Review on EvoNexus by Benaiah A. Akinlade
EvoNexus: Providing the much needed backbone for Californian startups in the Technology space with an exceptional success rate
For every beginner in every business venture, there is need for someone to guide and mentor the steps of such beginner in order to have a solid foundation. This is why varieties of incubator programs have been set up to assist startup companies in finding their feet. One of such incubator program is the EvoNexus Incubator Program. It is a non-profit technology-oriented startup incubator based in California which is co-founded by Rory Moore (CEO) and Vice Admiral Walter Davis (RTD) in 1998 to support and enable serious minded startup entrepreneurs turn their ingenious ideas into a company that is successful.
I discovered that the EvoNexus program is set up in such a way that startups can decide which type of program they prefer to enroll in by providing two types of incubator services such as;
i. The Facilities-Based Incubator which allow startups to physically utilize world class facilities (located in Orange County, San Diego, San Mateo, and Silicon Valley) and
ii. The Virtual Incubator (in North America) enables startups to work from anywhere throughout North America all while enjoying the unique benefits from our incubator program.
I am fascinated with the fact that the incubator program is affiliated with well-established corporations. For example, on the 15th of July, 2020 EvoNexus made an announcement that solidifies its 10-year partnership with Qualcomm Incorporated on the launch of its 5G incubator program. This launch is done in collaboration with Qualcomm as the sponsor in order to enable startup companies that are helping in the building of the 5G wireless system.
I equally found out an encouraging news that EcoATM, one of EvoNexus first companies was acquired by Outerwall for around the quarter of a Billion US Dollars. This is just one of the numerous success stories of how the EvoNexus incubator program provides an enabling environment for startup companies to become relevant in the commercial venture.
Pros
- EvoNexus has a proven track record of making startup companies successful Startup companies have the luxury of choosing which incubator program is more suitable for them.
- EvoNexus enables willing entrepreneurs to make their transformative ideas into real fundable, sustainable, and commercially viable companies.
- The incubator mentors are volunteers who provide their services for free
- EvoNexus provides facilities such as office space, programming, and discounts on services, capital (funds), and mentorship to the startup companies.
- The startup companies have no financial obligations to EvoNexus after they have paid the required 1 percent equity fee which is used to help run the organization
- The strong partnerships that EvoNexus have with technology-focused sponsors such as Qualcomm, ViaSat, Cisco EIR, etc., and mentors is highly beneficial to startups.
- The Virtual Incubator is most useful during this period of COVID-19 as the program can be run remotely
- It is a nonprofit organization that is financed by multinational companies, corporate investors, and leading service providers in Information Technology
Cons
- None at the moment
