The Romanian Commercial Bank (BCR) announces the selection of the first 10 tech start-ups that will be part of the BCR-InnovX accelerator, a three-step mentoring and business acceleration program. From over 200 companies the jury selected 54 that were eligible for the accelerator criteria.
The selected companies participated in the Fast Track Days, where they presented their business ideas to the jury. On March 23, 17 finalist companies participated in the Selection Day, with the 10 winning start-ups scheduled for the Bootcamp from March 25 to June 14, 2019. The first accelerator cohort is dedicated to start-ups with a turnover of between EUR 100,000 and EUR 1 million which develops innovative solutions and products through technology.
The 10 selected jury companies are AlphaBlock (blockchain), BOX2M (IoT technologies), KFactory (IoT and machine learning technologies), KPEYE (SME platform), Maillon (LendTech platform), Modex (Blockchain) Universe (Augmented Reality platform), Product Lead, Sigtree (Smart Home Integrated Services) and Wise Voice (chatbot developer and Voice Assistant).
“The selected entrepreneurs in the BCR-InnovX accelerator trust us that we will see more and more international technology companies launched by Romanians. With the partners in the project, we believe in Romania’s development through technology innovations and we believe that ‘Imagined by Romania, Coded by Romania or Created by Romania’ can become a country brand. I also expect to accelerate ourselves as a business by incorporating fintech solutions selected in the accelerator and by innovating start-up investment financial instruments,” says Sergiu Manea, CEO of BCR.
The jury of the accelerator was composed of: Alexandru Mihailciuc (Global Head of Pre-sales UiPath), Daniel Dumitrescu (Unicorns Scout InnovX), Diana Dumitrescu (Program Manager InnovX), Silviu Florea (Senior Fintech Developer Compensis), Andrei Bogdan Mihaescu ADP), Madalina Hagima (Managing Partner Hristescu & Partners), Bogdan Hristescu (Regional Manager Euronet), Delia Olteanu (Micro BCR) and Gabriel Pralea (Regional Corporate Director BCR). These will be part of BCR-InnovX bootcamp mentors dedicated to start-ups, along with international experts in accelerating business.
“In the most difficult times, I was fortunate enough to receive guidance from people who helped me get over obstacles. I founded InnovX guided by the belief that it is my duty to help others who have a start-up in technology We had many ‘Aha moments’ and all resulted from interactions with other entrepreneurs. Sometimes it takes just a 5-minute discussion with someone who has had a similar experience that can save years of going in the wrong direction,” said Bogdan Manoiu, founder of InnovX.
All start-ups in the program will learn through ECSIF expertise to access EUR 50,000 in innovation grants from Brussels and will be able to support their presentations at the Startup Grind conference in London.
The BCR-InnovX accelerator is a partnership project with Uipath, Startup Grind in partnership with Google for Startups, Mindspace and the European Center for Services Investments and Financing (ECSIF). BCR covers the costs for all the scholarships allocated to the entrepreneurs in this project, the courses and the logistical costs.
The BCR-InnovX Accelerator is a three-step mentoring and business accelerator program: Start-ups – 10 micro-enterprises with a turnover of between EUR 100,000 and EUR 1 million in 2018 and / or having attracted funding ranging from EUR 100,000 to 1 million in the last year. Turnover can be cumulated with that of other companies with which it forms a group in the sense of SME legislation; Grinders – 10 students and / or young entrepreneurs at the beginning of the road.
Those wishing to sign up must have a micro enterprise, a social enterprise, or an association / foundation on the territory of Romania (a legal person or an authorized natural person) in any technological sector. Turnover for the past year must be less than EUR 100,000; Scale-ups – 5 developed companies (SMEs), which registered a turnover of between EUR 1 million and 2.6 million in 2018. The turnover may be cumulated with that of other companies with which it forms a group in the sense of SME legislation.