Is PadUp an Accelerator?
PadUp is not a virtual Accelerator. to be more precise PadUp is a scalable knowledge and mentoring platform that partners with Incubators and help Accelerate their startups across market segments (Government, Corporates, Educational institutions, and individuals). PadUp provides deep coaching, action learning, mentoring and 360° hand holding through well proven programs to deliver higher survival rates for start-ups.
Does PadUp invest in start-ups?
PadUp does not directly invest in start-ups. PadUp assists its mentee start-ups to get investment by helping them validate their idea and pitch in front of investors on Demo Day. There are 50-60 affiliated angel and seed investors who regularly invest in mainly PadUp mentee companies. We also have around 17 organisations (networks, angel networks, and early-stage funds) who have partnered with us to invest in our mentee companies.
What is this PadUp?
PadUp is a knowledge and mentoring platform that partners with Incubators help Accelerate their startups across market segments (Government, Corporates, Educational institutions, and individuals). PadUp provides coaching, action learning, deep mentoring and 360° handholding through well-proven programs to deliver higher survival rates for start-ups.
PadUp programs are unique. PadUp hand holds entrepreneurs through various legs of the start-up journey. PadUp has curated knowledge and learnings on the start-up ecosystem over the years and is leveraged to provide precise inputs at various stages of the startup journey to build a sustainable and scalable business.
When can I apply?
The application portal is open 24/7. The applications are periodically called for online screening discussions. is the application form.
Who is eligible to apply? Preference is given to start-ups who already have a private limited company or at least start-ups who have initiated the process of company formation. We also consider start-ups having/ working towards a POC on priority.
When is the application deadline? When will I know my results? When will interviews be held?
PadUp periodically runs its bootcamp called BootUp, and the details of any upcoming BootUp bootcamp is published on our website and on our social media pages. The application deadline depends on the specific program that is coming up.
Even when no specific program has been announced, the process of receiving applications and periodic screening continues. We encourage you to apply for a bootcamp.
Once you complete the application form, we will get in touch with you with further details on the online screening interview dates and timeslots. We will keep you posted along the way, as each stage of the screening process is completed.
What is the difference between BootUp, StrapUp and RevvUp?
The BootUp, StrapUp and RevvUp are different programs for start-ups at different stages of the start-up journey. Details of these programs are available on our website.
BootUp is the Validation stage. StrapUp is the Incubation stage. RevvUp is the Acceleration stage.
RevvUp happens post funding, either directly from BootUp (validation bootcamp) or from StrapUp (incubation program).
How are the programs delivered?
The programs were initially designed to be delivered in a blended mode, with mainly an online mode of delivery, accompanied by occasional planned offline engagement. In the current COVID scenario, the entire offering is being delivered online.
Why do I need this program?
Young companies are particularly vulnerable in their early/ start-up years. A significantly higher percentage of inexperienced entrepreneurs trying their luck at starting companies means lack of exposure, maturity, resources, experience, network, corporate governance knowledge etc.
→ Lack pioneering innovation of solving a real problem based on new technologies or unique business models
→ Do not have and are unable to find team members with the right skills
→ Are unable to secure necessary funding
→ Are not successful due to poor business ethics
→ Are unable to provide leadership quality with ability to bounce back from failure
And when such companies do seek out entrepreneurship guidance, more often than not, it turns into ‘storytelling.’ PadUp has developed a customised methodology to help acquire Entrepreneurship skills at all levels which is beyond ‘storytelling’.
At PadUp, we believe Entrepreneurship is a CRAFT to build innovation thru inherent skills, creativity and desire to learn. LIKE ANY OTHER CRAFT, IT IS A PROCESS THAT CAN BE LEARNED AND PRACTICED THRU A STRUCTURED MENTORSHIP.
PadUp uses a customised methodology to help start-ups acquire entrepreneurship skills at all levels. The key elements are user-centric approach, lean start-up philosophy, learning while doing, and models to build innovative solutions to real, emerging and futuristic problems. Hence to start, sustain and scale, Padup help in a very structured way where outcome is assured.
How much does it cost to apply or participate in the program?
We do not charge any monies to the start-up anything to participate in the program. However, start-up provides certain mentoring equity to Padup Ventures in lieu action learning, deep mentoring, providing access to funding and for long term association with Padup core team and its mentors.
What does PadUp look for in an applicant?
An early-stage start-up with POC and a solid team, an interesting proposition that seems scalable, trying to solve a problem worth solving using technology in a unique way, and having a private limited company.
Do I need to be present for the entire duration of the program?
The mode of delivery of the program is online, and there are webinars and mentoring sessions conducted every week. There are also assignments associated with each module. In addition to appearing for each online session, the start-up is also expected to be heavily involved in the process for the entire duration of the program, which is 14 weeks for BootUp, 6 months for Strap-up, and 9 months for RevvUp. Continuous participation of the founding team is desirable but at least one of the founders from a particular start-up is expected.
How do mentors add value to start-ups?
PadUp helps create technology start-ups via mentorship as a part of process-driven, structured incubation and acceleration program.
PadUp’s unique Mentor-driven Programs have no parallel as it hand-holds an entrepreneur through his/ her start-up journey with deep and long mentoring by providing relevant knowledge at various intervals to build a sustainable and scalable business. The program intends to increase survival rates dramatically.
Not only will this deliver higher success rates, it will also have some very relevant lessons for new entrepreneurs such as No idea is perfect, Getting help is a must, Resources are valuable, Doing is more important than planning, & Funding requires evidence. The overall success rate can be astonishing, considering that most companies come with little more than a laptop and a dream.
Mentoring works as a Catalyst. Entrepreneurs often spend hundreds of hours raising funds from angel and venture capital investors. While these activities are clearly important, analysis of new data on start-ups suggests that founders should also dedicate significant time to something that many people overlook: recruiting great mentors. This simple strategy can increase odds of success more than almost anything else. The benefits of mentorship aren’t limited to entrepreneurship. Research in other fields also shows that good mentors tend to improve the performance of their protégés. However, the magnitude of difference between the performance of companies with successful mentors and companies that lack them suggests that the value of effective mentors for startups may be especially high. Tech Startups across India, in particular, face many varied challenges to their growth and operations, which will become easier to navigate with the help of able mentors.
A mentor can objectively assess the state of your business and the direction in which it is headed, ask you tough questions that will push you to self-examine and prevent complacency from setting in, help you see the big picture around you that you might otherwise miss while you focus on the nitty-gritties of the business, leverage his own network to open doors for you, share his professional value system with you, and teach you patience.
Can a foreign company register?
A foreign company can register as long as it has, or is in the process of having, an Indian subsidiary.
Will you sign an NDA? How do I know you won't steal my idea?
We have interacted with thousands of startups and directly impacted over 130 start-ups till date and haven’t felt the need to sign an NDA. If we do come across two startups with similar ideas, it is our ethical practice to keep the secrets of the two companies separate, so that both start-ups can flourish, and they can benefit from that in the long run. We do not run start-ups, hence we do not need your idea.
Our group has two ideas. Can we submit two applications?
You can submit two applications if you have two ideas. However, if you have applied once and have not made it past the screening rounds, it is not advisable to reapply unless your new idea is substantially different from the older one you had applied with.
Will you fund multiple startups working on the same idea?
We will not fund multiple start-ups if it is the exact same idea. Our process will very clearly single out the better of two and we will be very transparent in our assessment, deliberation and communication to both of them.
How much do you invest?
PadUp does not directly invest in startups. PadUp assists its mentee startups to get investment by helping them validate their idea, and finally pitch in front of investors on Demo Day. Typically, our sweet spot is for selecting startups who would end up raising 30 lacs to 2 Cr by pitching on Demo Day.
Can a single founder apply for the program?
We do prefer that you have a co-founder. Single founders can apply as well but will need to have at least one co-founder as investor are reluctant to fund single founder.
I have a great idea for a start-up, but I'm not technical. Will you still help me find funding? Can you help me find programmers to implement my idea?
Ideally, you should have a co-founder with the relevant skillset. In case you do not, we could try to help you find someone suitable and then you can come on board.
Do we need to incorporate before applying?
We do prefer taking on board start-ups that have already formed a private limited company. You can also apply if the process of incorporation is ongoing for your start-up. In rare cases, we also consider companies in the POC stage, provided we absolutely love the team and the idea.
If we participated in another accelerator, can we still apply?
Yes, you can. PadUp is not an Accelerator, but a knowledge and mentoring platform that partners with accelerators to mentor start-ups.
We don't really need the money. Does it still make sense to apply?
Yes, it does. The BootUp program is designed to help you figure out if you are solving a real problem, whether you have selected the right persona for your particular offering, and whether you have come up with a viable solution that the customer is willing and able to pay for. This particular validation can happen by your going through the steps of the BootUp program. PadUp’s customised methodology will help validate your innovation, build product & services around it, and reach-out to the market through a well-defined process and industry connect.
What if we're doing something expensive?
There is no restriction for application on the basis of expenditure.
Do you give feedback on application results?
We let you know if your application is selected for the next round, but do not give specific feedback on your application. However, if you are selected for a screening pitch, you will get honest feedback there and then.
When do you hold late applicant interviews?
Application interviews and screening is an ongoing process. You will be kept informed of your progress as your application moves through the different screening rounds.