Geared specifically for idea-stage entrepreneurs, the SparkTrack program can help validate essential business concepts and put companies on the right track for early stage funding
Our SparkTrack™ program takes the core concepts of the full 12-week accelerator program, including direct mentoring, connections to subject matter experts, weekly project sprints (homework), and direct feedback from other entrepreneurs and condenses it down to a 4-week course specifically geared towards idea-stage companies and prepares them for the next stages of business growth in 7 core areas:
- Market Research & Go-To-Market Strategies
- Budgeting & Growth Financing Options
- Business Model Canvas
- Lean Startup & Value Proposition
- Competitors & Competitive Strategy
- Intellectual Property Considerations
- Product-Market Fit & Minimum Viable Product
Entrepreneurs will receive customized direct coaching based on their company’s needs to guide them through the challenges of growing a business. Additionally, entrepreneurs receive valuable access to community contacts and funding resources and will become integrated into a vibrant entrepreneurial ecosystem in the region.
The SparkTrack™ program is offered in multiple sessions throughout the year. The next upcoming session is shown below.
TIMELINE SESSION B - (Oct 15 - Nov 8)
Ignite Northwest’s 4-week SparkTrack™ program hosts a cohort of multiple businesses that attend bi-weekly content sessions along with specialized mentoring. We advise companies using a framework based on the Business Model Canvas and Lean Startup principles to organize and validate the core business drivers. Advisors and staff will work with you to understand and integrate class content into your business and prepare you for the next level of growth.
Ready to Pitch
Concurrent with the validation and development of the business model, CEOs will also be constructing an investor pitchdeck during the program. The pitchdeck is an important business tool regardless if the business is seeking funding or not, it is a communication tool for not only potential investors but also strategic partners, vendors, and employees. The businesses, with assistance from the coaches, will translate the Business Model Canvas into a compelling pitchdeck. Having the understanding of the process will enable the CEOs to do so again when inevitable pivots occur in the future.
Ignite Northwest’s Program offers entrepreneurs a wide range of support in addition to weekly classroom material.
- Space in the Ignite Northwest classroom to conduct work.
- Diverse advisors, coaches, and a growing alumni network.
- Access and training for Washington State University’s library, Spokane library, and other research databases for in-depth market analysis, competitive landscape scans, sector research, industry profiles, and finance charts.
Is my company ready for SparkTrack™?
A company is ready for Ignite Northwest’s SparkTrack™ program when they have a thought-out business idea that identifies a market problem for a large enough group of consumers willing to pay for its solution in a profitable degree. Proof of concept, working prototypes, ideas for intellectual property, and market validation are all items that will work to strengthen your application to the program.
What is the Business Model Canvas?
The Business Model Canvas (BMC) is a conceptual tool that was originally proposed by Alexander Osterwalder after an intensive literature review about business model concepts, attributes and their relationships. The BMC can be used to quickly describe the rationale of how a company creates, delivers and captures values. The BMC has been applied and tested in many organizations (e.g. IBM and Ericsson), being successfully used to easily describe and manipulate business models to create new strategic alternatives. The BMC breaks down a business into 9 key elements (as shown below). Defining the elements which compose a business model is the first step to plan the business and help companies understand and describe the business logic of their firm. The Business Model Canvas is a better tool for second stage companies versus a Business Plan because it can be quick and nimble, allowing strategy pivots, without a bunch of re-work.
Who are the advisors?
Our Professional Services Network is a growing list of persons that come from a cross-section of business, health, investment, and technology industries. The advisors are successful entrepreneurs, executives, CEOs, investors, and business veterans who are willing to share their experience, lessons-learned, and connections to help your company excel.
How are the advisors chosen for each company?
Each company in the program will be assigned a coach from the program team. Based on interviews, advisors can be matched with the unique current needs for the company and industry. There will also be informal networking events that will allow the companies to interact with advisors.
When can I apply?
The application period will be rolling starting at the conclusion of the previous session and will close approximately two weeks before the next session starts. You can see if applications are open and apply here.