Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The Grameenphone Accelerator (GPA) launched its 5th batch of startups on its 4-month long programme through a launching event Sunday at GPHouse, said a statement.
The new batch follows 21 startups that have already been supported through the programme since the inception in 2015.
Grameenphone CEO Michael Foley was present on the occasion. Welcoming the guests to GPHouse, he said "There is immense young talent in Bangladesh who just need a lift to succeed, this programme is that lift," adding that he was very pleased that GP was engaged with such a fantastic event.
GPAccelerator received over 1000 applications for batch 5 in just a span of two weeks. After a rigorous screening process, 35 teams was called in to participate in a two-day long boot camp, from which 15 startups were selected for further rounds of assessment, face-to-face interviews and pitch presentations. Finally, after fierce competition, five extremely promising companies were selected for as Batch 5 in the GP Accelerator programme.
Grameenphone Chief Strategy and Transformation Officer, Kazi Mahboob Hossain expressed his excitement with the progress the accelerator programme had made and said that he believed GPAccelerator was creating a great impact on the startup ecosystem of the country. “The accelerator program has evolved into the most coveted startup mentorship program in Bangladesh in a very short time. This has been possible because the people who mentor the program and the people who are selected into the program do not lose sight of their goals and what they are here to achieve. This new batch is among the best we have seen so far and I look forward to how high they will each grow after they have graduated from this program.”
GP Accelerator is an innovation platform that offers a 4-month curriculum-based mentorship programme with several international and local mentors. The selected startups each receive USD15,000 as seed funding against 8.0 per cent in equity. Additionally, the startups get around USD 11,200 worth of Amazon Web Service credit (AWS), and office space in GP House.
Throughout the 4-month programme, teams get the opportunity to learn from local and foreign mentors, industry experts and professionals on critical development elements like term sheet, valuation, financial modeling, branding, etc. On the top of that, the platform also helps connect the startups with potential investors to accelerate their business. The total value of all the support provided to each team is approximately BDT 6.5 million.
The previous GPA batches were startups from various industries and are now doing a great job in the market. On average, the alumni of the program have been able to quadruple the value of their companies in just six months. Two, out of twelve active startup companies, have already crossed the USD 5 million valuation mark.
The five startups selected for batch 5 of the programme pitched their idea from a variety of backgrounds and domains.
They are Search English, cWork Microjob Limited, OnuServer, Digital Manush and Parkingkoi.
-rmc//