Idea TestLab Virtual Accelerator

FAQs

What’s the Winter 2024 program schedule?

• Week 1 Session: Tuesday, February 6, 2024, 6-8 pm
• Week 2 Session:  Tuesday, February 13, 2024, 6-8 pm
• Week 3 Session: Tuesday, February 20, 2024, 6-8 pm
• Week 4 Session – pitch practice: Tuesday, February 27, 2024, 6-8 pm

Do I have to attend all 4 training sessions of Idea TestLab?

Yes. At least 1 person on each startup team must attend all 4 sessions to be considered a preferred applicant for the LION Tank pitch competition hosted by the Mont Alto LaunchBox. When you accept the invitation to join the cohort, you are committing to attending all sessions of Idea TestLab and doing all the required program work.

Are the class sessions live or pre-recorded?

The Tuesday evening class sessions are taught live and will be offered through a video conferencing platform.  You will be assigned pre-recorded videos to watch for homework between classes, however.

What is the time commitment?

It is our expectation that all participants are serious about, and will be dedicated to, testing their idea. Participants in the Idea TestLab should be prepared to spend between 7-12 hours a week during the program (2 hours a week in a weekly session, 1 hour 1:1 coaching, 4-9 hours conducting customer discovery).

If I have others working with me, does everyone have to participate?

Not required, but recommended.

If you have others that you are working with, or might want to work with, the program is a great way to get everyone on the same page and see how well you work together.

Are there geographic restrictions on who applies or participates?

As long as you are a Pennsylvania-based entrepreneur or startup, you may apply to the program.

What type of people/teams are the best fit for the Idea TestLab program?

Idea TestLab is best for individuals or teams who have identified a problem (or idea) they want to work on, but have not yet systematically collected data to validate the problem/need and who has it. We look for scalable ideas that have an unclear, or unknown business model.  This program is not a good fit for traditional businesses such as a restaurant or retail store.

We are looking for teams or individuals who…

• have identified a problem (or idea) they want to explore as a potential business.
• need help to clearly define their target customer and the value they can provide to them.
• are willing to learn from others by working through the customer discovery process, which includes holding 10 business interviews (customers, experts, competitors) each week.
• are looking to build their entrepreneurial skills by participating in a structured program that focuses on moving ideas from concept to potential viable businesses.
• are struggling with identifying an appropriate business model.

How do I figure out if Idea TestLab is for me?

Questions about the program ?  Watch the Get Started Building Your Business with Lean Startup webinar from 2020 Global Entrepreneurship Week at Penn State.  Learn more about customer discovery and lean startup process and listen to Q&A about Idea TestLab.

Use the “Contact Us” page to reach out with questions.

I want to open a traditional business (i.e. retail, restaurant, as a sole proprietor), is the program right for me?

Our programs are best suited to non-traditional businesses where the business model is unknown or unclear.

If you are looking to open a traditional business, we do offer many resources to help you. You do not need to be affiliated with Penn State to utilize these services:

• Small Business Development Center
• SCORE
• The Penn State Entrepreneur Assistance Law Clinic
• The Penn State Intellectual Property Law Clinic

Do I have to have a team to apply?

• Nope. We welcome individuals who are looking to better define an idea for their business.

How many entrepreneurs will be selected to participate?

• Usually 8-10 applications are accepted into the cohort.

What is included in the Idea TestLab?

• Four virtual classes in which teams learn customer discovery techniques and guidance on how to test the assumptions behind their business ideas.
• Weekly 1:1 coaching
• Text and video educational resources (i.e. homework!)
• Preferred application status for the LION Tank pitch competition hosted by Mont Alto LaunchBox.

Will I have a business by the end of the program?

That’s hard to say. We can tell you, however, that by the end of the program, you will:

• have verified your assumptions about the problem and who has it,
• have a clear statement of the problem or job your customer is trying to accomplish and the root cause of that problem/need,
• know what your customer is doing to try solve the problem today and how that’s working for them,
• understand what motivates your customer to keep looking for a solution, and
• be able to pinpoint how you can provide value with your solution.

With all that under your belt, you’ll be ready to start building a minimum viable product and start testing the market.

Do you take equity in my company?

No. We take zero equity and charge no fees.

Will Penn State own any intellectual property I bring to the Bootcamp?

No, you own your own intellectual property (IP), unless you are a faculty member or current graduate student of Penn State who is commercializing your university research. Your IP safely stays with you! What’s more, Penn State can even help you protect your IP. The Penn State Law Intellectual Property Clinic provides free legal services related to intellectual property to Pennsylvania entrepreneurs. No affiliation with Penn State is required to work with the Clinic.

Who is hosting the program?

The winter 2024 Idea TestLab program is a regional collaboration between the Harrisburg, Mont Alto and York LaunchBoxes.

Who is teaching the program?

The program will be co-facilitated by LaunchBox staff.

The program also includes 1:1 coaching with a group of experienced startup coaches who are business leaders and entrepreneurs.

Program Sponsors