FAQ
How do I apply? (Application period closed July 31, 2009)
Entrepreneur candidates simply completed our online application.
What criteria was used to decide which companies to invite?
Getting into Top Gun was competitive. We accepted 12 individuals/companies. We sought company founders who were developing or offering innovative products/services that addressed real problems and represent a solid business opportunity. The program was highly selective to ensure that the most capable entrepreneurs were afforded this unique and limited opportunity. Each new class will also be chosen with a single overriding purpose in mind – to find and help develop business leaders who want to pursue their opportunities here in Maine.
Can a single individual with nothing more than an idea apply?
Yes, although we are more likely to admit applicants who currently lead an established business.
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/companies who have identified a true market opportunity and a way to fill it.
What services will Top Gun provide?
In addition to the educational 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, an established board 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 compelling presentation for investors, partners and/or customers at the end of the program.
Who’s behind the program and why are you doing this?
The Maine Center for Enterprise Development has developed and is piloting the program with funding from the Maine Technology Institute 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. 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 coaching that will be provided.
How long is the program and what is the expected time commitment?
This 3 month program, during which time we will expect you to participate in the once per week learning sessions, will run from August 31st through November 21st. Other than that, it’s business as usual.
How can we get funded after the program?
A key component of Top Gun is Pitch Day - where near the end of the program, we’ll organize a day in Portland where angel investors, venture capitalists and other public and private funding sources will listen to your pitch. We’ll coach you and help you assess whether your company is investment ready. Top Gun does not give any assurance or guaranty that any prospective investors will contact any venture, or that entrepreneurs will receive any financing from the investors to whom Top Gun introduces the entrepreneurs.
What is the cost of the program?
The program participant fee is $275.
Please explain the networking and educational opportunities?
At least once per week, we will organize an educational session and invite our mentors to speak on a relevant topic. These will be presented as appropriate by highly successful entrepreneurs, angel investors, legal professionals, venture capitalists, etc. In addition, we’ll organize periodic information roundtable discussions by a respected member of a well known local company. 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 Summer/Fall 2009 session was Friday July 31st (applications opened on June 1st, 2009). The program will run from August 27th through November 19th.
Where is the Top Gun office?
Top Gun is a program created and run by the Maine Center for Enterprise Development. We have about 5,000 square feet of space on the Portland campus of USM for the Top Gun companies to use during the program. You can work from these offices if you choose, but this is not a program requirement.
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. You may choose to work out of MCED if you’d like, or anywhere you prefer. Educational sessions with mentors will be held once per week.
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 technology 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 for innovative/technology early-stage companies
- A collaborative work environment
- Donated or discounted legal, accounting and administrative help from local professionals, as appropriate.
- Weekly learning sessions
- Access to accomplished mentors
- Introductions to funding sources (Angel Investors, VC’s, and public sources of funding)
Can you give an example of the topics covered during the weekly educational 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. 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 was used to decide which companies to invite?
Getting into Top Gun was competitive. We accepted 12 individuals/companies. We sought company founders who were developing or offering innovative products/services that addressed real problems and represent a solid business opportunity. The program was highly selective to ensure that the most capable entrepreneurs were afforded this unique and limited opportunity. Each new class will also be chosen with a single overriding purpose in mind – to find and help develop business leaders who want to pursue their opportunities here in Maine.
What happens at the end of Top Gun—am I on my own?
You will have continuing access to a great group of advisors, angel inventors, venture capital firms, and potential strategic partners. Our goal is to help prepare you and your company for the important tasks of fundraising 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.
