Sofia-based accelerator Eleven is looking for the fourth batch of early-stage high-potential startups to participate in its programme. The deadline to apply is June 30, and you can do so here. The 12-million-euro Bulgarian venture fund provides 50.000 euros for proof of concept during a 3+3-month acceleration programme. There is also a possibility for up to 150.000 euros follow-on seed investment.
How it works
Once all applications have been reviewed, Eleven will invite 25 participants to pitch their ideas during a Selection Day at the end of July, and 10 to 15 teams will ultimately be accepted into the programme. The selectees will then get to work with a cast of more than 200 experienced mentors, including Googlers.
The first three months of the acceleration programme are booked for intensive idea development, during which Eleven will provide startups with 25.000 euros in exchange for 8% equity. Over the course of the second three-month block, teams will receive an additional 25.000 euros for another 5% of their company, and will work to improve their products and eventually pitch them to investors on a Demo Day in either London or Silicon Valley.
Eleven’s Season III Demo Day kicked off today in London, and will showcase the progress of its current third batch. The Demo Day will end on 26 June.
Focus on Technology
Although the past finalists had been from Eastern Europe, “anyone from anywhere is welcome” as long as the concepts are easily scalable and can solve a global problem through technology.
Alumni teams include Croatian startup Squee, an iPhone application that addresses the global demand for indie gadgets and accessories, and La Koketa from Bulgaria, a digital wardrobe and style advisor for iOS. For a list of some of Eleven’s previous startups go here and here.
Improve your chances
If you’d like to spice up your application before sending it off, you might want to consider some of the tips founder Dilyan Dimitrov has shared on Eleven’s blog. One piece of advice is: Startups with a team size of three are most likely to get accepted, even more so if they have already put some cash and time into building their concept. Two: Eleven is looking for teams who are willing to step out of their comfort zone and have some practice in pitching their ideas. Three: Consider making a video – it’s the best chance to make a lasting impression, and you are five times as likely to get shortlisted. More tips can be found here and here.
Ready to apply? Do it now.