‘360° in 360 days’ is the concept of a new, internationally oriented start-up accelerator program for promising European technology startups. True to its motto ‘gain traction, get funding, go to San Francisco’, the 360 Lab Accelerator is pursuing its mission of providing holistic support to a selection of promising startups. The concept is unique among a host of accelerator programs – especially in Central Europe.
A special feature characterizing the 1-year accelerator program is its global orientation, as the program will take place in Austria (Graz) and USA in the offices of CoLab44 in Silicon Valley. Selected startups will be readied for international market entry with the help of American VCs and top coaches. The aim is to provide the selected startups with the unique opportunity of becoming global players.
Between 100,000 and 1. million Euros in growth capital, top-level mentoring, access to 47 test markets
Each of the 5 participating startups will receive 100,000 Euros in growth capital, which can be expanded to up to €1 million by the end of the program. In addition to a cash injection, startups will receive coaching and mentoring by international top-level mentors and unique access to a total of 47 global test markets with a current user base of more than 10 million customers of the myWorld group. With the support and assistance from well-known mentors and investors, the selected startups will gain a foothold in Europe and the US with a view to securing venture capital financing.
During the first four months of the accelerator, the startups’ products or services will be fine-tuned to meet market requirements while adopting the most suited and effective sales models. Towards the end of this first phase, startups will present their progress to interested investors at a pitching session during Demo Day. Convincing investors at this stage not only means secured investment for the startups, but the unique opportunity to prove themselves in Silicon Valley. The CoLab44 in San Francisco will then serve as the site for four months to plan and begin implementing an international launch. ‘The more users or revenue, the more venture capital’ is the guiding principle on the road to launching internationally.
The application process for the 360 Lab Accelerator was expanded until November 18th so tech startups from the Marketplace, Fintech, Blockchain, AI, SaaS and E-commerce sectors can apply now. The selection process is highly competitive and multi-faceted. Once successful, five high-potential startups will be presented as part of an official announcement event on December 12th. The program itself will then kick off in January 2019.