A group of five investors with varied backgrounds have come together to help out the budding entrepreneurs. They have started an accelerator, Spark10, here to mentor at least 10 start-ups in the first batch.

Besides the five investors, the accelerator also has Jon Bradford and Paul Smith, who are known for their expertise in nurturing accelerators in Europe, as co-founders. It will be housed at the Engineering Staff College of India (ESCI) at Gachibowli here.

As they build the accelerator, the five investors are planning to build a $100-million fund to invest in start-ups that are nurtured in the accelerator and outside of it. “We will put them through a rigorous 13-week mentorship to teach them ways of business. Not only that we are going to put in ₹20 lakh each for equity of 8 per cent,” Atal Malviya, Co-Founder of Spark10, told BusinessLine.

The main eligibility to join the accelerator is that one should be ready with a Minimum Viable Product. The firm is looking at ideas in robotics, Internet of Things, machine learning among others.

In the initial phase, the accelerator would run two batches in a year. Jon Bradford would be in Hyderabad next month for two days to take part in the start-up selection process. “We have commitment from 500 experts in legal issues, IP, technology, marketing and a variety of other things that play a crucial role in building a successful start-up,” Vijay Ketan Mitral, another co-founder, said.

“At the end of the 13-week course, the start-ups would have a chance to present their products and services to a group of 25 investors for funds. We might also fund in the second round,” he said.

Related Topics