HOW DOES IT WORK?
The top team will be admitted into the Schneider Electric Incubation Program and automatically receive $25K in non-dilutive funding. Up to 4 additional teams will be considered for $25K in non-dilutive funding and acceptance into the incubation program, pending a final decision based on the merit of their prize pitch and idea.
INCUBATION & PROTOTYPING
Teams will work to develop their business over the course of three months, during which time they may be based virtually or in person at Powerhouse. Teams will be expected to visit the Bay Area for at least two in person meetings. Each team will receive custom support from Schneider Electric and Powerhouse via bi-monthly workshops with technical and business experts, weekly one-on-one strategy meetings, and strategic introductions to customers and mentors. By the end of the incubation period, teams will be expected to have a customer development strategy, minimum viable product, business plan, and financial model.
Following the three month incubation period, the startup will check in monthly with Schneider Electric and Powerhouse. Once a final business case is prepared, the team will present to an investment committee comprised of Schneider Ventures, Schneider business units, and Powerhouse Ventures to determine whether the incubated startup will receive additional capital. The amount of seed investment depends on the product and business plan but typically ranges from $1M to $3M.
After raising initial capital, the venture works like any startup striving to grow.
Based on the strategic and business fit, the team will determine whether to spin-in, spin-out (operate as a standalone entity), or pursue an acquisition.
Participating teams must be incorporated in the United States and be available to attend two in person meetings in the San Francisco Bay Area. One meeting will take place midway through the three month incubation period. The other will take place following the three month period when the team pitches to the investment committee.
Teams will participate in the incubation period for three months. Following the three months, teams will be required to check in monthly with Powerhouse and Schneider Electric on progress until they are ready to participate in the final investment committee meeting.
Teams can opt into participating in the weekly strategy sessions, bi-monthly workshops, and Powerhouse events, based on interest.
Participating teams are not required to leave their full-time jobs but will be evaluated on the commitment they demonstrate to building the idea into a viable company. Teams would be expected to commit full-time to the venture if they receive seed funding from the investment committee.
Teams will have the option to receive free space at Powerhouse provided by Schneider Electric, pending availability.