FAQ

About the Program

The program rolls out for 10 consecutive weeks and consists of weekly meetings and different support people (lead mentor, acceleration team, experts, investors) and access to workshops on topics of general interest for early stage startups.

Throughout the program our entire focus is to develop your product/idea and forecast as many challenges as possible in order to see your company scaling

  1. They keep themselves updated with the latest trends in terms of tech startups in Romania
  2. Exploring different ideas with the startups they are working with. Widening their perception
  3. Flexibility in how they deal with their mentee
  4. Enhance their personal branding and PR for their own company
  5. Have the satisfaction of giving back to the community they are living in
  6. Part of an exciting acceleration program with a lot of energy and enthusiasm.

You can apply to be one of our mentors if you have what it takes. Send us an email to contact@techcelerator.ro and let’s connect !

After the first selection, when we get to know each other more we offer to each startup from the program a team made out of: 1 Lead mentor and acceleration team which whom we create an informal group (for those 2 months of acceleration). We complete this group with different experts based on each startup needs.

Additionally, you will meet GapMinder partners that will follow closely your company evolution throughout the program and after it. Based on your evolution / progress in those 2 months, you can be positively surprised at the end of the program to have access to additional 75k euro for your business.

The mentors have the role to question and explore all the areas you might have missed or to place your idea / product in a different perspective. They will share with you your professional experience from the market they are mostly active on and where they have real examples. No theory just practicality.

We assigned those mentors to challenge your idea and make you see from a wider perspective. From all those mentoring sessions you select whatever you believe it’s suitable for your company. We highly recommend that you make sure you perfectly understand the advices and don’t take it as general truths. It is your company and your decision is what matters

The mentors are romanian and international entrepreneurs (BusinessAngel or VS), people with experience in consultancy companies and management. We started collaborating with in 2014 when they were part of some of our acceleration programs (for RICAP / SPRINTPOINT)

The mentors pool is regularly updating and growing as we are constantly interested in meeting experienced entrepreneurs with expertise that matches the needs of our startups (cleantech, social media, finance, marketing, Sales) and they are willing to give back to the community.

We focus on covering whatever necessary so that your company have what it takes to take off and scale your business.

We are a team of 4 people in Bucharest and 3 in Cluj Napoca. This this is completed but the team of the Investment Fund which works closely with the accelerator team.

All the Funds’ partners are also advisors for Techcelerator program.

The Techcelerator team is a combination of different areas of professional experience. From working directly in accelerators (RICAP, SPRINTPOINT, hub:raum, VentureCup) to working for different international companies

POC is a demonstration, its scope is to verify different concepts or theories with high applicability. POC is therefore a prototype which aims to determin the fesability but doesn’t have delivrable.

Generally, POC validates two things: “People need that producs” and “I have the capacity to build that product”

MVP is a development technique in which a new product is developed with enough functionalities / features to satisfy early adopters. The final product with the complete set of functionalities is drawn after a first feedback from the users.

MVP validates that “people need the product AND that they are willing to buy it”. The clients don’t see POC because it is built in-house. They can only have access to MVP and thats the product they should be willing to pay for. With an MVP product you can start production whereas in POC phase production is not an option.

We invite all founders with an idea or a technology that they consider scalable (high potential to connect with us. The stage of product development can be: idea or proof of concept or MVP or pre-commercial.

Because tech startup market in Romania is not matured, we accept applications from all the industries with priority: Medicine, Agriculture, Finance, Energy, Cybersecurity, Mobile, Digital Transformation, AI and VR/AR/MB.

You can find more details on our website

If you don’t have a company registered in Romania you can still apply to our program but you need to register a company if you’ve been selected to get the 25k euro funding.

As an accelerator, Techcelerator (as opposed to classic incubator) offers access to funding and focuses a lot on mentoring in a short period of time. Techcelerator main role is to help your business valuation grow faster than what you could have done with your own resources. Then we offer you the possibility to get ready for next step: presenting to other VCs and Angel Investors. Therefor not only that you get access to funds but we will invest a lot of time in giving you best mentorship sessions, access to community, strategy consultancy and validation of your idea.

Techcelerator is a new program which comes however from merging two acceleration programs with a long history of working with tech startups. The two accelerators RICAP & SPRINTPOINT have merged their teams and knowledge consisting of more than 10 year of experience

After the Program

Because you have been funded by GapMinder and (hopefully) others too now it’s your duty to keep your investors up-to-date with your company evolution and milestones. It is important to ask for support and feedback and be honest about your current challenges.

You don’t have to lose momentum. You have accumulated so many useful information and you established contacts precious to your business. The biggest mistake now is to get back to old habits, run your business as before. Even if now you are not forced and pushed by others to get out of your (business) comfort zone and meet other people don’t give up. Networking is an important part of your business.

Our team will stay in touch with you and we will be closely monitoring your business evolution therefore do come to use whenever you need some support.

Application Process

Not at all. During 10 weeks of program you will have 1 to 1 meetings with lead mentor and our team (offline or online). In case you are not from Cluj and Bucharest and you want to stay there during 10 weeks (instead of constantly travel) you need to ensure your living costs. It is recommended that we meet once every two weeks and that you participate on events related to the program.

No problem even though for a tech startup it can be challenging. We are very interested to see how you are planning to launch and scale it.

Yes, you can apply but based on our experience a mix of different skills in your team is vital to the success of the business. Do apply and if your idea is suitable for our program we can discuss all these details.

Besides the initial investment there are few pillars that focuses on your growth. Team consolidation – the synergy between team member is vital to the success of your product/idea. Participating in this program you will be able to narrow your focus and get feedback from people with long experience in areas core to your business.

There is no participation fee. If you are not from Bucharest (or Cluj) you need to support your living costs during the program and even renting a space in our co-working space (TechHub or Clujhub) or any desirable place  for you.

Yes, registering your company (SRL) is necessary only if you are accepted and therefore be granted funding from our side.  

During the Program

Mentoring is maybe the most important aspect of the program. Throughout the program your choices and ideas will be challenged by experts and mentors in order to make you aware of all the obstacles that may occur.

You must be open about your weak points and fear and also ask as many questions as possible. Keep your vision but listen to the constructive feedback of people with a long professional experience. These feedbacks and discussions will have a great impact on your business development

Experts from different industries will work based on your needs to cover all the following  areas:

  • Customer development
  • Revenue streams
  • Go-to-market strategy
  • Product development (all stages)
  • Growth (incl. exploring partnering opportunities)
  • Vision and validation
  • Equity and funding

We suggest 10h / week x 10 weeks. We will have events important for your development: workshops, 1:1 weekly meetings. Plus we believe it’s important that you deep dive into what you discussed with you mentor and eventual perform some adjustment to your product.

Evaluation

Techcelerator program is structured on batches. We organize 2 batches per year. Those 2 batches are accelerated by our two team – one in Bucharest and one in Cluj (main hotspots of tech startups in Romania).  

The process starts with the online application that is reviewed and evaluated by our team with the support of investment fund team and selected mentors.

Briefly the selection criteria are: team / founders professional experience, stage of product development, business model and commercialization strategy, understanding of target market and competition, potential of revenues stream and potential of future funding. From all the entire pool of applications we will select approx.. 25-30 that we will invite for a BOOTCAMP. Here we get to know your business better and your team members synergies.

Category: Evaluation

Investments

Convertible notes are financial instruments used by seed investors in order to delay your company valuation for a next round or a milestone. Convertible notes means that the outstanding amount is automatically converted into equity (at the next valuation or next milestone(. To compensate  the angel investor for the additional risk of the initial round, convertible notes can have additional clauses as CAPS or DISCOUNTS

Category: Investments
  1. Acceleration: 10-15 ideas per batch. Each startup get 25k euro for 6% equity and chance to raise 75k euro more in convertible notes.
  2. Seed investment
Category: Investments