Grameenphone Accelerator has opened the call for applications for the 5th batch of the program. The program, delivered in partnership with Startup Dhaka, invites tech-based startups with a Minimum Viable Product (MVP) to apply through the website until midnight 7 April 2018.
GP Accelerator is an innovation platform that offers a 4-month curriculum-based mentorship program through several international and local experts to help startups go to market. The selected startups receive USD 15,000 in seed funding each, around USD 11200 worth of Amazon web services credit (AWS), and office space in GPHouse.
Veteran investors, industry experts, and professionals help the startups with critical elements like term sheet, valuation, financial modeling to speed up their progress. The total value of all the support provided to each team is to be approximately BDT 65 lacs.
This fixed-term, cohort-based program allows participating ventures to build a robust business model, become investable and genuinely scalable. The program ends with an Investor Dinner, where startups pitch to a wide group, comprising of experienced local and international investors, partners and key clients.
On an average, the financial value of companies increases 4-fold in just six months after graduating from the program. At the moment there are 12 graduates in the portfolio.
On the occasion Honourable Minister of State for Information and Communication Technology (ICT) Mr. Zunaid Ahmed Palak expressed his delight that the call for application for Batch 5 was being open, adding that “this is indeed a big moment for not just GPA but the whole startup community in Bangladesh. Some of the best startups that we have funded from StartUp Bangladesh are graduates of GPA. I believe GPA has already established itself as the benchmark for what an accelerator should be in Bangladesh and beyond. If you have a great idea, a good founding team and the tenacity you must apply for GP Accelerator. I wish all of you who are applying for GPA all the very best.”
Speaking about the program, Head of Grameenphone Accelerator, Minhaz Anwar said that “the value of GPAccelerator is not just in the seed money it provides to founders at a time when very few people believe in them but also in what GP offers by going beyond the usual accelerator promises. GPAccelerator offers startups a set of most coveted assets right at the time when they need it most: access to markets, contacts, and opportunities. Each new batch we are building is setting new standards for the ecosystem in terms of the startup capabilities, the value proposition for their customers and the investment or scale potential.”
GPAccelerator has already successfully completed four batches with a total of 21 startups attending the program so far. Past batches had thriving startups like Sheba, CMED, Cramstack, Jolpi, Alteryouth, etc. GPAccelerator has provided these startups a platform where they learned to build their businesses up quicker than they could have otherwise in the same amount of time. Few of these startups have pitched in and won local and international prestigious competitions like Digital Winners Asia, Seedstars World, Slush GIA, Startup Grind, Bangladesh Startup Awards and National Demo Day.
Mustafizur Rahman, CEO & Founder of Startup Dhaka said, “We are very happy with the progress our GPAccelerator alumni made so far. We have seen massive success stories from these startups. They are not only winning the local and international competition, but they are solving some of the most crucial problems in our country and making the lives of millions easier, safer and more exciting. Two of our alumni startups have already crossed the USD 5 million valuation mark. This has been possible with their effort & grit and needless to say the support provided by a platform like GPAccelerator. We are looking forward to getting few more extraordinary applications for batch 5.”
Several outreach sessions are being arranged for interested startup founders to explain the program and offer some insights on what to expect. First two sessions will be held at ULAB on 1st April from 3 pm- 5 pm and at GP House on 2nd April from 4 pm- 5 pm.