Frequently asked questions
CareFactor is Australia’s first aged care incubator program – a platform to develop and test unique solutions to solve key industry challenges.
When do I need to apply by?
- Applications close on Friday, 25 September 2020 at 11:59pm AEST. Expressions of interest can be lodged online via this link.
What is the cost of participating in CareFactor?
- There is no cost to participate.
Where will the Masterclass and Pitch Day be held?
- All content will be delivered virtually.
Will I have to travel to Brisbane?
- As the event is being held virtually, participants will not need to travel to Brisbane for the 3 Day Masterclass and the Pitch Event.
How will COVID-19 affect the program?
- We will pivot to a 100% virtual program. The 2019 program operated semi-virtually with great success and we will extend this format to deliver the full program online this year.
Who can apply to the CareFactor Incubator Program?
- CareFactor’s goal is to spark a revolution in the way that aged care services are delivered in Australia, and beyond. The program is open to start-ups in Australia who have a disruptive idea and are passionate about improving the delivery of global aged care services.
What are the key dates of the program?
- Program applications close: 25 Sep 2020
- 3 Day Masterclass: 9th – 11th November 2020
- Mentoring Program: (1st 4 weeks) 16th November – 11th December 2020
- Mentoring Program: (2nd 4 weeks) 1st February – 26th February 2021
- Pitch Event: Mar 2021
Do I need to be a team to apply?
- Yes. You must apply as a team of 2-4 people.
What ideas are eligible for the program?
- Any idea that will disrupt the way in which global aged care services are delivered are eligible for CareFactor. You must be able to demonstrate how your idea is unique, global and revolutionary, and the massive gains your end customer will get from your new product or service!
Can I apply to the program if I don’t have start-up experience?
- Absolutely! All you need to join CareFactor is a disruptive and scalable idea, a willingness to learn and a committed team for the duration of the 12 week program. We are looking for aspiring and early-stage founders. You do not have to be an experienced entrepreneur to apply!
Do I need to have a business set up already?
- No. Applications are open to start-ups, prospective start-ups, and intrapreneurial teams from aged care providers who are looking to spin-out a new idea or hone their to-market strategy. Budding entrepreneurs and intrapreneurs with early-stage ideas that will benefit from validating their idea before spending money on setting up a business structures are encouraged to apply.
I already have a start-up, can I apply?
- Yes. Applications are open to all start-up stages. The CareFactor program will provide the greatest value to teams who have a first minimum viable product that they have tested or are very close to testing.
What if my product has potential in other markets besides aged care?
- Great – you have a platform product! It is expected that during the CareFactor program you will have a sole focus on developing your new product or service for the aged care market.
Does it matter that I am a not-for-profit organisation?
- No, it doesn’t! But, keep in mind that CareFactor program is focused on cultivating successful and global-minded entrepreneurs. So, you will be required to think with a for-profit mindset and must be ready to rapidly scale your business and focus on first sales.
How many team members can participate?
- Each team can consist of up to 4 members.
What do I need for the application process?
- Your new product or service concept, or even better, a working prototype with some market feedback! Tell us how you plan to disrupt the aged care sector, how your idea is unique, global and revolutionary, and the gains your end customer will get from your new product or service. Communicate your idea in a clear way and incorporate as much evidence as your have around product-customer fit, so that it shows us that you have thought about how to approach the aged care problem you are addressing.
I am not from Queensland, am I still eligible?
- Yes. CareFactor is open to participants from across Australia. If you are accepted into the 12 week program you will be required to attend the virtual sessions.
What is the expected time commitment over the 12 weeks?
- The 3 Day Masterclass and Pitch Event are a full-time virtual commitment. The 8 Week Mentoring Course will be done online or face-to-face, depending on your location. You will spend up to a total of 3 hours each week with mentor/s and Entrepreneur in Residence, the rest will be independent development where you are required to deliver your weekly goal targets.
What about confidentiality for my intellectual property?
- Our participant agreement covers confidentiality and intellectual property.
Will I get to choose my mentor?
- Each team will have the opportunity to meet with the Entrepreneur in Residence each week. In addition, teams will receive access to the CareFactor mentor pool where they can autonomously contact experts across different fields.
Will CareFactor take equity?
- No. Carefactor is a social enterprise and unlike traditional accelerator programs we are not asking for equity in your business, however you may be exposed to third party investors throughout the program.
Contact us at firstname.lastname@example.org or visit our website www.bentleys.com.au/carefactor.