Engaging with ACAC Innovation is a big step and you’ll need to think it through and get advice from the people you value.
To date, you’ve probably been working on your business concept on your own, or with support from family and friends. When you engage us you’ll get support, seed money, somewhere to work, and mentorship and advice.
But you’ll need to give something up too…
As an economic enterprise, we require a share in your business in order to provide all this “free” support and services.
We’ll never try to take control of your business, never take a majority position and never try to direct you. However, we will have a share of your economic enterprise and there are some rules that you’ll need to comply with.
You need to seriously consider whether it’s in your interest to have ACAC Innovation as a partner, giving up a share of your business to get this support. This is a critical decision and only you can make it.
To be clear, there’s no commitment required when you submit an application. But there’s no point wasting your time or ours in submitting an application if you haven’t decided that you’re willing to trade some equity in your business for our support in money, facilities and mentoring.
If your application is successful and you’re offered a proposal and draft contract, you’ll need to understand the commitments you will be asked to make in principle. These commitments are:
- You will be entering into a commitment with ACAC Innovation – a relationship intended to be based on an alignment of interests, mutual benefit and mutual trust. This arrangement will be codified in a contract between you personally, your company (if you have one) and ACAC Innovation.
- In return for provision of capital investments, use of the Innovation Incubator and mentorship, ACAC Innovation will become a minority equity partner in your business. This will be carefully explained so it covers the business concept and is regardless of structure. Your partner in the development of your business, and offshoots from it, will be ACAC Innovation.
- We won’t manage your business – you will. We may require membership of a Board of Directors, if you have one now or in the future. We’ll definitely require periodic communication about how the business is progressing relative to the commitments you’ve made and the targets you’ve set. We expect an open, forthright and transparent relationship. We are in this together as business partners.
- On certain selected matters, you’ll be bound to obtain ACAC Innovation’s actual approval before you make commitments. These generally relate to overall business direction, business structuring and future capital raisings.
These commitments, and their inclusion in a contract, are required between ACAC Innovation and you, and any other equity partners in your business.
As your partner, you can expect us to be supportive, open, communicative and forthright. We won’t slow down the development of your business. We’ll be committed to your success because we realise that only through your success can ACAC Innovation be successful.
How do I make an application to ACAC Innovation?