MVP Tech Fund - From Idea to MVP
Be a Champion for Entrepreneurs’ Innovation Ideas
Driven by possibility, a team of Milwaukee imagineers have discovered a major hurdle that many entrepreneurs face when beginning their startup journey: building a minimal viable product (MVP) or prototype without technical wherewithal, access to resources, or funding. To compete in this digital era, startups need MVPs to showcase their value, gain attention from the industry, raise capital and ultimately land their first client. With Milwaukee becoming a tech hub for many digitally-driven businesses such as Bright Cellars and GenoPalate, to name a few, they believe the opportunity to define and provide an effective “Idea to MVP” program can help entrepreneurs build roots in the community.
The MVP Tech Fund (MTF) will feature one company per quarter per cohort with the primary objective of developing an MVP or Prototype. This is a product a startup can use as proof-of-concept to help them land their first client, enter other accelerators or funding competitions in the area, or seek other sources of investment to create a useable product.
Entrepreneurs that are admitted into one of the program’s rolling cohorts will receive:
Grant money ($25,000) to develop the idea and program support
Working relationship with local tech partner TESCHGlobal
Access to mentor networks, local accelerators, and employ students on their MVP project through a partnership with The Commons
Free marketing to universities, corporate partners, seed accelerators, mentors, and local media outlets within the MTF networks
Overall program timeline to be approximately 10 weeks, with potential breaks in-between stages with a rolling review of applications
MTF Success Criteria:
The primary goals are to increase tech talent in the Milwaukee are and create more opportunity for tech entrepreneurs. Metrics that define our success criteria are:
Number of products built
Total mentor hours
Number of participants or businesses that complete the program
Evaluation of if they completed the goals of each stage