FAQs

Do you need to be part of UTEC to apply?

No, it is not necessary to be a member of the UTEC community in order to apply. The program is open to the public from anywhere in the world.

What stage is appropriate for my startup to apply?

First sales or pilot phase.

Is UTEC Ventures an incubator?

No, we don’t currently have an incubation program.

How many startups do you accept per program?

UV accepts around 10 startups per program.

What is the structure of the program?

1st Month: Consumer Validation

  • Tech diagnosis and how to build great teams
  • MVP workshop
  • Pedagogical design
  • Co-creations sprints

2nd Month: Optimization and growth

  • Pilots with educational institutions
  • Impact assessment
  • Partnerships workshop with government and other associations
  • Reinforcement in sales and marketing
  • Funding in international educational funds
  • Management, leadership and personnel selection

3rd Month: Consolidation and Fundraising

  • Communication + branding
  • PR
  • Fundraising
  • Global Expansion
  • Demo Day

What are the benefits of participating in the program?

The benefits include business modules, investment, coaching tracks, events, mentoring, co-creation with students and schools and other activities. Also, we give up to $25k in cash and the program ends with a Demo Day and a pilot in Lima.

What is the profile of the companies you are looking for?

We  look  for  startups  with  a  technological  base.  For  this  cohort,  we  are  looking  for startups (for and non-for profit) in Education that focus on:

  • Early Childhood Ed
  • K-12
  • Post Secondary
  • Career Development

We look for startups with initial sales or clients as mentioned above, yet we are open to accept less mature startups if the team and idea are relevant.

If my startup is not EdTech, can I still apply?

Yes.

What is the investment structure of UTEC Ventures?

We give up to $ 25,000 in cash in the startups accepted in the program.

How much equity do you take?

We  take  7%  of  equity  unless  you  have  a  previous  valuation  (meaning,  previous investments).

What sort of control am I giving up by granting equity to UTEC Ventures?

UV wants to be seen as another investor, without any special control.

Do I need to be in Lima in order to apply to the program?

No, we accept applications from all around the world. You must be physically present if you are accepted to the program.

Do I have to stay in Lima for the 6 months that the program lasts?

No. The program is divided into 3 intensive months, in which it is necessary to be in Lima, and in 3 months of follow-up, where is no longer necessary to be physically present.

How much time does it require from entrepreneurs during the program?

Entrepreneurs  can  spend  any  amount  of  time  they  want  working  on  their  startups. Nonetheless we just require from them 10 hours a week.

Does the entire team have to be physically present throughout the accelerator program?

Although  it  is  recommended  due  to  the  intensity  of  the  program, it is not necessary. However, it is essential that a founder is present throughout the program.

Will co-working space be provided?

Yes, the workspace is located in the University of Engineering and Technology (UTEC) for all the startups of the program.

Do you provide assistance around visas or immigration?

Most  countries  do  not  need a visa for Peru. However, if needed we can provide help through our legal partners.

 

Contact us at ventures@utec.edu.pe with any additional questions

 

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