Launched in partnership with Techstars, Virgin Media Accelerator is looking to back tech startups with innovative ideas around networks and connectivity
Accelerators have become a core component of the tech startup landscape in recent years and, as evidenced by Telefonica's Wayra or Google's Campus, they're letting the companies of the future tap into the expertise of the world's digital giants. The latest firm to add its name to the growing accelerator movement is Virgin Media, which has today launched its own programme alongside Techstars, the global technology accelerator organisation.
Run in conjunction with Virgin Media Business and sponsored by Virgin Media's parent company Liberty Global, the Virgin Media Accelerator is a three-month programme offering support and mentoring to tech startups with innovative ideas around networks and connectivity. Ten startups will be chosen to take part in the accelerator programme, with applicants invited to apply online up until January 9, 2016.
The chosen ten will be given access to senior experts from Virgin Media and Liberty Global Ventures, in addition to Techstars' global network of more than 7,000 founders, mentors, investors and corporate partners. Upon completion of the programme, the startups will take part in a demo day in London to try and raise investment, after which they will be jetted off to the US and a week-long stay at a luxury hotel.
Upon entering the programme, each company will receive an initial $20,000 of funding from Liberty Global Ventures and Techstars in exchange for a 6% equity stake. And they will have the additional option of a $100,000 convertible loan note backed by Liberty Global Ventures and Techstars, for up to an additional 4% equity stake. So all in all, there's $120,000 of investment up for grabs.
"Supporting businesses of all sizes is at the heart of Virgin Media’s purpose," said Peter Kelly, managing director of Virgin Media Business. "Virgin Media Accelerator will give the most exciting digital startups a phenomenal opportunity to learn, develop and grow.”
Bruce Dines, vice president of Liberty Global Ventures, added: "There are endless possibilities for the kind of companies who should apply to this programme – we are interested in driving innovation, convenience and social well-being across our consumer and business-connected world. We look forward to working with the best startups in the world to help them bring their brilliant ideas to life.”
January 9 will be here before you know it so what are you waiting for?