The iCAN Virtual Accelerator Program Experience: Cohort 1
The world of startups is exciting but brutal. Exciting because you have a business to call your own, make decisions and embrace a huge learning experience. Brutal simply because your chances of failure far exceed your chances of success.
If on this journey, you could have someone who has been there, done that, it could make a world of difference. And that’s exactly what was done by investors-turned-mentors including Kunal Nandwani, Alok Ramsisaria, Munish Jauhar, Bhavish Sood and Reekrit Serai.
As Covid-19 strengthened its grip over India, we, at Chandigarh Angels Network realised that more than anything, startups needed mentorship and guidance to navigate through unprecedented times. Keeping this in mind, we launched the iCAN Accelerator Program to help early-stage startups progress to the next stage of their entrepreneurial journey and give advice wherever they needed it.
From over 180 applications from 17 states and UTs across the country, we shortlisted 6 exciting startups representing diverse fields- Reeudo (FinTech), Whizrobo (e-Learning), Dukandar (RetailTech), Hecod (Remote Healthcare), Sors Technika (EdTech) and Sormin Food (AgriTech).
The program curriculum not only helped these startups in the decision-making for their next course of action but also encouraged them to go back to the drawing board and reflect on their previous ones.
Over the course of 6 weeks spanning from early-May to early June 2020, the first cohort of iCAN was given virtual lessons by CAN Investors on a variety of important topics. These included the problem statement, primary market research and market size estimation, solution design, customer persona and journey mapping, value proposition, competitor analysis, sales and pricing framework, business model, unit economics and the investor pitch. Each of the weeks also had interactive webinars on critical themes with cohort members and other entrepreneurs.
The lessons were followed by Q&A and assessment for each startup to allow them to understand their areas of strengths and weaknesses. Weekly tasks were also given out to allow cohort members to think about some key questions pertaining to their business.
The startups were also given a great opportunity to pitch to investors and Chandigarh Angels Network and raise funds. This was done after a thorough feedback session and mock pitches to instil confidence in the cohort members when they approached investors.
To keep the spirits high, the weekly material from the iCAN Accelerator Program was circulated among all applicants. Our sole intention with this zero-fee, zero equity virtual acceleration program, as we mentioned, was to help early-stage entrepreneurs. We felt we could do justice only if the benefits were shared with as many people as possible. Some of this content can be accessed by all startups through www.chandigarhangelsnetwork.com/accelerate.
Here’s what our cohort members had to say about their experience at iCAN:
“The iCAN mentorship program was indeed a great program which helped me introspect about my entire business model and understand it better. This 6-week journey gave me a supportive environment to grow and evolve. Attending the program gave me a well planned crash course in addressing the issues inherent to being an entrepreneur, the mentorship program addressed the challenges particular to my industry. The expert advice of the mentors helped me in developing systems which have been very helpful in scaling up my business. I have developed my professional as well as my personal goals too. I am thankful to my mentors who were available 24×7 and made every possible effort to support me with the ongoing challenges of my startup.” –Dimple Verma, Whizrobo
“These are unprecedented times for any business in the world, especially startups. There were changes required on every front to survive the current downturn, i.e., vision, marketing strategies, product offerings and investment pathways. We were lucky to be a part of iCAN during these tough times. The support from the mentors has not only been able to guide us out of the Covid-19 slump but also prepared us for future changes. The 6-week program covered various aspects that a business needs to ensure before taking on investment. We were trained in all these aspects along with weekly guidance by our mentors. I also felt that the weekly Masterclass with Investors/Industry specialists was a great learning exercise. In the business world, nothing matches the experience which our mentors were able to share with us.” –Sahibdeep Mann, Sors Technika
“The 6-week iCAN Accelerator Program was an amazing learning experience. The program was well structured with live mentoring, course materials and weekly assignments which helped me to rethink and restructure some of the critical aspects in my business. The sessions were very effective as there were only 6 selected startups and we were able to learn from each other’s experience. I would like to thank the CAN team members for their dedicated support from selection to pitching CAN investors.” –Dibyamrit Jana, Dukandar
“We want to thank CAN and the team for the amazing opportunity provided to us in the Accelerator Program, not only was the curriculum very well defined but it was also real scenarios based that helped us refine our Value Proposition to the market. The sessions would have been difficult since they were all online but the articulation and the involvement with different cohort members enabled interactive discussions and made it really immersive.” –Pawanjit Grewal, Reeudo
“iCAN was a great initiative from the Chandigarh Angels Network and was impressively implemented by the team. As a fairly new startup, we got to learn a lot about the requirements that companies need to fulfil to start off their journey. We polished our pitch deck and elevator pitch, and courtesy to the mentors, we also got a lot of insight into the minds of the investors. We feel fairly confident with our business model now and we are glad to have joined iCAN.” –Anshul Jain, Hecod
Our experience with our first cohort has strengthened our belief that mentorship is critical for early-stage startups and they require such guidance to take their business forward. We remain committed to nurturing entrepreneurs and contributing to the growth of the ecosystem.
