Skolkovo’s first major accelerator program begins a three-month trial this week with ten resident companies pitching their innovations to be a part of it.
The pilot program is restricted to companies engaged in mobile technology, but open to residents in any of the foundation’s five clusters: IT, biomed, nuclear, energy and space.
Ryzhonkov, left, with Ideal Machines representatives. Photo: sk.ru
“It’s really important for us that you are motivated to participate in the acceleration program.” Its director, Vasily Ryzhonkov told the startups in opening remarks at the Skolkovo Innovation Center on Tuesday.
“Without your commitment it will be impossible.”
But he also warned: “We will be kicking you, politely, to achieve results as fast as possible.”
The program is intended to help companies build and verify their business model, to make their first sales and to secure seed investment of up to $250,000, says Ryzhonkov, the head of Skolkovo’s Mobile Technology Center.
The program gives participating startups the possibility to receive financing of up to $20,000 to achieve a series of agreed goals over the three-month period, culminating, ideally, in more serious investment and a long-term, sustainable business plan.
That money, in return for equity, is put up by Skolkovo partner Ideal Machine, a St. Petersburg startup accelerator, which gets a say in which companies are admitted to the program.
Most importantly, the program won’t cost the residents a dime.
“This acceleration program is for free, for residents,” Ryzhonkov said.
“We don’t take money, we don’t take equity, only the partners that do the acceleration program with us can offer investment – first pre-seed and then seed – and the company can yes we agree, or not. And the partner can take equity. So this is for free for residents. All services for free.”
Among the companies that pitched their innovations to Ryzhonkov and representatives from Ideal Machine were navigation specialists Navigine, 3D interior mapping developer GeoCV and IBRiS pronunciation correctors.