IMPACT embarks on its 2 year 6,4M Accelerator Programme, injecting 2 Million Euros into 19 startups.
On February 2nd, 19 startups will commence the 6 month specialised mentoring programme held by the EU accelerator IMPACT – whose members are Buongiorno (via its accelerator b-ventures), ISDI, Seaya Ventures and Teknologiudviking ApS. The accelerator is focused on mobile Internet projects and aims to finance and accelerate 64 European entrepreneurs in the coming two years, for a total of 6.4 Million Euros.
The 19 teams, finalists of the 1st Open Call, will commence a 5 day induction period called “Welcome Week”, as a precursor to the accelerator programme, provided by key players in the digital ecosystem such as the exclusive masterclass of Steve Cadigan, talent advisor and IMPACT’s mentor.
The 6 month acceleration process consist of mentoring and training with key digital ecosystem experts and entrepreneurs. Mentoring employ, on one hand, follow-up mentors and, in parallel, mentors who are specialists in different strategic areas such as entrepreneurship, technology, marketing and financing. The training plan includes:
- a face-to-face program on entrepreneurial digital acceleration which will cover the development of start-ups, digital marketing, technology and financing, all of that focused on the mobile environment;
- e-learning courses about specific digital tools & capabilities necessary for the development of the companies.
These 19 applications were part of a total of 846 applications received from 30 countries. Only 57 were selected to pitch to the executive panel in Madrid on Jury Day (December 18/19).
A large majority of the 57 mobile internet projects were of an outstanding level in terms of the quality of the team (mastery, skills, fluency) and the worth and attractiveness of the business ideas behind. An important criteria in the selection process was that teams had already developed prototypes using selected components of the FIWARE European digital technologies.
Each participant in the programme receives an initial injection of up to 100,000 Euros, without equity consideration. The fundings are disbursed in three installments linked to the attainment of pre-defined business milestones over the 6 month period. Additionally, IMPACT will offer an Extended Investments Phase to the most outstanding projects after the 6-month Acceleration Process, consisting in fast track access to the IMPACT Partners investment programs providing them with up to an additional 250,000 Euros, against 10% of equity with a pre-defined discount of 25% to market value.