excelerator criteria & application

Client Selection Criteria

We select start-up or emerging ventures based in larger part upon potential fit of a venture’s offering with marketplace needs and the individual’s commitment to develop the critical skill sets for success. 

The primary criteria used in evaluating prospective clients:

1. Start-up and early stage companies and nonprofit organizations 
2. Potential for future success and growth 

Determined by review of business plan that identifies business opportunity; financial projections; and the owner or manager’s applicable knowledge, experience, and commitment to the process. 

Summary Of Lease Terms 

The following summary is general overview of the terms inherent to any subsequent agreements between the Fairmont Community Development Partnership (“FCDP”) and an accelerator client (the “tenant”) following application approval. 

Use of Premises:

The accelerator premises will be used by the tenant as secure commercial space for the purpose of operating its business 

Leased Premises: 

Suite number and accommodations shall be determined according to space availability and business need. 

Lease Term:

A one year Initial Term with subsequent annual renewal options thereafter according to business need. 

Security Deposit:

Upon signing of a Lease Agreement, the tenant will pay an amount equal to one month’s Lease Fee as a Security Deposit for the faithful performance of its obligations under the Lease Agreement. The security deposit will change for any adjustments in the lease fee. 

Condition of Premises: 

The tenant will receive the premises form FCDP in an “as is” condition, and shall make no alterations or improvements to the premises without first obtaining written consent from FCDP. 

Lease Fee:

The lease fee along with any additional service and amenity fees will be based on a set schedule, but may vary from that schedule according to tenant circumstances. All fees are payable on a monthly basis according to the Lease Agreement. 

Additional Costs:

Tenants will be billed monthly based on the amount of both black and white and color copies made (.17 B & W and .23 for color). 

Escalation:

The lease fees will increase from 5%-10% for each subsequent renewal period based on individual client circumstances and FCDP Director discretion. 

Access:

The tenant will be issued a front door key; an office key and keys to filing cabinets and will have access to the premises 24 hours per day, 7 days per week. The premises will have camera surveillance. Tenants will be supplied with a mailbox for postal mail. 

Cancellation:

In the event that FCDP believes, in its sole discretion, that the tenant is not making satisfactory technical, marketing, manufacturing or financial progress as an accelerator client, has defaulted on its obligations under the Lease Agreement, or for any other reason it deems appropriate. FCDP may cancel the Lease Agreement by providing the tenant with at least forty- five (45) days’ notice prior to the date of cancellation. In addition, FCDP may cancel the Lease Agreement by providing the tenant with at least ten (10) days’ notice prior to the occurrence of any condition of default as defined in the Lease Agreement.