The Entrepreneurship and Product Innovation Center (EPIC) at AUA stands firm, not just as an incubator but as a hub propelling dreams into reality. Participants and alums describe EPIC as a journey that extends borders, connecting visionaries from Armenia and worldwide through an ecosystem that thrives on collaboration, mentorship, and a global network.
If you have ever wandered around the 5th and 6th floors of AUA’s main building, you may have noticed EPIC’s green logo. But EPIC is not just a local initiative; it’s a global movement. People from different backgrounds come together at a crossroads where diverse ideas and opportunities intersect, creating an environment ripe for innovation. Beyond being an incubator, EPIC plays a pivotal role in sculpting the entrepreneurial landscape through its three programs – the EPIC Incubation Program, STRIVE Pre-Incubation Program and EPIC Jam.
The Incubation Program is a 15-week journey that has supported over 120 startups and 300 entrepreneurs since its start in 2017. The incubation Program is open to everyone, not just AUA affiliates. It seeks individuals with innovative ideas, persistence, and a willingness to get out of their comfort zone.
In the EPIC Incubation Program, Vladimir Maghaqyan, the co-founder of the startup Contractee, sheds light on an important moment that reshaped their understanding of customer needs. Reflecting on the experience, he shares, “The most transformative moment during the program was the moment we finished our second phase of interviews with our potential customers.” They understood how little they knew about their customers and their needs, which helped them understand the problem and come up with innovative solutions.
Emphasizing the accelerated progress facilitated by EPIC, he says, “EPIC has definitely boosted our progress. Within just three months, it made us do a lot of work that we would otherwise probably do within 1-2 years. Besides, the guidance and insights shared by my mentors and coach have been very important in overcoming the complexities when applying different qualitative and quantitative research methodologies.” His recounting underscores the program’s role not only in uncovering the intricacies of customer needs but also in expediting the startup’s growth through tailored mentorship.
This immersive experience at the Incubation Program offers three weekly sessions and workshops, guided customer discovery and development, tailored mentorship, access to business and tech advisors, meetings with successful entrepreneurs, legal support from AUA’s Technology and Innovation Legal Clinic, introductions to investors, and cash prizes during the annual Demo Day.
Another program by EPIC, STRIVE, is a 10-week pre-incubation program on developing entrepreneurial attitudes and skills through real-world, problem-based methodologies.
Azat Harutyunyan, a graduate of the STRIVE Pre-Incubation program and co-founder of the startup Starship talks about a defining experience from his time in the program. The “Entrepreneurial Hunt” on the last day of STRIVE stood out as a hands-on simulation where participants received initial investment and were tasked with crafting a business plan to generate profits quickly. Harutyunyan shares, “This experience is very similar to what startups go through when raising money from Venture Capitals (VCs). VC expects 10 times return on the investment of the startup.”
Summarizing the outcome, he notes, “We were profitable, not 10 times that we had hoped for, but still, we returned the initial investment and had roughly 3 times the money.” The condensed time frame of three hours emphasized the importance of swift decision-making and execution, showcasing the practical skills crucial for entrepreneurs.
Harutyunyan highlights the opportunity to learn from the EPIC TEAM, describing it as “truly life-changing.” He added that STRIVE provides practical knowledge in a short period of time, akin to a compressed degree in entrepreneurship. His ultimate advice for prospective participants is to fully utilize the resources STRIVE offers and recognize that the program marks just the beginning of an entrepreneurial journey, with more phases awaiting exploration.
STRIVE helps to develop entrepreneurial attitudes and skills and teaches to identify and utilize factors encouraging entrepreneurial behavior, encourages building networks with like-minded entrepreneurs and industry leaders, and provides structured personal and professional coaching sessions.
EPIC Jam, a two-day ‘ideathon,’ is a perfect example of creative solution-finding. It takes participants through a six-stage journey culminating in pitching startup ideas to a jury.
Siranush Makhmuryan, a participant in EPIC Jam and co-founder of Starship, spoke about the transformative impact of team collaboration on ideation and solution development. She notes that the process’s success was driven by a well-balanced, multidisciplinary team that seamlessly integrated perspectives from both business and technology. Effective communication, mutual understanding, and engaging brainstorming sessions within the team were pivotal in delivering a commendable output.
Reflecting on a challenging moment during the ideathon, Makhmuryan discusses the difficulty of selecting a single idea from a plethora of innovative solutions within tight time constraints. The team navigated this challenge by leveraging their collective strengths, carefully evaluating arguments and suggestions, and collaboratively deciding on the most promising idea for further development.
EPIC Jam’s emphasis on creative solution-finding, according to Makhmuryan, has significantly influenced Starship’s approach to problem-solving in its startup journey. The experience instilled a mindset that values innovation and encourages thinking outside the box. This influence is evident in their startup, where they prioritize creative problem-solving, embrace diverse perspectives, and leverage their team to address challenges innovatively.
The stages of EPIC Jam include choosing a problem proposed by EPIC, team formation around the selected issue, generating and developing solutions, and finally, pitching ideas to a jury for a chance to win prizes.
As a previous participant, I can firmly say that AUA’s EPIC is not just about incubating ideas but about fostering a culture where innovation knows no borders. As the application deadlines loom, aspiring entrepreneurs are invited to join the EPIC journey, where ideas find wings and success becomes an inevitable destination.
