Startup accelerators, in their traditional avatar, are no longer relevant as the startups themselves have changed. When mainstream accelerators started in 2005, the startups of the day needed an intense mentorship program to build their business. Accordingly, programs were designed wherein the startups would co-locate with the accelerator for the entire duration. As the startups and startup ecosystem evolved with time, scaling up became a bigger challenge than building a business. That’s when the accelerators themselves transformed and built programs to scale up early stage companies. In 2017, especially in India, where accelerators are still following the conventional model, Spark10 has identified that the next generation of startups needs a program, that aligns to their needs and that causes minimal disruption to their normal operations. Our new accelerator program has been designed with the focus on business requirements of the next generation of startups.
Spark10’s accelerator program started in 2016 with a vision to be the “first investor” for idea stage or early stage startups. Since then we have had 2 cohorts with nine and four startups respectively. Both were fixed cohorts of 3 months each, and startups were required to co-locate with us for 3 months. We realized, that startups and the startup ecosystem are changing, as it rightly should. We concluded that 13 weeks weren’t quite enough to provide meaningful support. Startups based out of locations, far from our program location had trouble running their business remotely, while they were part of the program. Lastly, our team of mentors and investors felt the need to spend more time with founders to be able to guide them better.
Our new program is a rolling cohort, spanning over 6 months, where startups will be required to co-locate with us for only one week every month. To keep startups focused on their goal, there will be weekly reviews (remote and in-person) and ongoing mentorship sessions, workshops and talks along with the opportunity to network and connect with experts from your industry as well as investors will ensure you come up the curve faster. This unique program also allows us to work with the best founders, companies, and brains in the country. In a market where existing and new accelerator are still trying to make the traditional model work, our accelerator offers flexibility and extended support so we are with you at every step in the crucial stages of growth.
For entrepreneurs to be, who have just come up with their business idea, we offer mentorship, capital as well as exposure so you can translate it into a sustainable business. If you are a company with a Minimum Viable Product (MVP) or a prototype, funded already, our in-house mentors along with our community of industry experts will offer you mentorship so you can scale your business. For startups that do not require financing, we offer mentorship and guidance. All this for a small stake in their business – we take a small equity capped at 6% for up to a maximum investment amount of Rs. 20 lakhs.
Keep watching this space for an announcement of our next cohort. If you have any questions, please post them on our website, LinkedIn, Twitter handle or Facebook page and our team will respond asap. If you or any of your contacts are working on building a business that can benefit from Spark10 or have any queries, please feel free to drop a line at firstname.lastname@example.org