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College of Business
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Accelerator Program

Students admitted to this program have developed a business and have begun seeing growth. Funding provided by this program helps student business owners “Accelerate” the growth of their company by providing financial support for costs associated with taking their business to the next level of success.

  • Eligibility Requirements

    • Business model must be original in nature. (No franchising opportunities or replica of already established business)
    • Business must already be started and ready to take the next steps for growth AND/OR be enrolled in the Pre-Accelerator Program.   
    • All entrants must be at least 18 years of age.
    • The program is open to any full or part-time student currently enrolled in a degree program at Illinois State University. Graduate students may enter.
    • Entrants may be individuals or teams.
    • Student or members of the founding team must hold, in aggregate, a majority ownership stake in the company.
    • Individuals may be a member of only one team.
    • Teams and individuals are limited to one application.
    • The business may not have received more than $20,000 in outside investment.      

General Guidelines of Program

Award amounts will vary based on a needs assessment. Funding is available through three separate rounds, with a maximum total of $20,000 per entrepreneur. Entrepreneurs may be eligible to receive $5,000 in the first round, $7,000 in the second, and $8,000 in the third.

All applicants and award recipients must follow procedural guidelines set forth by the Means Center and Illinois State University

Students admitted to the program give permission to the Means Center and Illinois State University to share information for publication. Examples include (but are not limited to):

    • Sharing of Business name (and/or business website) on University Social Media pages to promote any progress made by the student business
    • Inclusion of business name in our annual entrepreneurship reports through the Illinois Science & Technology Coalition (ISTC)

If you decide to proceed with this process, please see the timeline below, and apply for the program. 

Timeline of Process

  • 1

    Complete and Submit Application

    Apply to Accelerator Program

  • 2

    Application Reviewed by Accelerator Committee

    If accepted, follow the remainder of steps listed below.

  • 3

    Correspondence will be sent from the Means Center

    • You will be given instructions on what to prepare and a time will be established for your presentation. 
    • Meeting must take place in person, during business hours. Meetings will take place in State Farm Hall of Business building.
  • 4

    Make presentation to Accelerator Committee

    4

    Make presentation to Accelerator Committee

  • 5

    Funding Decision Made

    After the presentation, Committee will deliberate to discuss if the funding requested will be approved in full, partial approval, or rejected.

Students may apply for additional funding without the need for an additional application submission.

 

FAQ

1. Acceptable Purchases

Accelerator program will fund any purchases that can be directly associated to the growth of your company. Purchases that are excluded include:

  • Operational Expenses (Ex: wages, taxes, building rent, insurance, etc.)

2.  Excluded Purchases
  • Website Design Fees
  • Purchase of additional inventory
  • Technology/Software
  • CRM Software, Computers, Printers, etc.
  • Advertising/Marketing Fees
  • LLC/ Copyright Registration Fees
  • Tools/Machinery used to construct or build products
  • Continued Education Materials
  • Conference Registration Fees
  • Membership Dues to Industry related organization

Contact Information

Please direct any question to the Means Center Office at (309) 438-2994 or get in contact with our director Avimanyu Datta