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Enterprise Estonia has opened an international public procurement process for the launch of a new start-up accelerator in Estonia.
Enterprise Estonia announces procurement for start-up accelerator
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The aim of the procurement is to launch up to two start-up accelerators that would operate similarly to other globally well-known start-up accelerators. The program is funded by Enterprise Estonia using finance from the European Regional Development Fund, Enterprise Estonia said.
The start-up accelerator should provide a program specific to its vertical, which includes providing training and mentoring to start-ups so that they could develop their business models, products or services and validate such models, products or services on the market.
The start-up accelerator should help start-ups expand their international network and provide them with financial investment. The accelerator must also have a broader impact on Estonia's start-up ecosystem, increasing Estonian start-ups' visibility in the global start-up ecosystem and drawing international mentors' knowledge to the Estonian start-up ecosystem.
Enterprise Estonia will cover the accelerator's operating costs during two years. Thereafter the accelerator must be able to continue independently. The accelerator must raise funds from private investors to invest into start-ups.
The accelerator team or their partners must have executed at least one similar international accelerator program.
In the summer of 2012, Enterprise Estonia provided financial support to launch the first gaming accelerator in Europe, Gamefounders. Positive results of the first batch of start-ups completing the Gamefouders program have proven the suitability of the vertical accelerator format.