Date: 16 May – 21 June 2017 (5 weeks)
Location: Ulaanbaatar and Online
Participants: 22 people (6 female, 16 male)
Objective: Provide assistance and guidance to the selected start-ups for the duration of five weeks to build their capacity, improve business ideas and further develop initial businesses to become more sustainable.
Participation: The start-up accelerator training was organized in partnership with Startup Mongolia NGO involving seven successful start-up teams from Umnugovi, Zavkhan, Khovd and Gobi-Altai aimags. It was facilitated by six trainers/mentors.
Outcomes: Participating teams strengthened their knowledge on such topics as customer development; sales purchase agreement; how to offer value to customers; how to make a pitch for investment; what is Minimum Viable Product and how to test it before starting a full product; how to use more detailed design thinking approach for making and improving prototype of their product; and how to do a financial planning, and properly calculate business income and expenditures. During the training, the participants applied their acquired theoretical knowledge into practice by preparing their initial full business models; estimating their detailed investment required for their business; and designing their own logo and fliers. Three of seven teams have already established relations with their designated mentors.