The Alacirty Foundation is focused on the development and mentorship of the brightest and best engineering and business graduates from British Columbia Universities.
The Foundation’s core activities will be based on a proven graduate training methodology developed by the founders. It will be the goal of these activities to give participants the skills to become successful entrepreneurs through practical, real-world experience, and the knowledge, guidance, mentorship and support needed to compete at an international level. Core activities of this Foundation will utilize a world-class formula for commercializing technology but most importantly a world-class formula for creating entrepreneurs – and an infrastructure in British Columbia that will support them. The majority of commercialization projects fail due to lack of capital, poor managerial skills and insufficient understanding of the marketplace. Through participation in the Foundation’s two programs, Entrepreneurship@alacrity and Entrepreneurship@UVic, young entrepreneurs will receive the guidance and support that is essential in overcoming these barriers.
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Program Structure
Phase 1: Team Selection
The Foundation will interact with top Engineering and Business Schools across Canada to establish a suitable pool of youths to interview and evaluate. A group of 4 to 5 youths will be selected to establish each team. The sequence of selection is:
Youths participate in an Alacrity Foundation recruiting event (see Events for details), are recommended to the Foundation by a professor or can apply directly by contacting an Alacrity Foundation representative at careers@alacrityfoundation.com
For each team 12 potential candidates will be identified by the selection team
Final interviews will narrow the pool down to 4 or 5 candidates who will receive offer letters
Phase 2: Academics
Engineering Entrepreneurship@UVic spans a total of five semesters. All required engineering and business course work is completed during the first two semesters. During the second semester the team also works closely with Wesley Clover to select a project that will become the basis of their Masters thesis and, at the end of the fifth semester, has the possibility of becoming a new company. Semesters 3, 4 and 5 involve intense completion of the technical basics, laying the foundations of the technology that will become the core of the potential new company. As this technology is to be motivated by the market, this will involve extensive interactions with customers and Wesley Clover. During the fifth semester the team will also write and defend a Masters thesis. Upon completion, the student team, advisors, Wesley Clover, and the Foundation make a “go or no go” decision to incorporate the new company with the students as co-owners.
Phase 3: Entrepreneurship Training Bootcamp — “Project Phase”
The Foundation will be responsible for training the youth teams in a ‘Boot Camp’ environment for a period of 9-12 months during which time they will undertake entrepreneurship training, and business skills development activities while receiving hands on mentorship from international business leaders.
The Foundation will evaluate the youth teams to ensure they are performing to the highest levels of expectation. The teams are supervised on a daily basis and their performance and projects are subject to a weekly review.
The Foundation, in consultation with industry sponsor Wesley Clover will align the project teams with technology development projects for which an identifiable market demand exists. Teams will work through intensive research and development cycles with guidance from Wesley Clover and Alacrity Foundation executives and advisors.
The Foundation will provide stipends to the young entrepreneurs-in-training to cover accommodation and living expenses during their training period.
Phase 4: Commercialization
During months 9-12 of the Project Phase the Foundation’s Commercialization Committee will determine if a team’s project has commercialization potential. Projects who are given the green light “graduate” from the Program and have the opportunity to become young technology companies with seed investment from premier technology developer and investor – WESLEY CLOVER. Green lighted Projects are spun-out of the Foundation and become incorporated companies.
Phase 5: Graduation
Students submit and defend their thesis. Successful students graduate from the University of Victoria program and are awarded both a MASc and Business Diploma.
Note: Project teams which are not given the green light are still eligible to receive their MASc and Business Diploma from the University of Victoria.
