Rewarding Success

Each selected entrepreneur or team will be awarded milestone payments based on their completion of the expected goals and milestones. Team awards will be a maximum of $3000 and individual entrepreneurs will earn a maximum of $2000. The milestone payments are to encourage your entrepreneurial development and to help you move your business from concept to launch.  

Accelerator milestone payments will be paid to all participants in three installments. Participants agree to meet the specific requirements in a timely manner and provide appropriate documentation to receive each of the identified payments and to earn the maximum award.

Business Development Steps

Team $500, Individual $500

Must complete ten (10) of these seventeen (17) steps to launch your business. This requirement can be met prior to the start of the boot camp or at any time throughout the thirteen week Accelerator program. Participants are encouraged to proceed with these steps in a well thought out plan not as quickly as you can just to meet this requirement.

• Register with the Secretary of State in South Dakota
• Apply for EIN number with the USA Treasury Department (IRS)
• Apply for a sales tax licenses in South Dakota—SD Department of Revenue
• Establish your business structure with an operating agreement
• Create your business identity package—name, logo and concise company introduction
• Create business cards and stationary
• Take appropriate steps to protect intellectual property
• Develop financial pro formas for at least three years
• Complete your business plan
• Secure appropriate funding for initial company operations
• Receive SBIR/SSTR funding
• Open business bank account
• Create a company website
• Develop a marketing piece
• Use a mileage log to track business use of your personal vehicle (Must meet IRS guidelines)
• Hire at least one paid employee
• Create a list of ten potential customers including their contact information

Completion of One Week Boot Camp

Team $1000, Individual $500

Completion of Customized Milestones

Team $1500, Individual $1000

Specific milestones will be negotiated and agreed upon prior to the end of the boot camp.

Examples might be--

• Develop an appropriate and working business model
• Establish your market positioning strategy
• Secure outside investors or angel funding
• Secure contracts for sales totaling x dollars
• Establish sales agreements with x customers
• Arrange for a strategic partnership with another company
• Complete initial product manufacturing run

Failure to meet any of the requirements in the prescribed time frame will result in no milestone payments.

SDTBC Accelerator • What to Expect • Rewarding Success • Apply Now

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