€4,000 seed fund is given to each project/ business on the programme. If there is more than one founder involved then the funding is shared. The funding can be used for market research, the development of a prototype, to buy materials or used as a wage. Given that the programme is a full-time commitment the students cannot have a full-time job over the summer. The seed fund is paid in three installments over the summer following satisfactory progress reviews.
There is a myriad of targeted supports provided to Student Inc. participants. These include monetary and non-monetary supports.
Participants on the programme receive expert training and mentoring throughout the summer. Last year the participants attended 27 training sessions covering topics such as market research, sales, finance, sources of funding and pitching to angel investors. As well as group training sessions, the students received one to one mentoring from trainers.
Office space is provided to the participants on their own campus. CIT students are based in the Rubicon Centre, ITT students are based in the Tom Crean Centre and UCC students are provided with space in the centre of the main campus The space is shared with the other student entrepreneurs on the programme providing the opportunity for peer to peer learning. Students can avail of all the services of the Incubation Centre including WiFi, meeting rooms and access to the network of entrepreneurs based within the Incubation Centres.
Within each partner institution we strive to pair the student entrepreneurs with a more seasoned entrepreneur in their Incubation Centres, in a sector relevant or complimentary to their business. The entrepreneur meets with the student throughout the summer to offer advice and support.
Students on the programme receive ongoing support from the Incubation Centre teams. They become part of the ecosystem within the Incubation Centres where many introductions are made, including access to research facilities within the campus.
The Student Inc. programme provides students with the opportunity to pitch to potential investors. Towards the end of the programme they pitch their ideas to a panel of potential investors and get feedback.
For the 2020 programme students in CIT and ITT will receive 10 Academic Credits at Level 8 which they can use towards their final undergraduate degree (cannot be a mandatory module of their degree).