Innoventures LLC, a company which facilitates and manages investments in startups specializing in innovative opportunity areas, has announced it is accepting applications for the third cycle of Startup Reactor, an accelerator programme.
Through Startup Reactor, which will run for 5 months starting in August 2016, entrepreneurs, investors and mentors will connect, and 10 Egyptian seed-stage startups will be hosted, coached and invested into.
From the applications received, 25 startups will be initially selected based on innovation, market opportunity, and team commitment. They’ll attend a one month Startup Bootcamp where the 10 most promising startups will advance to the complete Startup Reactor programme.
The 10 startups will register their company and follow an immersive training and mentoring program as they develop their business model, prototype, brand and customer base. They will also have access to office space, support services, and resources for financial, legal and branding aspects.
The program will end with a Startup Showcase in December 2016, where the 10 startups will pitch to investors, and potential partners and customers.
The most successful startups will receive seed funding from Innoventures and other investors. The top 3 startups will also receive cash prizes totalling €10,000 from the Work In Progress! alliance.
Participating investors and mentors will take an equity stake in the ventures which they choose to support.
“There is an opportunity for young innovators to make money while making an impact on the economy,” said Hesham Wahby, CEO of Innoventures.
He added, “Startup Reactor focuses on entrepreneurs addressing the most pressing problems, and creating globally influential technologies and products, and this is the only way to create real value for investors.”
Startups with focus on clean technology, energy, software, electronics, product design, agriculture technology, media, culture and business intelligence can apply for the programme. Applications will close on July 10, 2016.
The programme is organized in partnership with VC4Africa and supported by Oxfam Novib, as part of an international alliance called Work In Progress!
“We are committed to partnering with programs like Startup Reactor that take a hands-on approach to enabling entrepreneurs. Connecting accelerators across Africa enhances the quality of the startups and builds more value through collaboration and exposure,” said Alina Vinogradova, Head of Programs and Partnerships at VC4Africa.
By organizing the third cycle of Startup Reactor, Innoventures LLC is once again asserting its leading role in Egypt’s entrepreneurship and venture capital industry.
Founded in 2011, the company supports Egypt’s most promising entrepreneurs through an array of activities, including seed-stage acceleration, venture funding, business mentoring and training, community programs, and creating and running innovation spaces named Ideaspace.