SAN FRANCISCO, November 15, 1999
 [in*cu*bate(in") v. – To maintain in favorable environmental conditions for development.] Helping entrepreneurs grow into the 21^st century, Visa U.S.A. today kicked off "Visa Start-Up 2000," a unique incubation program that will find, help fund and grow three winning start-up companies following a national search.

Launching today through December 31, 1999, this first-of-its-kind business program offers the three selected start-up companies funding, small business products and services, and educational training from a select group of business and education partners dedicated to serving the small business marketplace. To be eligible, entrants must be legal residents of the U.S., and 18 years of age or older. Businesses must also consist of 20 employees or less (full and part time), have been in business for up two (2) years (started on or after 12/31/97), and have in place or be able to submit a business plan.

From implementation, each of the three businesses selected will receive $25K in funding from Visa for business-related expenses using a Visa Business card (credit and /or check) issued by U.S. Bank, the program’s premiere issuing bank.

As entrepreneurs and start-up businesses continue to fuel the U.S. economy – 80 percent of jobs are created by companies with 20 or fewer employees—Visa recognizes the opportunity afforded by this explosive market. 

"Visa Start-Up 200" is yet another example of Visa’s focus and commitment to the small business market. We’re making a considerable investment in this program because we feel it’s critical to help increase growth and efficiencies in start-up operations, as well as provide the guidance, financial support and new opportunities they need to prosper," said Michael Souza, vice president, Business Products and Services, Visa U.S.A. Start-Up 2000 is much like providing a foster program for entrepreneurs looking to make it on their own. Meanwhile, Visa and our sponsoring partners gain unique insight into how larger corporations can market successfully to this segment and how their products and services perform, while building brand relationships from the ground up."

The selection process will include three rounds to choose three winning businesses. In the first round, entrants will complete the program entry form and essay. Judges will then choose 24 first-round semi finalists who will be asked to submit their business plans (not to be disclosed to the public). Based on their overall entry form and business plans, 12 second-round finalists will be selected to go through a customized, four-day FastTrac* training event sponsored by Kauffman Center to refine and resubmit their business plans, as well as undergo personal interviews with the program’s official team of judges. Based on the finalists’ revised business plans, the program judges will then select the three winning businesses.

"Successful entrepreneurs are outstanding learners," said Ray Smilor, vice president, The Kauffman Center. "This innovative program gives entrepreneurs the training, access, and guidance they need to enhance their entrepreneurial skills and grow their enterprises, as well as the opportunity for other corporate entities to form alliances and effectively serve this market."