Frequently Asked Question's
What types of businesses are best suited for the Sprout Accelerator?
Sprout is looking for start-ups with a disruptive idea in agtech & foodtech. We accept companies who are at early stages of technical and commercial development.
How will the final companies be chosen?
What's the criteria?
Selection will be based on assessment of capability of people (such as communication skills, responsiveness, ability to listen, take advice) and assessment of idea/business (such as uniqueness, potential to have a competitive advantage, applicability to a large market).
What happens if my company doesn’t make it into the Accelerator?
You can stay in touch with Sprout via our newsletter or social media. You are also welcome to reapply for the Accelerator when the next application period opens. See the dates for our Accelerator intakes here.
Do the companies that are selected have to live in Palmerston North during the Accelerator?
No, it is expected that you will remain at your home base for the course of the Accelerator.
Do the selected companies get office space?
No. However, if you need office spaces please talk to the Sprout team and we can talk to our regional partners regarding finding cost effective office space for you.
Will I travel to New Zealand if I am an international company selected for Sprout?
Yes, you will be expected to travel to New Zealand for a minimum of two visits. It's our expectation that each company has a business plan to address the New Zealand market and/or connect with one of Sprout’s partners.
For an international company accepted into the Accelerator, who will cover the travel costs?
Sprout will cover the costs of your domestic travel and accommodation for up to two people, to and from two of the key Accelerator events. The airfare will be based on economy/basic seat and bag fare.
Will the information in my application be treated as confidential?
Please submit only non-confidential information in the application form. Once the Accelerator companies have been selected and contracts have been signed between Sprout Agritech Ltd team and companies, further information can be released and that will be treated as confidential.
Can the participating companies still apply for Callaghan Innovation R&D grants during the Accelerator?
Yes.
What type of funding do the participating companies receive?
You do not receive funding for simply being accepted into the Sprout Accelerator. Sprout will help you assess your capital needs during the Accelerator process and provide recommendations on capital strategy. Through the process of investment readiness (this could be during, or soon after the accelerator, or after key milestones have been reached).
Sprout only invests in New Zealand based companies, those who have their headquarters based here and >50% of the company is based in NZ.
Sprout will assess if your business fits with Sprout's investment strategy. If it does, you would be able to access $1 million in funding from Sprout.
What costs have to be incurred by me or my company to participate in the Accelerator?
There is no participation fee for the Sprout Accelerator. It is subsidised by Sprout Partners to make it as low a cost as possible for innovators and entrepreneurs. Your travel (flights) and accommodation for the Underground Events will be funded by Sprout for no more than two people in the team. Any costs over and above that will be incurred by your company.
What happens after the Accelerator?
The ideal situation is you will find some interest in your company after the completion of the Accelerator. The Sprout team will continue on as your business advisors and help close any investment deals. After the Accelerator the goal will be to have your own team of expert advisors and directors who can support you on your growth path.
Can I apply for multiple businesses to be a part of the Accelerator?
Yes you can apply to Sprout with multiple businesses and ideas. However, only one business per team gets selected as a participant.
Will I get to meet the Sprout partners during the Accelerator?
Yes, there will be multiple opportunities to meet the Sprout partners at both the Underground Events & the Partner’s summit where you will present your business.
Will I have to share my business ideas, journey and information with other companies in the Accelerator?
Yes, a key component of Sprout is working alongside other entrepreneurs and leaning on each other for advice and guidance. You will not be expected to share confidential information but should be open to having other people reviewing key business metrics.
I haven't completed the Accelerator but still think I have an investable opportunity for Sprout. Remembering the company must be NZ based, and have >50% of its operations based in NZ. Can I apply for the NZD$1M investment available?
In special circumstances Sprout will also invest outside of those companies who have completed the Accelerator. Remember that Sprout only invests in New Zealand based companies who have their HQ and >50% of the company based in the country. Contact our Investment team for more information.
Leave your footprints (tapuwae) on the future health of the planet and its people.
Are you up for the challenge?
