMA team communicated the final set of mentor-startup associations to the

SIGMA lead, the startups and all stakeholders involved

6.5 Boot Camp As a precursor to the cohort kick-off, the SIGMA team organized a 2-day boot camp for

startups to complete necessary documentation, introduce themselves formally, get an

overview of the program and understand the sessions that are part of the curriculum. The

SIGMA team organized the boot camp and the participants were: startups, mentors, and

advisors.

Pre-Boot Camp Activities (carried out by the SIGMA Team)


•Boot Camp Agenda

Created the agenda for the boot camp as well as identified the courses and sessions most

relevant for the startup. The agenda was shared in advance to all participants of the boot

camp.

•Facilitator Identification

The SIGMA team identified facilitators to conduct sessions at the boot camp. The facilitators

were serial entrepreneurs who had exited startups successfully. Their experience of working

at multiple startups gave them the ability to pick the most common hurdles which startups face

and provide the cohort with frameworks to overcome them. These sessions were critical as

they provided an overview of the standard curriculum to the startups.

•Content, Branding, and Communication

The SIGMA team worked with facilitators to ensure all course content was prepared, reviewed,

and set as part of the agenda well in advance. The SIGMA team also worked with the internal

marketing team to ensure consistent brand communication through the boot camp session.

Boot Camp Program Overview

•Administrative Activities

• Document collection - Forms, application, documents, and proof of identity

• IT and Admin setup

•Team Introductions

The boot camp began with startups formally introducing themselves to other participants of

the boot camp. Other ice-breakers included in this session were:

• Mentor and Sponsor Introductions

• Courses and Activities

Operations50


7. Operations

This section details all activities that need to be implemented for a successful running of the

accelerator program including curriculum design, creating roadmaps, fortnightly check-ins,

operations, and execution of the demo day. The figure below describes the sequence of

events which are integral to the operations process and need to be executed in the

demonstrated order for successful running of the accelerator program.

The process overview table below can be used as a checklist to ensure that all requisite

activities have been completed. This includes the entry and exit criteria, tools and technologies

required for operations and responsibilities of each of the SIGMA members under this stage.

Process Overview

Steps

• Curriculum Design

• Mentoring

• Startup Roadmap

• Day-to-Day Operations

• Weekly Reviews

• Workshops

• Demo Day

Entry Criteria • Startups Onboarded

Exit Criteria • Demo Day

Tools and Technology N/A


SIGMA Lead SIGMA Lead Functional Leads Governance Board, SIGMA Team

7.1 Curriculum Design Curriculum for startups was essentially split into two parts:


• Standard curriculum: This included best practices, methodologies, and frameworks

that better equipped startups to intelligently evaluate their business, value proposition,

challenges, and solutions

• Customized design: These were sessions that were specifically designed for

acquisition of knowledge, basis the need or areas suggested for improvisation

There are multiple methods of delivering curriculum to a startup (refer figure below):

On-Premise Curriculum Delivery

In this method, the instructor delivers content to startups by physically visiting the accelerator

premise and conducting classroom sessions. The advantage of on premise curriculum

delivery is high-engagement and proximity between mentors and startups.

Logistics:

Startups based out of Bengaluru were present in the accelerator physically for all training

sessions. Startups functioning out of other cities participated by tele/video conferencing.

Online Curriculum Delivery

In this method, startups can access the curriculum online, without having to be present

physically or missing out on the learning process. Startups can self-pace their learning and

access the material online always.

Logistics:

A session coordinator had to be functionally present to set up a meeting room with a high-

speed internet connection. Communication channels such as Yammer, Slack, BlueJeans, or

WebEx were to be prior-tested for access to curriculum.

Virtual Curriculum Delivery

In this method, the instructor conducts live sessions virtually and may share online training

material for completion later. Startups based in Bengaluru should be present at the co-working

space. Startups functioning out of other cities should ensure they join the sessions virtually

through tele/video conferencing and complete all training sessions.

Online

Local on Premise

On Premise + Virtual

Curriculum Delivery Model


Logistics:

A session coordinator had to be functionally present to set up a meeting room with a high-

speed internet connection. Communication channels such as Yammer, Slack. BlueJeans, or

WebEx were to be prior-tested for access to curriculum.

Note:

All pre-assignments were to be turned-in at least a day before the next training session or

workshop. If startups are unable to participate in any training sessions, physically or virtually,

they had to ensure to keep SIGMA informed at least two days in advance.

Curriculum Calendar

A curriculum calendar was planned and created by the SIGMA lead in conjunction with the

SIGMA team before commencement of the program. The curriculum calendar:

• Systematically detailed and highlighted all the broad topics that are part of the

curriculum design to help mentors and facilitators plan their sessions more effectively

• Included impactful and result-oriented sessions that introduced various perspectives,

built holistic understanding, and familiarized the startups with globally recognized tools,

knowledge, and methods to empower them in their development journey.

The figure below describes the curriculum charter of the program.

7.1.1 Course Content Some of the standard course content followed across by mentors/facilitators are as follows:

Lean Methodology: (2 hours)

The Lean Methodology focusses on creating more value for customers with fewer resources.

It favors experimentation over elaborate planning, customer feedback over intuition, and

working smarter over working harder. The concept endorses the path of ‘failing fast’ and

quickly adapting, learning, iterating, improving on initial ideas, validating hypotheses against

real users and ultimately succeeding.

What do startups learn?

The following main concepts of the Lean Startup approach:

• Starting with the hypotheses: from identifying who is the customer to what is the value

proposition to pricing, revenue and distribution channels

• Testing the hypotheses by developing a series of experiments to understand customer

reactions

• Creating a minimal viable product

• Maximizing customer value while minimizing on waste


• Building, measuring, learning

• Inculcating the ability to pivot

• Applying agile engineering

Business Model Canvas: (3 hours)

The Business Model Canvas is a strategic management and entrepreneurial tool that allows

companies to describe, design, challenge and invent new business models.


The Business Model Canvas breaks the business model down into nine easily understood

segments: key partnerships, key activities, key resources, value propositions, customer

relationships, channels, customer segments, cost structure and revenue streams.

Key Partnerships

Describes the network of suppliers and partners that make the business model of the startup

work. Key considerations are:

• Who are our key partners?

• Who are our key suppliers?

• What key resources are we acquiring from partners?

• Which key activities do partners perform?

Key Activities

Describes the most important steps the company must execute to make its business model

successful. Key considerations are:

• What are our distribution channels?

• What key activities do our value propositions require?

• Where do our customer relationships?

• What are our revenue streams?

Key Resources

Describes the most important assets required to make a business model work. Key

considerations are:

• What key resources do our value propositions require?

• What key resources apply in our distribution channels?

• What key resources do we invest into our customer relationships?

• What key resources we need to utilize for our revenue streams?

Value Propositions

Describes the various products and services that create value for a specific customer

segment. Key considerations are:

• Which one of our customer’s problems are we helping solve?

• What value can we deliver to the customer?

• What specific customer needs are we satisfying?


• What products and services are we offering to each of our customer segments?

Customer Relationships

Describes the types of relationships a company establishes with specific customer segments.

Key considerations are:

• What type of relationship does each of our customer represent?

• What do customers expect us to establish and maintain with them?

• What customer relationships have we established? How costly are they?

• How are customers integrated with the rest of our business model?

Customer Segments

Defines the varied groups of individuals or organizations an enterprise aims to serve. Key

considerations are:

• For whom are we creating value?

• Who are our most important customers?

• What are the various customer archetypes?

Channels

Describes how a company communicates with and reaches out to its customer segments for

delivery of a value proposition. Key considerations are:

• Through which channels do our customer segments prefer being reached?

• How are we reaching them now?

• How are our channels integrated?

• Which of our channels work best?

• Which of our channels are most cost-efficient?

• How are we integrating our channels with customer routines?

Cost Structure

Describes all costs that need to be incurred to operate a business model. Key considerations

are:

• What are the most inherent costs within our existing model?

• Which key resources are the most expensive?

• Which key activities are the most expensive?

• How can we best utilize our funds?

Revenue Streams

Represents the cash a company generates from each customer segment. Key considerations

are:

• How much are our customers willing to pay?

• For what do they currently pay?


• How do they currently pay?

• How would they prefer to pay?

• How much does each revenue stream contribute to overall revenues?

Agile Development: (1 hour)

One of the strongest approaches to come out of the tech industry, is the Agile development

model. In this approach, individuals and interactions are prioritized over processes, tools and

software are preferred over comprehensive documentation and customer collaboration is

adopted over contract negotiation.


Startups are exposed to key principles of agile, some of which are:

• Active involvement of users

• Empowerment of team to make decisions

• Requirements that evolve while the timescale stays fixed

• Development of small, incremental releases that are continuously iterated

• Focus on frequent delivery of products

Customer-Centric Innovation: (2 hours)

At the heart of every customer-centric innovation is a rigorous customer R&D process that

helps companies continually improve their understanding of who their customers are and what

are their needs. Customer-centric product innovation focuses on developing better ways of

communicating value propositions and delivering complete, satisfying experiences to real

customers.


There are various benefits associated with building a customer-centric business, some of which are:

• Edge over competitors: The more customer-centric a business, the longer it takes for

competitors to figure out its game

• Increase in customer loyalty

• Increase in number of new customer investments

• Sustained profitability and growth

• Low-budget innovation

Branding and Communication: (1 hour)

A brand represents the sum of people’s perception of a company’s name, reputation, customer

service, design, advertising, and logo. It conveys a uniform quality, credibility, and experience.

Businesses that define and build their brands gain tremendous advantages over their

competitors while also gaining customer loyalty. The process of branding and communication

for a startup involves careful consideration of the mission, creative thinking, and a strong

desire to connect with the people who will ultimately make the business successful.



• Branding for startups: why it matters

• Creating an authentic message

• Thinking like a customer

• Conducting market research

• Performing a competitive analysis

• Developing a market strategy

• Crafting a brand identity

• Using technology and social media platforms to scale

Operating Plan: (2 hours)

The operating plan forms part of the business strategy and describes the methods and

practices to be implemented during the program, the workflow from input to end results and

all the key resources to be utilized for scaling the success of the startups.

The key components of a complete operating plan should include:

• Human capital

• Product development

• Revenue model identification

• Financial requirements

• Risk assessment

• Estimate of project lifespan, sustainability and exit strategy

Growth Hacking: (1 hour)

Growth hacking is the use of new and innovative methods, tools, and practices to exponentially

grow a company’s customer base. It involves marketing at low costs through analytical

thinking, usage of social metrics, content marketing, creative social-media strategies, and

online advertising, as opposed to traditional marketing platforms such as billboards, radio,

television, print ads and PR.


Startups are introduced to new and powerful forms of non-traditional marketing such as:

• Social media marketing and campaigns

• Targeting niche communities via web forums

• E-mailers

• SEO/SEM and organic search

• Content marketing

• Blogs

• Podcasts

• Social bookmarking

• YouTube videos

• CRM automation and engagement via loyalty campaigns


• A/B testing

• Online media advertising

Sales: (2 hours)

A sale dictates that, in exchange for a certain amount of money or assets, the seller will provide

the buyer with aforementioned goods or services. To complete a sale, both parties must be

deemed competent and be in agreements regarding the terms as set forth.


• Why do buyers buy & buying motivation

• Sales process & Buying process

• Crafting a sales elevator pitch - USP

User Experience Design: (3 hours)

Products only sell if users can use them intuitively. The product by itself should provide a great

experience without the entrepreneur having to invest huge amounts of money.


• What is Lean UX

• How lean UX can help in continuous learning and continuous innovation of the product

and service

• How to create great UX in a lean environment

• How to combine UX and agile effectively

• How to create Lean-UX canvas

• The business problem you are trying to solve

• The business outcome expected through your solution

• Primary user personas and Develop it

• The needs/benefits of the users to use your solution

• Products and features that will help the persona to satisfy their needs

• Develop hypothesis by combining the steps above, for each of the feature identified

• Identify the riskiest assumptions that will cause the entire idea to fail if it wrong

• Brainstorm Ways to test the riskiest assumptions to be true or false

7.2 Mentoring Having a mentor is crucial to a startup’s success. Mentors handhold the startup and provide

targeted guidance, exposure and insights that help take it to the next level. SIGMA provided

access to mentors from areas most relevant to the startups. To enable mentors in their role of

guiding the startups, SIGMA conducted a one-hour session for mentors to give them all the

information, tools and guidance necessary to be effective in their mentorship. Slack channels

were setup to enable mentors to share new thoughts and ideas and for startups to engage in

peer to peer learning

While mentors are invaluable in their contribution to startup growth and increase the odds of

a startup’s success more than any other influence, their focus can be broadly split into four

high-level areas:


Technical Mentorship

Technical mentorship is focussed on:

• Helping the startups build a robust and scalable system

• Quality of code and performance

• Guidance on systems architecture, platform, and environment

Technical mentors invested two to three hours every fortnight to review the progress of

startups under their mentorship and plan the activities in focus for the upcoming fortnight.

Business Mentorship

Business mentorship is focussed on:

• Helping startups identify the right distribution channel

• Providing the relevant support on building an operating plan

• Mapping the sales process and the GTM plan

Business mentors invest two to three hours every fortnight to review the progress of startups

under their mentorship and plan the activities in focus for the upcoming fortnight.

Domain Specific Mentorship

Domain specific mentorship is focussed on:

• Helping startups understand the nuances of the market

• Expose startups to the new breakthrough in their field

• Build domain specific strategies

Domain Specific mentors invest two to three hours every fortnight to review the progress of

startups under their mentorship and plan the activities in focus for the upcoming fortnight.

Functional Mentorship

Functional Mentorship is focussed on:

• Human Resources: Hiring, Upskilling, Retention, HR Policy Overview, Talent

Acquisitions best practices, Org Structure Design

• Finance: Invoicing, Capital Structure Management, ESOP (Primary owner),

Compensation & Benefits structure, Compliance Requirements


• Legal: Registration, IP Protection, Contract Structuring (MSA, SoW etc.)

• Marketing: Collateral development, Logo design, Preparation for events, Digital

marketing

Note: Mentors and course facilitators were selected from:

• Consortium’s internal team of mentors

• External industry heads

• Vendors proficient in mentoring sessions such as Venture toolkit, UpGrad, Lean

Mantra, Innocentrik etc.

7.3 Startup Roadmap A roadmap is essentially a six-month growth plan for all startups, defining milestones that are

broken down into smaller activities that can be systematically tracked. It is developed

conjointly by the startup, mentors and the SIGMA Lead at the beginning of the program. The

roadmap for an early stage startup will predictably differ from a roadmap created for a mature

startup. Roadmaps help startups prioritize on deliverables under a defined timeline for

achieving the goal of scaling up their business or getting funded.

7.4 Day-to-Day Operations and Fortnightly Reviews

Day-to-Day Operations

Day-to-day operations for the accelerator are managed by the SIGMA lead in conjunction with

the SIGMA team. Roles and responsibilities of the team are as follows:

• Regularly engage with internal SIGMA stakeholders

• Manage delegation visit and assist with support services like legal, tax and recruitment

• Represent SIGMA in all external startup-centric industry events.

• Prepare, publish, and circulate startup success stories via website, social media,

internal marketing, etc.


• Conduct fortnightly check-ins

• Update leadership team on program and cohort progress

• Coordinate with external partners and mentor network

• Organize pitch sessions with various stakeholders (internal/external)

Fortnightly Reviews

Fortnightly reviews are conducted by the SIGMA team to track startup progress, understand

its growth journey and identify key areas of improvement.

The key discussion points for weekly check-ins are:

• What was the plan for the fortnight?

• What did the startup achieve?

• What were the key learnings?

• Are there challenges or gaps to fill?

• What is the proposed plan for the Fortnight ahead?

Note: Any in-person curriculum to be delivered was conducted on the same day, post the

fortnightly check-in.

7.5 Pitch Coaching & Demo Day: Demo day is a culmination of the tremendous entrepreneurial effort of the IBs during the six

months of the support programme. Companies, investors, mentors, and industry heads come

together to recognize the progress made by the cohort and celebrate their growth journey.

Key Highlights:

• A tech-fair where the eight participating startups set up a personalized kiosk to

showcase their products to the audience

• A seven-minute pitch made by the startups to make a lasting impression and sell their

brand to the audience

• Panel Discussion

• Social Hour

This section focuses on the details startups should consider while speaking with or pitching to

potential investors and how the support programme can help facilitate this conversation

through a Demo Day.

Pitch Preparation: The topics listed below are designed for people from all walks of life who

are looking to communicate their ideas and thoughts more effectively to others. A professional

demo coach who has trained over 500+ startups and C-level executives in the Silicon Valley

helped refine the pitches and pitch decks of the startups through a 2-day workshop. The

techniques meant to quickly allow startups communicating more effectively the value of what

they do, why they do it, why anyone should care, and how to communicate that in a more

compelling way. A few sample workshops which can assist a startup in pitching are:

• Captivating any Audience in Less Than 30-Seconds

• Q&A: Mastering the Unpredictable

• Designing an Unforgettable Handshake Intro

• How to Design and Deliver a TEDx-like Talk

• The Keys to Effective Storytelling

• How to Present Anything to Anyone in Under 5-Minutes


• Avoiding the Top Mistakes People Make When Presenting

• How to Pitch to Investors

• Giving Memorable Product Demonstrations

• How to Network

Demo Day: Demo day is a culmination of the tremendous entrepreneurial effort of the startups

during the six months of the accelerator program. Companies, investors, mentors, startups,

and industry heads come together to recognize the progress made by the cohort and celebrate

their growth journey.

The Demo Day can also serve as the launch event for the next cohort of applicants.

Demo Day Event Plan

Theme Finalization

SIGMA team and business sponsors finalized the theme of the demo day to speed up planning

and execution of the event. A list of themes was noted and discussed with the event

management agency.

Shortlist of Event Management Agency

The event management agency was finalized basis past credentials, offerings, team size,

capabilities, proposed theme ideas and cost for execution of the entire event. Once the agency

had been finalized the SIGMA team discussed and reviewed designs, kiosk booths & setup,

engagement activities, entertainment, F&B and all other execution touchpoints for the event.

Invitee List

The invite list was created by the SIGMA team with inputs from the Startups, Consortium,

SIGMA lead and members from governance body. The list included:

• NGOs

• Business unit heads

• Leads from sales and marketing

• Industry leaders

• Other potential startups

• Venture Capitalists

• Industry bodies like NASSCOM and iSpirt

• CSR heads of companies

• CEOs of successful startups

• Press

Registration Setup

• Registration deck

• Registration staff

• Demo day book

• Color-coded badges for all startups, investors, SIGMA personnel and external entities

Tech-Fair Kiosks


• 8 Kiosks (one for each startup)

• LED monitor, high-speed internet connection, demo table, posters, and chairs

Awards, Plaques, and Certificates

Demo day was concluded by giving away awards and certificates to recognize the success

and growth of all participating startups.

T-Shirts

Designed for participating startups, startups mentors and champions, and the SIGMA team

Signage and Branding

Ensuring all signage and branding material is designed, printed and available in time for the

setup.

Event Volunteers

Event volunteers were identified and nominated internally along with the event management

team.

Post Program66


8. Post Program Feedback collection is a compulsory post-program activity. The accelerator team can use the

obtained feedback to run a better second program with higher quality engagements for the

startups

The table below summarizes all activities that were conducted at this stage and highlights the

key entry and exit criteria as well as responsibilities for execution.

Process Overview

Steps

• Feedback Collection from Startups

• Feedback Collection from Internal Stakeholders and Advisors

• Alumni Network Setup

Entry Criteria • Demo Day and Graduation Ceremony

Exit Criteria • Post-graduation Engagement


• Social Media (Facebook, Twitter)

• Email

• Group Events


SIGMA Team SIGMA Lead SIGMA Panel, Functional Leads, Mentors/SMEs, Investors

Governance Board

8.1 Feedback Collection

Feedback collected at the end of the cohort process will help fine-tune the program and make the next program more relevant to startups. Startup feedback was collected using a survey tool online by sharing the link to the form with the startups. Feedback was collected from the following:

• Program

• Mentors

• Curriculum Facilitators

Feedback Collection from Startups

Startups were requested to provide their feedback on the accelerator program at the end of the cohort. A sample feedback form is shared below.

Feedback Form

Cohort No:

Date/Time:

Program Review

On a scale of 1 to 5, with 1 being the lowest and 5 being the highest, please rate the accelerator program on the following parameters:

How impactful was the program?

1 2 3 4 5


Which was the most relevant course/offering?

Response

Which was the least relevant course/offering?

Response

Mentor & Course Facilitator Review

How effective did you find the mentoring offered by the program?

1 2 3 4 5

Who was your favorite mentor and why?

Response

Do you have any other feedback?

Response

Feedback Collection from Internal Stakeholders

Feedback collected from internal stakeholders will help make the program more effective for SIGMA. Feedback was collected from two sets of stakeholders:

• Stakeholder/ business sponsor feedback was undertaken to understand: o Their level of awareness about the accelerator o Their perspective on how the accelerator was helping them achieve set

business goals

• Advisor/mentor feedback is undertaken to understand: o Their experience of engaging with the startups o Areas in which the program can be improvised for future cohorts

A sample feedback form for internal stake holders and business sponsors is shared below.

Feedback Form for Internal Stakeholders/Business Sponsors

Queries Response

Cohort No:

Date/Time:

Stakeholder Name:

Program Review

How closely have you interacted with the startups at SIGMA? Response

What are your key takeaways from these interactions? Response

How have you been able to leverage the SIGMA program? Response

Please suggest the areas of improvement and your recommendations? Response

A sample feedback form for mentors is provided below.

Feedback Form for Mentors

Queries Responses/Rating

Cohort No:

Date/Time:


Feedback Form for Mentors

Queries Responses/Rating

Mentor Name:

Program Review

1. On a scale of 1 to 5 with 1 being the lowest and 5 being the highest, please rate the accelerator program on the following parameters:

• Level of engagement of the startups

1 2 3 4 5

• Course Content and Curriculum 1 2 3 4 5

2. What changes do you recommend enabling for a better learning and development experience for the next cohort? (Your answer could contain suggestions on using a new tools or technologies for training of the cohort or fine-tuning of the course content)

Response

8.2 Key Learnings and Conclusion

SIGMA Social Startup Accelerator Program was a pilot to validate if corporate–startup

collaborations can transpire in partnership with an incubator through an accelerator program.

Corporate-startup collaborations through CSR initiatives was an unsubstantiated space. With

many corporates having already decided the channels for their annual CSR budget spend, it

was a tall task to source relevant partners whose goals aligned with that of the program. The

anonymity to social startup engagements and lack of prior case studies made it tougher to

convince the corporates to take a shot at such an engagement. SIGMA would like to thank

its partners for showing faith and taking the first step towards creating a better India.

SIGMA received 110 applications from various social startups across country. It was clear

from the applicant pool that a majority of social enterprises operated out of tier-2 and tier-3

cities in India. 8 startups spread across the 5 focus areas of agriculture, sanitation, clean

technology, healthcare, and education were selected into the 4-month program. 5 startups

were based in Bangalore while the remaining 3 were based in New Delhi, Haryana, and

Berlin respectively. This helped the SIGMA team test out various models of content delivery

and startup engagement.

On premise content delivery proved to be more fruitful than its virtual counterpart as startups

were able to engage and learn more through personal interaction with mentors. The startups

were put through a variety of hands-on workshops to analyse their business alongside their

peers and create sustainable strategies and quantifiable metrics to measure growth. Key

industry connects also assisted the startups in structuring a clear roadmap while taking their

products and solutions to market. A notable facet of most social startups was their

impediment to scale while parallelly creating sustainable impact.

SIGMA also proved to be an interesting engagement for the corporates and its employees.

They actively took time out from their daily schedule to engage with startups and assist them

with their technical expertise.


Through SIGMA Social Startup Accelerator, 3 potential areas were identified where the

ecosystem needs to develop to support social enterprises:

1) Corporate Involvement - With the Companies Act 2013 which mandates all

companies having net worth of rupees five hundred crore or more, or turnover of

rupees one thousand crore or more or a net profit of rupees five crore or more to

contribute 2 percent of its profits towards social activities, there is a large potential for

corporates to collaborate with startups

2) Financing Bodies and Instruments - Social startups struggle to raise capital in the

traditional debt or equity-based models. The onset of new models such as the

convertible note, venture loans and quasi-equity, are promising for social startups

and could prove to be the required push for them to remain sustainable

3) Potential Strategic Partnerships - Creating partnerships with governmental and non-

governmental bodies is essential for social startups to improve the last mile delivery

of their products and services. With multiple initiatives and bodies coming up to cater

to the needs of social startups, this is another potential area of growth for the

ecosystem.

Having built the capacity of incubators to run an accelerator program, SIGMA has aided

significantly to contribute to this playbook and enable similar future engagements. SIGMA

now stands as proof that corporates can provide the necessary support to social startups

through their CSR initiatives.

Appendix72


9. Appendix

9.1 Chart on procedure for CSR expenditure Before making a CSR Expenditure (including in a Technology Business Incubator(TBI)), a company

may follow the below key steps:

Schedule VII

• Identify the item falling under Schedule VII of Companies Act, 2013. • Activities in CSR Policy in CSR policy must be relatable to Schedule VII but entries in the Schedule may be liberally construed, "as the items enlisted are broad-based and are intended to cover a wide range of activities."

CSR Policy • CSR Policy must state the specific activities to be carried out by company, which must be in line with the items in Schedule VII.

CSR Spend

• Ensure quantum of CSR spend is based on profits of company. • Ensure that in each financial year (FY), at least 2% of the average net profits during the 3 preceding FYs is spent

Business

• Ensure that CSR activities are undertaken in India • Ensure that CSR activities are not in the normal course of business of company.

Alignment with Business

• If company aligns its CSR activities with its own business interests, ensure compliance with Rule 4(1) - the CSR activities are not undertaken in pursuance of the ordinary course of business.

TBI

• May invest in TBI if located in an academic institution approved by the Central Government (item ix of Schedule VII). • TBI need not be located in an academic institution if approved by the Department of Science & Technology (will fall under item (ii) of Schedule VII).

Excess Expenditure

• Any excess amount spent cannot be carried forward to the subsequent years and adjusted against that year's CSR expenditure. • Any expenditure over 2% could be considered as voluntary higher CSR spend for that year.


9.2 SIGMA Stakeholders and Sponsors

SIGMA Technical Advisory Board:

• Deutsche Gesellschaft Für Internationale Zusammenarbeit

• Zinnov Management Consulting Pvt Ltd

SIGMA Governance Council:

• Governance Board:

o VP & GM, Citrix India

o VP & Head of R&D, Ericsson India

o Country Manager & MD, HARMAN India

o CEO, Zinnov

• SIGMA Panel:

o Director, Technical Operations. Citrix R&D India

o Director, R&D Operations, Ericsson India

o VP & GM, Harman India

o Head of Program, Zinnov

o Project Advisor, GIZ

o VP, IKP Knowledge Park

• SIGMA Lead:

o Consultant, Zinnov

Key Stakeholders

• Functional Leads

o Senior Director- HR, Zinnov

o Partner, CounsePro- Advocates and Legal Consultants

o Head of CSR, Citrix

o Head of CSR, Ericsson

o Head of CSR, HARMAN

o Founder & CEO, Innocentrik Consultancy LLP

o Founder & CEO, Venture Toolkit

o The Demo Coach

o Community Engineering Consultant, IKP EDEN

o Head - Administration & Facility, IKP EDEN

• Others

o Country Head – India, F6s

o Vice President-Asia, Deeper Blue Asia Pacific Pvt. Ltd


9.3 Startups of SIGMA

Startup Sector Description

AgroNxt Agriculture

An m-commerce platform which provides farmers access

to various informative content relating to agriculture to

educate and advise farmers on how to improve yield and

efficiency. It also hosts a platform where farmers can

shop for agri-inputs and pay digitally. During the program,

AgroNxt, achieved 300% increase in revenues in Oct 17.

Tech for

Impact Sanitation

Tech for Impact revolutionizes sanitation by targeting

operational inefficiencies, lack of engagement, and dearth

of revenue channels in the space of sanitation. Its

innovation mart toilet unit is an internet of things system

comprising of auto flushing technology, choke up

detection, user counting, and smart feedback mechanism.

Through a tie-up with Pune Municipal Corporation, they

have deployed their solution in over 200+ Public toilets.

Chikitsak Healthcare

Chikitsak offers preventive and promotional healthcare

with affordable diagnostic devices with the help of micro-

entrepreneurs. Chikitsak uses a portable Bluetooth-

enabled kit to screen for vitals in 5 minutes for INR 50/-

and uses tele-links to connect to a Doctor for

consultation. Its screening data is transferred directly via

Bluetooth to an Android tab, which in turn syncs with the

cloud for future retrieval. This eliminates data errors and

allows for analytics. Chikitsak has screened over 20,000+

people in rural India and are actively scaling up by tying

up with multiple Indian companies.

Niramai Healthcare

A novel cancer screening software that uses machine

intelligence over thermography images that enables a low

cost, easy to use, portable solution that requires minimal

human supervision and invasion of privacy. The solution

can detect cancer at a much earlier stage than traditional

methods, and hence, can improve survival rates. As of

January 2018, Niramai has started clinical trials with

Narayana and HCG and has also raised PreSeries-A

funding.


Startup Sector Description

Sascan Healthcare

Sascan has developed an affordable point-of-care

screening device for detection of oral and cervical

cancer-based non-invasive multi-spectral imaging

technology combining tissue fluorescence, diffuse

reflectance, and absorption. The device has cloud

connectivity for uploading of test results and follow-up by

clinicians in city hospitals. As of January 2018, Sascan

has partnered with HCG, Trivandrum Dental College and

ICMR for clinical trials and have been shortlisted for

Villgro iPitch.

Krishworks Education Krishworks simplifies learning by teaching lesser

privileged kids English and Math by means of tablet-

based games. It involves the youths of rural areas by

setting up affordable home-based tuition for them to earn

money in the process. They have setup 2 English tuition

centres in West Bengal catering to 80 students

vChalk Education

vChalk provides activity-based classes for children in

government schools. It sets up mini-servers to host a

local digital library which carries resources in the form of

videos, audios, and notes for teachers and parents. The

resources can be downloaded and stored offline on a

device and the content helps enable teachers and

parents be better facilitators of learning for the children.

They have Launched in 10 schools impacting 2300

students and 62 teachers.

Coolar Clean

Technologies

Coolar has developed a cooling system that enables

running refrigerators with lower grade heat (around 60°C)

instead of electricity. The product is targeted towards the

transportation of vaccines which lose their potency, if the

right temperature is not maintained. They have partnered

with a European refrigerator company and are exploring

the supply chain for vaccines in India to run PoCs.


9.4 Sample Application Form for Startups

Parameter Sr. No. Question

Basic Information

1 Brief Description

2 What do you do in detail?

3 Question 1: Which sector(s) are you focusing on?

4 Question 2: What is the employee strength of your company?

5 Question 3: What is the size of the founding team?

Team Profile

6 Question 4: Please provide us the LinkedIn Profile links of Active Founders/Founding Team.

7 Question 5: Please list the names of all your advisors along with their LinkedIn profile links.

8 Question 6: Why is your team the right one to address the problem?

9 Question 7: What is your team's vision/mission for societal impact? How will your team avoid mission drift?

Product Offering, Business model and Social Impact

10 Question 8: Describe the problem being solved by your company. How do you know people need what you are making? What is new about your solution/product?

11 Question 9: Describe your business model.

12 Question 10: How does your solution impact population at the bottom of the pyramid? What are the customer segments you are currently catering to?

13 Question 11: What are people resorting to in the absence of your solution? Please also provide names of your competitors.

14 Question 12: How ready is your offering to serve the unmet needs of the customer?

Financials

15 Question 13: Mention your annual revenue in USD

16 Question 14: Mention your projected revenue for next year in USD.

17 Question 15: Have you received any funding till date?

18 Question 16: What is your last funded amount?

Program Relevance

19 Question 17: Have you received any awards/recognitions?

20 Question 18: Have you been part of any other incubation/accelerator program?

21 Question 19: Why are you interested in joining the Support Programme? What are your expectations from this program?

22 Question 20: Please upload your pitch deck here


9.5 Event Agendas

SIGMA Launch Agenda

SIGMA Demo Day Agenda


9.6 Feedback from Startups and Partners The templates provided to prepare us to answer the questions targeted at high growth

startups were very relevant. Hands-on workshops worked the best – Niramai

The workshop on Business and product development were very helpful. The workshop on

how to pitch before investors and the interactions during and post the workshop were helpful

in formulating and presenting a good pitch during the Demo day – Sascan

The workshops during the bootcamp really helped us to understand our business with

respect to customer segmentation and the importance of week on week growth. Deeper

interactions with technical mentors would have helped us more in getting valuable inputs

from them – AgroNxt

The landscape of Social Startups - across areas (healthcare, smart agriculture, education,

etc.) was an important learning. It would have been better to help startups reach some of

their technical goals through Ericsson rather than just consulting to them on their technology.

– Ramana Murthy M V, Director & Head, R&D Operations- Ericsson

9.7 Sources [1] https://inc42.com/startup-101/top-startup-incubators-india/

[2] http://www.livemint.com/Companies/hpzVSw5PKGMobbFB0IBDLI/The-first-year-of-CSR-

decoded.html

[3] The state of social enterprise in India – Survey conducted by British Council

[4] http://www.nstedb.com/institutional/tbi-2016.htm


9.8 Snapshots from the Demo Day

PARTNERS:

social startup accelerator playbook

Documents