If you’re an entrepreneur focused on creating, growing and operating a health, wellness or nutrition business, please consider becoming part of Novotorium – the place where new businesses grow. Our program is flexible to accommodate entrepreneurs at various stages of business development, ranging from those who are just starting to develop their business concept, to those who have launched and are refining their business and product offering, to those who are operating sustainable businesses.
As you consider applying to be part of Novotorium, please review our seven business levels and the requirements, fees and funding levels, and services that will be available to you if you are accepted into Novotorium. With the exception of our Business Planning & Launch Class for early stage entrepreneurs, we have rolling admissions with no set deadlines for applying, starting or concluding your work with Novotorium.
You can read about Novotorium’s Seven Levels of Business by clicking here. You can also open a chart with information about the seven levels by clicking the graphic directly below.
If you’ve already reviewed the levels and criteria, and are ready to apply then please. . .
Novotorium’s Seven Business Levels
If you have not already done so, please review our seven business levels — Concept, Creating, MVP Launched, 2nd Generation, Scaling, Expanding, and Sustainable. Please note the requirements, fees and funding levels, and services for each. On your application, you will be asked to indicate which level most applies to your business.
Level 1: Concept
For aspiring entrepreneurs, Novotorium offers a personalized program to help you learn and implement sound business creation approaches based on lean thinking and agile development methodologies. To be successful in this program, aspiring entrepreneurs should commit a minimum of 10 hours per week to work on their business concept. This is an ideal alternative to traditional, regimented business plan creation for would-be entrepreneurs. We welcome both full and part-time entrepreneurs, including those who are still working a full-time job while developing plans to make the leap.
The core of our program for aspiring entrepreneurs at the Concept Stage is our “Business Planning & Launch Class” — a structured program with weekly classroom instruction, guided step-by-step actions to develop and test your concept, and actionable outcomes designed to move you from concept to creation. We charge a nominal fee of $300 per month for this program. Entrepreneurs may be in this program for up to three months, and may choose to accelerate this program. For detailed information on the “Business Planning & Launch Class, please click here.
Level 2: Creating
Health, wellness and nutrition entrepreneurs who are actively creating their business in preparation for launch, will be interested to learn that in addition to guidance, professional workspace, access to a network of experienced advisors, and connections to preferred product and service providers, Novotorium will consider targeted equity investment in your business. Novotorium will offer an initial equity investment of $5,000 to $10,000 to help approved entrepreneurs create their minimal viable product for initial launch. Entrepreneurs who do not wish to accept equity investment from Novotorium may enter the program for a fee of $3,000 per month.
While startups at the “Level 2: Creating” stage will almost certainly appreciate some extra capital to help get started, perhaps the most valuable aspect of being accepted into Novotorium’s program is the personalized business guidance entrepreneurs will receive from Novotorium’s staff and team of experienced partners. An entrepreneur’s application to join Novotorium at this stage will be reviewed largely on the business concept, sound plan to implement the concept, the entrepreneur’s specific domain experience related to the business, the entrepreneur’s passion for the business, and long-term sustainability and profitability of the business.
Level 3: MVP Launched
Those who have launched their minimal viable product (MVP) and operated their business in the marketplace for a period of time will have learned quite a bit. One of the most freqent lessons is that the MVP is not going to cut it long term without additional features, a different focus, or perhaps even a complete retooling. For health, wellness and nutrition startups that have already launched their MVP and are moving forward with their businesses, Novotorium offers guidance, professional workspace, access to a network of experienced advisors, and connections to preferred product and service providers. In addition, Novotorium will make an initial targeted equity investment of $10,000 to $20,000 in businesses accepted at this stage.
An entrepreneur’s application to join Novotorium at this stage will be reviewed largely on learnings from having launched the MVP, analysis and plans to improve the business, the entrepreneur’s specific domain experience related to the business, the entrepreneur’s passion for the business, and long-term sustainability and profitability of the business. We don’t expect every business to be “knocking the cover off the ball” at this stage. Rather, we look for intelligent progress toward success and a viable gameplan to keep moving forward.
Level 4: 2nd Generation Launched
Entrepreneurs who have launched the second generation product or service into the marketplace will have become comfortable knowing that they will need to continually work on improving their business to remain successfully on the path to sustainability. There’s always more to do — add team members, explore and expand vendor relationships, test new markets, put sound processes and practices in place, create new alliances to name a few.
Novotorium can help guide your health, wellness or nutrition startup through this critical stage for your business. Our experienced entrepreneurs, network of professional and Novotorium staff have all been through this before personally and/or in the role of helping others through this critical stage. In addition, we can provide you with professional workspace, access to preferred product and service providers, and access to capital. Novotorium will make initial equity investments of $20,000 to $50,000 in approved health, wellness and nutrition companies at this stage.
Level 5: Scaling
Companies at this stage will be focused on — perhaps obsessed with — gaining critical mass of customers for their product or service in order to become more profitable and drive revenue goals. Much of the work at this stage is likely to focus on business development, marketing and customer engagement, although there will always be work to do in every area of your business. Focus is likely to be in targeted verticals, although not exclusively.
Novotorium’s team of partners, staff and preferred service providers are highly experienced in helping startups at this stage where business growth is essential for ongoing survival and long-term success. We’re looking for entrepreneurs who have the drive to power through the challenges of scaling — getting new customers, keeping those you already have, and strategically building your business to prosper. In addition to the people, products and services we have to complement your core team, Novotorium can provide you with professional workspace and access to capital. Novotorium will make initial equity investments of $50,000 to $100,000 in approved health, wellness and nutrition companies at this stage.
Level 6: Expanding
With sufficient scale achieved, companies at this stage will be looking to expand their business into new markets, new products and services, and perhaps new joint ventures with other businesses based on mutual synergies. This is a point where we see startups beginning to say and believe, “We’re doing it! What’s next on our growth list!?” While every stage of business can be tricky, this is a time when hitting your stride is essential. Many entrepreneurs begin to transition from being a full-time “hedgehog” — head to the ground focused on immediacy — to becoming more of an “eagle” — spending more time soaring above and seeing the big picture.
Novotorium offers health, wellness and nutrition startups access to our experienced entrepreneurs, network of professionals, and Novotorium staff to help you and your team attend to details while seeing the big picture for your business. We can provide you with professional workspace, access to preferred product and service providers, and access to capital. Novotorium will make initial equity investments of $100,000 to $250,000 in approved health, wellness and nutrition companies at this stage.
Level 7: Sustainable Operations
If your business has achieved sustainable operations, congratulations! Many businesses don’t make it this far, and others run into significant challenges after they have become sustainable. Challenges may come from market pressure, new competitors, disruptive technology, shortage of capital, departure of partners or key employees, or a host of other sources. Even sustainable companies can benefit from outside help, and Novotorium may be able to fill that need for your health, wellness or nutrition startup.
As we do with businesses as all stages, Novotorium can offer access to our network of strategic partners — experienced entrepreneurs and subject matter experts — as well as our staff, and preferred product and service providers. You may or may not need workspace, but we have that, too. Novotorium seeks to make equity investments of $250,000 and above in sustainable businesses operating in the health, wellness and nutrition arena.
Have questions before applying? Contact us and we’ll be happy to help you!
