What do I receive as a IA Fintech Member?
What do I receive as a Velocity Innovator?
What kind of companies can apply?
Do I have to be based in London?
No, this is a UK and worldwide initiave and we very much welcome all applications. However the co-working environment is located at the IA offices in London. This is a free bookable working space for Velocity Innovator programme participants.
What technology is being identified?
It is the solution not the technology we are interested in; that said key areas of tech focus include but by no means limited to:
- AI (Artificial Intelligence)
- DLT (Block chain)
- Mobile Technolog
- Big Data
Is an equity stake required?
No equity stake is taken
What control is being given up?
You retain full control of your business.
Do we need to be UK based?
No, ideally you will have a UK presence. You must have employees eligible to work in the United Kingdom and/or obtain visas on your own. Velocity will not sponsor visas.
Is there a fee for applying to the programme
You must have been accepted as a FinTech member to qualify for Velocity participation. IA FinTech membership is £100 per month.
Is there a cost involved?
Costs are £100 per month (plus VAT) with a payable by automatic subsription or £1,200 (plus VAT) per year if paid in advance.
How do you choose which companies to accept into the program?
The Velocity Advisory Panel will decide on the successful applicants based on specific criteria and fit within the industry
In order to be accepted onto the Velocity Programme the process requires that:
- you are an existing IA FinTech member with no outstanding fees;
- your company details and application form along with the signed Summary of Terms are submitted to the Velocity admin team;
- applications are reviewed and you will be informed as to whether your company will be progressing to the next stage;
- shortlisted firms will be subject to further internal review. Any additional information requirements and due diligence will be requested where necessary; and
- an interview and presentation to selected board members will take place.
Successful firms will then be invited to participate in the Velocity Programme
When do applications open?
Applications are welcome all year round. Applications are now open.
When do applications close?
Applications for October 2018 will close 28th September 2018
How many firms are you selecting for the programme?
The first cohort will consist of up to 10 firms
Will my Intellectual Property be protected?
Absolutely, we treat application data as confidential information. We do not sign NDA’s as our application does not ask for your “secret sauce” and there is no reason you have to disclose this to us if you’re not comfortable doing so.
What is the process if I am not happy with the Velocity experience?
Velocity cannot make any guarantees with regard to your perceived level of value and success, however, if you do have any concerns you will be invited to speak with your mentor and where deemed appropriate the chair of the Velocity Advisory Board.
What is the process if Velocity are not happy with my organisation?
It is hoped that through the application and selection process we will identify firms that will be best in class and who will benefit from the accelerator experience, however, if it is deemed that the firm is not progressing as hoped meetings will be held with your primary mentor and where applicable the Chair of the Velocity Advisory Board. If appropriate, and only as a last resort you may be asked to leave the accelerator.
What happens when I leave Velocity?
We certainly do not want to lose touch! We know that many firms will continue to build on the experience and we will have a very active alumni.