India’s first European accelerator launches in Hyderabad5 years ago Arpita Soma
European startup accelerator Spark10 announced its operations in India in Hyderabad yesterday. The accelerator supported by CISRE – Centre for Innovation Skills Research & Entrepreneurship located in Hyderabad, aims at helping early stage startups in turning their MVPs into scalable investable businesses. They are backed by a network of investors, entrepreneurs and founders from Europe & India and will work out of the Engineering Staff College of India in Gachibowli, Hyderabad.
Spark10 boasts of a network of mentors from startup gurus to investors . The startups that are accepted into Spark10’s accelerator program go through an intensive 13 week program and also have access to investors, free spaces, workshops that will help them scale. Tens elected startups will also receive a funding of Rs.20 lakhs against 8% equity. Interested startups in the space of IOT, mobile, smart technologies, analytics and machine learning etc can apply here to be considered for the program.
Quoting Atal Malviya, lead founder of Spark10, “Spark10 chose Hyderabad as it is already home to over 1,000 start-ups. There are several start-up incubators in the city. However, there is lack of accelerators with global exposure to support the ever-increasing start-up community here and produce the next-generation Dropbox and Ubers.”
The founding team includes entrepreneurs like Vijay Ketan Mitra, LN Parmi, Subba Raju Pericherla, Rajesh Gummadapu and Suresh Kamireddy and they plan to expand to other cities in India after the first batch graduates.