When does the next accelerator program being ?
Amplifi - XIME accelerator programs run twice (or thrice) a year for 12 weeks. Our first program started on 21 March 2016 and the next one (for which applications are now open) starts early August 2016. We are taking in applications from Bengaluru, Chennai, Hyderabad, Pune, Mumbai, New Delhi/NCR, Kolkata and Hong Kong - all of which we aim to start in tandem in August 2016. We may choose to postpone any location at our discretion.
Will I get funding?
No. We make no direct investment. However we connect you with and prepare you to pitch to our affiliated angel investors and VC partners on demo day at the end of the program.
What if I don't want to raise funding / don't need the funding on demo day ? Can my startup still participate ?
While this program is primarily for startups that are looking to accelerate their go-to-market and success by raising an angel or seed round or in some cases seeking help to raise a pre-series A or series A round, we are open to startups that do not require funding and who just want to access our knowledge, mentors and ecosystem for a fee of INR 3 lakhs per startup for the 3 months program.
What types of companies do you select?
We work with all kinds of B2B SaaS startups. A big focus of our program is helping to accelerate the go-to-market process from idea to product, so our selected companies need to have already formed a private limited company, have a full time founding team and ideally would have started work on the prototype. We only accept pre POC or pre revenue startups that are looking to build global SaaS products/ventures from India. The core focus for each startup should be “Enterprise SaaS for India, SMB SaaS for US”.
Do you accept single-founder companies ?
Very, very rarely. In general, it takes a minimum of two co-founders to take advantage of all the resources we offer while still building your business and achieving key milestones throughout the program. Every week we will run masterclasses and workshops while also arranging meetings with our corporate network. While one founder attends these, the other founder focuses on the build. Which is why we need a minimum of 2 founders.
Do I need a tech co-founder / tech in-house?
Your chances of being accepted are much higher if you have a technical co-founder on your team.
When is the application deadline?
By midnight of June 30, 2016. We will review every application that we receive, but we strongly encourage you to submit your application as early as possible to give us more time to read and reflect on your materials.
Can I edit my application once I submit it?
Once you submit your application, you can no longer edit your answers.
When will interviews take place?
We'll invite the top 15-20 teams in each location that seem most promising to pitch us in person in a venue in that location. If you’re not based currently in any of the listed locations, you will be required to travel to the location closest to your current city. This will be tentatively mid July and the teams will have to bear all the travel and related expenses.
When will I find out if I've been accepted into the program?
We accept 15-20 teams for the pitch interviews per location and each selected team will be updated by end of June 2016 or early July. The teams will have at least 10 days to plan their travel (if required) on a rolling basis. After the pitch and personal interviews, 3-5 teams from each location will be selected for the program and will be intimated within a week of the pitch / interviews along with a draft of the Agreement they have to sign with Amplifi. The teams are expected to move into the accelerator venues within a maximum of 15 days of accepting and signing the Agreement.
Do you provide office space?
Yes, we give our startups the option of being based in Bengaluru on-campus at Xavier Institute of Management and Entrepreneurship, in Pune on-campus at Extentia Information Technology, at Nasscom Warehouses in Pune, Mumbai, Chennai, Hyderabad, Delhi, Kolkata and in Cyberport in Hong Kong. Amplifi has partnered with these firms/institutions to provide our cohorts with co- working seats at very reasonable rates. In Bengaluru, it is expected that at least one founder if not all, will be expected to work from the XIME campus for the duration of the program. In all other locations, it is suggested that they use the partner offices - Extentia or Nasscom Warehouses in other locations. The reasoning is that you will need to be on-location to take advantage of the specialised programming & resources for these programs and also to interact with other startups in the cohort.
So what's in it for Amplifi ?
Amplifi takes 1.5 % advisory equity upfront from each startup to provide access to the ecosystem, hands on guidance & advice on business strategy, business pitch, sales, marketing, go to market strategy, fund raising, to arrange for mentors, workshops, masterclasses, and organising events and other activities. This is the Platform Access or Advisory Equity. Startups that raise funding from our investors on demo day pay us typically between 2% - 4 % of fund raised and for an option to invest up to 50% of the fees due back into the startup for equity on the same terms as the angel/seed or pre Series investors. This is the Success Fee.
What if my/our startup is unable to raise money on demo day, then what will happen to my startup?
The reality is not every startup will be able to raise money on demo day. We will help the startup in finding out the reasons for the same. However, you will gain invaluable knowledge and branding from the program, and you would have connections to some of the smartest people in investing/business.
How do mentors get compensated ?
Each startup is assigned a lead mentor who can get up to a maximum of 2 % as mentor equity. Startups can choose to appoint other sub-mentors and offer them between .25 to .50 % equity and some mentors can be issue based (hourly $100 ; paid post funding). We will help with the agreements between startups and mentors.
I've already raised some funding. Can I still apply?
Yes. Especially if you are looking to pivot and / or take advantage of our ecosystem to grow faster.
Do you accept direct applications or applications between two cohorts ?
No, you will have to wait for the next cohort applications to be opened.
Why didn't you accept me / us?
Please don't take it personally. We encourage you to consider re-applying in the future. In the meantime, keep us updated on all your progress. If you got to the final interview stage and weren't selected, we'll give you honest feedback on why you didn't receive an offer at this time.