Techcelerator, the first accelerator in Romania to support tech start-ups financially via its exclusive partner GapMinder, a venture capital fund co-funded through the Competitiveness Operational Program, will open applications for a new round of the financing program starting August 21, 2018.
Innovative tech start-ups with high potential for international expansion can apply by September 20. Techcelerator targets companies in the Minimum Viable Product (MVP) phase from areas such as IT and software, cyber security, artificial intelligence (AI) or machine learning (ML), digital transformation, IT solutions for health sector, FinTech (including applications in the blockchain area). Team members and their cohesion represent another important factor in the evaluation process.
The second Techcelerator batch will have an enhanced format that will include intensive business coaching sessions, mentoring, start-up industry specific know-how and marketing services. Start-ups will also have access to international communities to benefit of growth and exposure in the global market. At the end of the acceleration program, those start-ups will pitch their business projects within a DemoDay event.
“The main ingredient of the program is obviously the investment in the participating companies who, after entering the program, know that they can rely on at least 25,000 euros. But more importantly, the Techcelerator’s mission is to make them more attractive for subsequent rounds of funding. For this we have prepared a strong cocktail of know-how for the development of these businesses through which, in a very short period of time, they will clarify or validate their business model and marketing strategy,” said Cristina Toncu, program manager at Techcelerator.
The selected startups will benefit from a first investment round of EUR 25,000 from the GapMinder fund, in exchange for a 6 percent stake in the company. Start-ups that have registered a good track have the chance to be invited to a second round of investment up to EUR 75,000, convertible into shares.
The acceleration program will be rolled-out for a period of 10 weeks, both in Bucharest and Cluj-Napoca, with the support of about 60 Romanian and foreign mentors.