Objectives of the Accelerator
Crowe Accelera Management, S.L. is a member firm of Crowe Global, which through its acceleration program “Accelera”, seeks to support the development of business projects in Spain and Europe through different forms of collaboration. Particularly, it looks for establishing cooperation ties with tech start-ups associated with its core business, which includes not only the provision of professional services but also other industries in which it has the experience to provide comprehensive advisory support.
This document establishes the terms and conditions of the acceleration programme.
Terms and Conditions
Acceptance of the terms and conditions
Participation in the programme implies the full acceptance of the terms and conditions.
Participants who accept the terms and conditions accept the following commitments:
Sufficient dedication by the team to achieve the objectives of the programme.
Participation in online activities.
Guarantee the integrity of the information provided, as well as the authorship of the intellectual products. When required, the documents requested to verify these guarantees shall be provided.
Maintain the project information updated and report about any variations that may occur in the property or the characteristics of the project.
Allow the accelerator to communicate, without revealing business secrets, to its stakeholders about the participation of the start-up in the programme.
Start-up: a newly emerged business at nascent stages of development, with a limited operating capacity and with an innovative value proposition whose growth expectations are represented in a pre-money valuation.
Accelerator: it is a programme that brings together different entities, led by Crowe Accelera Management, S.L., which aims to achieve the objectives indicated in "Objectives".
Providers of Financial Capital: includes entities and individuals providing funds to the organisation, either by loans, through the purchase of shares, or by a combination of them, such as convertible debt instruments.
To ensure the achievement of the programme’s objectives and the homogeneity in the maturity of the projects involved, specific minimum requirements are required for participation in the programme:
Participating start-ups must have a turnover that allows them to reach, at least, the break-even point during 2018.
The project owner and the staff must have full-time dedication to achieve the business goals. Also, the owner/s of the project shall guarantee the capacity of integrating collaborators to ensure scalability.
Selection of projects
Applications will be received through the electronic form provided at www.crowe-accelera.com. After an initial evaluation, additional consultations may be made, and once the appropriate information has been exchanged, the applicant will be informed of the decision of admission to the programme.
The project selection criteria can be summarised as follows:
The development potential in the European space
The technical and commercial solvency of the team
The project's integral value proposal
The ability to develop a viable and sustainable economic model
The potential to align with the profiles of the Accelerator team, to ensure adequate support.
The selection process may involve a video conference or teleconference to clarify questions and further requirements. The admission decision will be unilateral and irrevocable.
Acceleration programme, phase 1
Phase 1 consists of a 10-week programme in which, through videoconferences, the start-ups will be provided with short training and informative activities, which will lead to conceptualising entrepreneurial aspects of entrepreneurship associated with the development of the market in Spain and Europe.
These activities will help entrepreneurs to start preparing their business case for phase 2.
The activities of Phase 1 are a combination of legal, corporate, financial, organisational structure and aspects of project management, the value proposition, and the marketing mix.
Videoconferences require minimum connectivity requirements to ensure access and will be set at reasonable times for the speakers in Europe and start-ups based in other countries.
Acceleration programme, phase 2
Phase 2 focuses on an in-depth analysis of the potential of each start-up based on its business model, its monetisation hypotheses, market size, working team, and growth potential for the Western European market.
The process of phase 2 will be individualised. At least one mentor will be assigned to each project to strengthen the necessary aspects of the business. We will work on a proprietary model designed specially to achieve a viable and value-added business concept, which shall be defended in the pitch day.
At the end of phase 2, there will be arranged a pitch day (for logistical reasons there may be more than one pitch day). During this event, the projects that the accelerator team and the selected jury considered viable will be chosen, examining a series of criteria that include but not It is limited to:
Viability of the product monetisation model
Existence of an MVP or proximity to an MVP for Europe
Consistency of the business plan
Strength of the team of entrepreneurs
Contribution of the project to society
The selected team (s) will go through a post-acceleration phase described in the following section. Also, those selected will receive an award that will be published in the Accelera contact networks and Crowe Global innovation networks (with offices in 130 countries).
The best project among those selected will be invited to Barcelona * to carry out Discovery Sessions of the product and validate the possibilities of the project, including part of the post-acceleration process in our offices in Barcelona.
* The startup will select, from its team, a person with a commercial profile and knowledge of the product capable of running the discovery sessions and presentations to potential investors.
In this phase begins the business development process in which Accelera together with each start-up will draw up a joint action plan for the market launch of the startup, which may involve, among other aspects :
Determine investment conditions, prepare the pitchbook and make presentations to potential investors.
Analyse investment possibilities through existing vehicles (Whirlwind Partners LLP, and others).
Establish a roadmap for the definition of the marketing mix, the finalisation of the characteristics and the implementation of the necessary modifications in the product for its release to the market.
Establish the legal and financial aspects necessary for the operation (opening of a Spanish subsidiary, bank account, etc.)
Accelera will finance the necessary professional support from the post-acceleration phase through a convertible loan, according to an agreed pre-money valuation and limiting the dilution percentages to 5% of the company's value (the Accelera shares when converted should not imply a shareholding of more than 5% of the shares of the start-up during the post-acceleration process. However, Accelera could make subsequent investment once the process has concluded, by agreement).
Each agreement with each start-up will be of mutual consent. Professional support may include, but is not limited to:
Mentoring: A specific mentor allowing to solve the required aspects for the market launch and post-acceleration of the business.
Workspace and physical address in Barcelona, as well as other Crowe resources in Spain.
Networking: access to the Crowe Global network and its contacts and collaborators.
Initial commercial strength: resources for the start of business activities (limited to available Accelera resources) and Discovery Sessions.
The post-acceleration process does not have a specific end date but is determined in the action plan itself, according to the needs of each project..
Acceptance of the terms and conditions
Participating in this call implies accepting the terms and conditions outlined in these documents without conditions. Crowe Accelera Management, S.L. may cancel, modify or suspend parts of the process or modify the selection criteria if there are reasonable causes. The applicant accepts that from the registration and up to two years after that date will respect these terms and conditions and selection decisions taken. In addition, it recognizes that the selection of the project for participation in the program does not imply a commercial or labour contract obligation of any party, and that it has - or will count, in the case in which it is not yet operating - with the capacity to exercise commercial contracts observing the laws of the countries in which the project is developed.
By accepting the terms and conditions, the applicant states and guarantees that his project and the information provided is of its original creation and does not contain elements that could be considered illegal or that have violated intellectual property or contractual obligations with third parties. Also, it also states and guarantees that the information of the project and the people participating in it is correct, complete and reliable.
As part of the accelerator's communication processes, the applicant also accepts that Crowe Accelera Management S.L. can use the name, logos and other materials associated with the brand of the project or start-up without charge to any royalties or other rights.
By accepting the terms and conditions, the applicant expresses the voluntary nature of it.
Processing of personal data and confidential information
Crowe Accelera Management S.L. will not use the information shared for any purpose other than that the established in this document. Likewise, the applicant will not use the information received from Crowe Accelera Management S.L. for another purpose than that set in these terms and conditions.
The processing of personal data will be for the sole purpose of evaluating the projects and managing the activities of the program. For this purpose, the applicant's consent to the use of personal data for these purposes and undertake to comply with the necessary authorisations when the processing of personal data includes third parties.
The applicant who accepts these terms also assumes the responsibilities for damages, direct or indirect, that are caused or could be caused by the breach of these agreements. This includes, but is not limited to, breach of contract rights, damage to intellectual property, illicit activities or any other type of fault. It will be the applicants’ entire responsibility to indemnify the affected parties (including Crowe Accelera Management S.L. if affected) for this type of infractions.
Jurisdiction and arbitration
This agreement is subject to the laws of the Kingdom of Spain. All the issues and corporate conflicts that arise between the parties will be submitted to the institutional arbitration of the Tribunal Arbitral de Barcelona (TAB), whatever its future name, of the Catalan Arbitration Association, entrusting it the appointment of arbitrator or arbitrators and the administration of arbitration in accordance with its regulations. The place of arbitration shall be that of the seat of the arbitration institution that administers it unless otherwise agreed by the parties.