Q: May you elaborate on the collective cap of $250,000, and does that mean we are limited to that number?
The amount of money allocated by the ISSF for developing Incubators and Accelerators is USD 2.5 Million. ISSF has split this amount to enable more Incubators and Accelerators to compete for funding. ISSF is seeking to develop and deliver new skills and support, needed by entrepreneurs and management teams by existing Incubators and Accelerators.
Incubators and accelerators can submit multiple times. Individual proposals can be less than USD 250,000. Each proposal will be evaluated on its own merits. Incubators and Accelerators submitting multiple proposals will also be evaluated on previous performance.
How many beneficiaries (incubators and accelerators) will be chosen to qualify for the fund?
This has not been determined.
When you mention targeting 150 startups, entrepreneurs, and management teams, does this mean 150 ideas regardless of the number of members of the startup?
What are your expectations to implement 10 cohorts (incubation duration 4-6 months) within 3 years? May you elaborate please?
Incubation generally takes more time than Acceleration. The number of cohorts suggested is due to the fact that it may be difficult to effectively incubate more than 10 start-ups, entrepreneurs or management teams at any one time. The more detailed the diagnostics for a start-up, entrepreneur or management team is the more likely that more than 10 can be incubated at one time.
Can we propose both types of proposals (incubator and accelerator) in the form of a consortium? Or are we limited to choosing one option?
You can propose both if they make sense.
Each incubator/accelerator should target only 15-20 entrepreneurs/management teams/companies over 4-6 months?
Each should target 150 entrepreneurs over a 3 years period?
What is the maximum requested fund from our side? Can we ask for more than $250,000?
Bidders need to understand that ISSF is tasked with building and improving the entrepreneurial eco-system. This will likely entail identifying, developing and delivering new skills to start-ups, entrepreneurs and management teams. Individual bidders can ask for more than USD 250,000, but seriously note that the ISSF’s intention is to diversify funded Incubator/Accelerator development opportunities in Jordan. Any proposal over USD 250,000 must have a clear and undeniable value proposition which will be recognized by ISSF.
Can we use part of the fund as seed funding for our current incubated parties?
Is it eligible to get equity for seed funding?
Are we allowed to submit a proposal with a consortium of companies?
Sure. Please make sure that the rationale behind proposing a consortium is clear.
If we are to submit our proposal with one company name only and we are going to outsource some of the services, shall we state the partnership and with which companies?
Kindly state the services to be delivered and who will deliver them and what their qualifications are in.
Shall the financial proposal not exceed the 250,000USD cap? So, the total project value for all the services shall be equal or less than 250,000USD?
Proposals which are budgeted at less than or equal to USD 250,000 are likely to be more attractive to ISSF. However, Bidders can exceed the USD 250,000 amount if a justifiable and undeniable value proposition is presented. ISSF strongly suggests that bidders abide by the USD 250,000 limit and possibly consider breaking larger proposals into smaller sequential proposals.
For the Bid Bond; it should be 10% of the 250,000USD?
The Bid Bond is 10% of the Proposal’s financial bid. The Performance Bond is 100% of the bid amount.
Shall we provide a financial statement for the company and the founders/owners for the past three years? And, this shall be for all the companies participating in the proposal or only the main contractor?
Yes, and only for the main contractor.
If we are to establish a new company for the project, shall it be registered before submitting the proposal or it can be registered after the awarding?
ISSF is seeking to support existing Incubators and Accelerators. ISSF strongly suggests working with existing Ecosystem players.
How can we support incubated startups towards closing the Investability gap without providing any kind of business development services, such as marketing, branding or others?
Identify areas of weakness which need to be addressed and help develop any required skills among the start-ups, entrepreneurs or management teams. Help entrepreneurs develop in-house capabilities.
We are still new, and though we have had good traction and success in 2019, we did this while still needing some basic infrastructure requirements, which we believe are necessary to enable us to achieve our stated goals and mission. These items include: Meeting room Silent booths Small Kitchenette Printer Audio & Visual Some extra Tabletops & Ergonomic Chairs
ISSF would prefer to spend on the delivery of services to entrepreneurs, management teams and start-ups, not procurement of assets.
Kindly clarify what is meant by “Scheduling of billing rates and a specific “not to exceed” capped fee including associated fees. ISSF is open to receive multiple proposals with a collective cap of $250,000”. Furthermore, is this cap Annual or over the course of the three years.
ISSF would like to know what it is supporting. As such, ISSF would like to know where its money is being spent (daily rates, administrative costs, F&B, Venues, etc.). These amounts have to be time bound…i.e. according to specific time frames. The USD 250,000 cap is for accepted proposals over the time periods designated by the individual bidders.
The RFP states “ISSF will receive and evaluate proposals submitted by existing business incubators and or accelerators to implement Sub-Component 2.1.” please clarify what is defined by existing business incubator. As FinTech Consortiums current incubation and Acceleration activities are outside of Jordan and Jordan FinTech Bay is recently locally incorporated.
Existing means already operational and operating in Jordan. When was the FinTech accelerator established? Before or after the issuance of the TOR?
We believe to create the most significant impact; our model must incorporate both incubation and acceleration activates. While both functions are very different in nature, there are key areas where both functions overlap and may complement each other.
Incubation and acceleration indeed are different. Each address different developmental needs in accordance to the stage of company development as defined in the TOR.
Can our proposal include both Incubator and Accelerator functions in a single submission or would they need to be split into two separate submissions?
You can do both. But take care with the USD 250,000 suggested limit. You may wish to apply for both but separately.
In the latter case how will we manage overlaps in costings, for example resources that would in case of a single submission would be shared (for example certain staff members or workspace). Most acceleration programs offer incentives for startups such as access to small investments in exchange for equity. Is there a defined investment allocation to each startup?
You need to rationalize and track your costs in your proposal. No investment allocation.
Should we budget for this allocation or will it be deducted from component 1 (Financing of SME)? In case we do take equity from the startup what entity will the equity be owned by?
No investment allocation.
Are there budget parameters for this project?
Yes USD 250,000.
What is the preferred timeline for this project?
Operational by end of 2020. Fully completed (all bells and whistles) by the end of 2023.
Can you clarify the BDS requirement- is the focus on integrating potential vendors that could provide support to entrepreneurs (such as web developers, attorneys, etc.)? Who is responsible for identifying the BDS vendors? Who is responsible for vetting the vendors (e.g. do you imagine the platform will allow the vendors to provide their information and the entrepreneurs would vet as they are interested)?
The winning company must identify all relevant stakeholders and BDS providers in the eco-system in collaboration with ISSF’s EEDP and ISDP partners.
Should the proposal outline any ongoing maintenance and/or licensing costs beyond the initial development/implementation?
ISSF is looking for an operator not only a technical service provider. ISSF is looking for sustainability of the platform, thus managing, maintaining and running the platform should be proposed in the technical offer.
Would ISSF consider a proposal that allows the implementing entity to retain intellectual property rights?
According to ISSF procurement policies, ISSF owns the IP if ISSF funding is used to develop the platform technology. If, however, the platform and platform technology already exist, and ISSF funding is used to deploy something that already exists, then this request can be considered. Proof of the existing platform must be made in the technical proposal.
Is there flexibility regarding the bid bond? Can you provide more clarity on how it will be implemented?
What is ISSF’s proposed revenue sharing model and which entity will be entitled product ownership at the end of the contract period?
ISSF is not looking to share revenue. ISSF is looking to deliver a sustainable service to the Eco-system. Any revenue which is generated should be reinvested in the platform and in the sustainability of the service.
Is there a language requirement for the platform?
Is there an old data needs to be migrated to the new platform?
Possibly depending on where data currently exists.
Is there integration with other systems?
Possibly if it makes sense for the bidder.
Where the system should be hosted and who is responsible to manage?
The Bidder is responsible for managing.
How many users expect to use the system in order to provide a server’s specs?
How many entrepreneurs, angel investors, seed funds, series A Funds, Series B Funds, Series C Funds, Banks, Start-ups, management teams, BDS service providers, Incubators, Accelerators, lawyers, etc. are likely to use the platform. The bidder needs to identify what is required to become sustainable.
What is the scope of the survey management platform?
This will depend on the bidder. What are the technical needs which need to be covered for the platform to remain relevant to the eco-system? The survey management platform is to continually evaluate the eco-system needs.
Is there a need to include report generator and dashboard builder for both admins and end users?
Makes sense for sustainability.
Do you already have the business process documented?
Is there a requirement to be registered in Jordan as the prime contractor?
Can you clarify the requirements around the performance bond and is there any flexibility around this requirement?
The Bid Bond is 10% of the Proposal’s financial bid. The Performance Bond is 100% of the bid amount.