Cannabis Accelerator Business Program
Applicants with desk or laptops use this application; if you are a mobile device user, please contact us at: info@gromentumlab.com.
GROmentum Lab provides culturally relevant programming and resources that acknowledge the unique challenges faced by the entrepreneurs most negatively impacted by the War on Drugs. Our goal is to support and sustain entrepreneurs and businesses to create an industry ecosystem as diverse as the state of Illinois.
GROmentum Lab Accelerator
DO YOU WANT TO BE IN BUSINESS IN THE CANNABIS OR HEMP INDUSTRIES? THERE IS AN ACCELERATOR PROGRAM FOR YOU AT GROMENTUM LAB!
SEEDLING
“I have a business idea and I need to learn how to monetize it. I’m at the beginning of my business ownership journey.”
METAMORPHOSIS
“I am a business owner providing services that should be relevant to this industry, but I don’t know how to retool or break-in.”
SPROUT
“I applied for a license but did not get my first try. I need to pivot and/or prep for a future license round.”
BUD (SIGNATURE)
“I applied and was awarded a Cannabis business license. My team and I must focus on scale and speed.”
GROmentum Lab provides access to capital
Our signature Bud Program will provide participants seed investment and additional professional services to help lay a foundation for future success. Participants in this program will pitch to investors who can help build your networks to other partners and other capital sources—while still keeping YOUR vision intact!
Entrepreneurs enrolled in other programs will also obtain pathways to financial capital and will also be able to pitch to professional judges to potentially win seed funding.
Gro with us through the Seed to Scale Accelerator Program for you!
All entrepreneurs participate in the ground-breaking first-of-its-kind 16-week immersive, intensive customized educational experience blending plant-touching technical training, an MBA-lite, and professional development to provide the practical tools to launch and expand their businesses. Building competence in leadership, team development, Illinois compliance framework and best practices across the industry verticals are emphasized across all programs.
Bud program participants will be provided 2 mentors for a full-year of support ensuring business sustainability.
Applying to the Accelerator Program
Entrepreneurs Walter Williams and Nicole Inis submitting their Craft Grow license application after consulting from GROmentum Lab EDU
If you applied for a cannabis commercial license, you have already completed most of the steps for application.
All applicants for the accelerator program should expect to answer a online application questionnaire of 12-17 questions and upload certain documents including:
Articles of incorporation for licensed businesses — we need to validate you exist—if you have a non-plant-touching business, and don’t have this done yet, do not be discouraged. We will help you on this one. Just let us know that’s where you are at!
Licenses, where your businesses require licensing –whether direct plant-touching or other ancillary industry licenses are required to operate
Hemp and hemp-derived CBD businesses must source all hemp from entities that are part of the federal hemp pilot program and must be licensed by the IDOA
A business and operations plan or description of your business concept and why you think it will win in the market place, the model to generate revenue, target market and how you plan to launch and operate the business
A narrative of your business experience relevant to starting this and why you think you can realize your vision (OR if applying to the Bud program, that of your leadership team (between 2-5 team members) including their skills/experiences that have prepared them for this venture) (resumes/profiles accepted)
An organization chart and staffing plan if you have one
Description of social equity qualification (uploading your commercial license social equity exhibit is acceptable)
2 references
Once you’ve applied, this is what you can expect:
Within 2 weeks you will receive a response indicating whether your application is complete or needs additional attention
You should be prepared for 2 interviews: a one-on-one and one team-based; if you are looking for investors, you will have additional meetings with investor groups
You will receive guidance on which accelerator program best meets your situation and needs
You should receive an answer on acceptance within a month of applying
Once you are accepted, you will need to register by filling out certain forms, waivers and a baseline skills assessment to help us customize your learning approach and coaching support
Program Costs:
The base price per participant is $16,000, however, there are ways we can support you including:
For applicants to the Bud Program, which include 2-5 team members, investors pay your upfront cost. And a modest additional fee is paid out by the new entity year-over-year for a limited time-frame.
For all other programs, if you need assistance, your entry into the program may be underwritten by as much as 90%. You will indicate the amount you are able to fund-out-of-pocket. Essentially you will be taking a low-interest loan for the balance of the program; repayment terms will only take place once your business has generated revenue and payments can be sustained. This program is being administered by the YWCA. Please ask for more details if interested.
Acceptance Criteria
Entrepreneurs are selected by the GROmentum Lab Applicant Selection Advisory Committee, a panel of social-equity community leaders and cannabis investors with knowledge of the unique challenges faced by entrepreneurs in this community and by cannabis companies. Selection criteria include:
Businesses selected need to have officially formed and meet the same standards as those who qualify as social equity* applicants under the Cannabis Regulation & Taxation Act (CRTA) of 2019.
Merits of your business plan/description coupled with viability of the team/leader narrative.
*Criteria subject to change.
Program Expectations
We recognize that the GROmentum Lab program is intense and might require juggling of work and personal responsibilities. We have made it as accessible to alternate scheduling requirements as is possible. Schedules per programs will vary, but weekly meeting schedules will be consistent across them all including:
Self-paced eLearning Industry Technical Training with weekly 90-minute virtual follow-up session (you get access to eLearning modules for up to 1 year, that’s 8 months beyond the accelerator program!);
Up to 3-hour (virtual) MBA-lite session – come prepared having completed self-paced coursework in advance;
2-hour (virtual) Professional Development Round Table Discussions– prepare to engage in discussion based on your life experiences
1 30-minute bi-weekly session with staff to review concerns, discuss progress, bring up questions or challenges
Outside class hours group collaboration
Instructor Office Hours
Deliverable Coaches to help you complete quality and timely deliverables
If you are in the Bud Program, assigned mentors to extend your accelerator experience to a full year!
Regardless of the program to which you enroll, you will be expected to participate in the following:
Completion of prescribed self-paced elearning content
Attendance at Orientation
Attendance and participation in each (virtual) classrooms
Bi-Weekly personalized touch-base session
If you are seeking equity investment, attendance at pitch sessions
* Please Note: social equity qualified was defined in the Cannabis Regulation and Taxation Act of 2019 as anyone who can prove arrest or conviction on a cannabis charge that today would no longer be considered an offense OR proof of domicile in a disproportionately impacted area (see associated map) for 5 of the last 10 years OR closely related to someone (parent, child, spouse) who meets those any of those criteria