FAQ
How do I apply?
Candidates simply complete our online application.
Can a single individual with nothing more than an idea apply?
Yes, as long as the applicant can demonstrate an innovative product that solves real problems or creates meaningful innovations.
Do I need to have a business plan?
No. Simply complete the online application and send us the additional information you have that will help us fully evaluate you and your company. We are searching for individuals or companies who have identified a true market opportunity and a meaningfully innovative way to fill it.
What services will Top Gun provide?
In addition to the bi-weekly business-building sessions and networking opportunities, the program directly works to coordinate appropriate business talent, legal and accounting services and counsel, mentoring, office space, guidance from seasoned entrepreneurs and investors, introduction to business people and contacts. With the exception of direct, out-of-pocket expenses, these services are provided at no cost to you. Anticipated program outcomes will include a practical business plan, a network of advisors, and a capitalization plan for growth.
What is expected of me?
You’re building your company. We expect you to work hard throughout Top Gun, and we know you’ll take full advantage of the resources and opportunities we provide. We want you to succeed—and the immediate goal, in addition to being better educated on aspects of leading an early-stage business, will be for you to have a more thorough business plan and a better way to raise capital by the end of the program. The process of building your venture will be a lot harder than you ever expected. Maintaining your enthusiasm, passion, and enjoyment of pursuing your vision is paramount.
Who’s behind the program and why are you doing this?
The Maine Center for Entrepreneurial Development has developed and piloted the program with funding from the Maine Technology Institute, the Maine Department of Economic and Community Development, and the help of a group of very successful entrepreneurs and professionals who are committed to making a difference in the future of Maine’s entrepreneurs and early-stage companies.
Do I have to live in the Portland area during the program?
No - we'll be offering classes simultaneously in Portland and Bangor - and if we get funding, in Rockland as well. But we do require that you participate in program activities. This benefits you because you can take advantage of the numerous learning opportunities, networking and mentoring that will be provided.
How long is the program and what is the expected time commitment?
This seven month program, during which time we will expect you to participate in each bi-weekly business-building session, will run from the end of August through May 2012. We understand, however, that participants may have important business travel or illness that prevents them from attending one or two sessions during the program. We will make exceptions on a case-by-case basis. Other than that, it’s imperative that you participate in order to receive a full 360-degree view of your business.
How can we get funded after the program?
A component of the Top Gun curriculum is helping you figure out how to do a better job of raising capital. We’ll coach you and help you assess whether your company is investment ready, grant-worthy or if bootstrapping is a better option. Top Gun does not give any assurance or guaranty that entrepreneurs will receive any financing from the sources to whom Top Gun introduces the participants.
What is the cost of the program?
The program participant fee is $500. Program participants often find it beneficial to join MCED as Affiliate members at the end of the program in order to keep the momentum going.
Please explain the networking and educational opportunities?
About once every other week, we will organize a business-building session and invite successful entrepreneurs and other experts to speak on a relevant topic. In addition, we’ll organize periodic information roundtable discussions. Generally speaking, the sessions will be in the early evening. All of these sessions will be designed to give you plenty of time to interact personally with your classmates and the mentors.
When is the deadline to apply and what’s the overall timeline?
The application deadline for the Class of 2011 is Friday July 15th (applications opened on May 1, 2011). The program will run from early September through May 2012, with breaks for holidays.
Where is the Top Gun office?
Top Gun is a program created and run by the Maine Center for Entrepreneurial Development in Portland.
What will a typical day be like for a Top Gun participant?
You’re still working on building your company, so you’ll be hard at work on your product. Business-building sessions with mentors will be held once every other week in the greater Portland area and simultaneously in the greater Bangor area.
How do participants get paired with lead mentors?
The pairing process is informal and based on mutual interest. Participants have the opportunity to ask questions of mentors before, during, and after each session. While some mentors are extremely busy, it is expected that the majority of mentors will help participants where they have common interests.
Will you protect my intellectual property?
We won’t show your application to anyone outside of Top Gun. However, we cannot sign an NDA given our work with a number of companies who may be in competing spaces. Our application does not ask for proprietary information, so there is no reason you have to disclose this to us if you’re not comfortable in doing so.
How can Top Gun help me?
We will help you refine your vision, give you feedback on your product/service, and help you develop the knowledge and skills to develop your business. We've assembled a group of advisors who've been where you are and succeeded or have successfully guided other companies through the development stage. Investing in the professional development of tomorrow's leaders of fast-growing, innovative companies is a smart strategy for the state of Maine. Top Gun offers benefits that will accrue throughout your career:
- Targeted training in the fundamentals of entrepreneurship
- A collaborative work environment
- Valuable connections and advice from some of the area’s most respected executives and entrepreneurs
- Donated or discounted legal, accounting and administrative help from local professionals
- Weekly business-building sessions developed with feedback from established executives and successful entrepreneurs
- Access to and opportunity to work on specific business challenges with accomplished mentors who have been where you are today
- Credibility as a program participant
- Introductions to appropriate funding sources
Can you give an example of the topics covered during the weekly business-building sessions?
As each incoming class is unique with varying needs, we will customize the curriculum accordingly. Each session is intended to be a practical, experiential and outcome based learning opportunity. In the beginning of the program, participants will be broken into smaller working groups by related ideas, and provided with very specific assignments for refining, researching, and validating their ideas. Follow-on sessions may focus on: market research, financial management, sales channels and strategic marketing, business development and partnerships, legal issues such as IP protection, product development, patent licensing and commercialization, pricing and promotion, international business, distribution, branding, team building/recruiting/compensation, identifying and working with sources of capital.
What criteria are used to decide which companies to invite?
Getting into Top Gun is competitive. We accept between 8-12 individuals/companies. We seek company founders who are developing or offering innovative products/services that address real problems and represent a solid business opportunity. The program is highly selective to ensure that the most capable entrepreneurs are afforded this unique and limited opportunity. Overall, each Class is chosen with a single overriding purpose in mind – to identify high potential, early-stage businesses with a technological component, led by motivated, high potential entrepreneurs who want to secure their future successes from Maine. Favored candidates will likely have the following characteristics:
- Identifiable true market opportunity and are pursuing a meaningfully innovative solution to fill that real need.
- An interest in establishing their high-growth venture in Maine.
- Ability to take feedback and integrate advice and counsel. Also, willingness to share experiences and expertise by participating in networking programs and mentoring opportunities.
- Ability to manage uncertainty and ambiguity and to take measured risk.
What happens at the end of Top Gun—am I on my own?
You will have continuing access to a great group of advisors and potential strategic partners. Our goal is to help prepare you and your company for the important tasks of advancing your business model and developing key partnerships that will move your business to the next level. Top Gun assistance doesn’t stop at the end of the initial program. We envision successful graduates as part of an alumni network that will share the mission to make Maine an even better place to start and grow successful companies.
