Global startup accelerator StartupBootcamp has announced its newest programme: the HighTechXL accelerator, aimed at high tech and hardware startups.
The programme is based in Eindhoven, The Netherlands, and will be housed in the HighTechCampus alongside over 120 companies including IBM, Accenture and Intel.
Victoria Martinez, who is responsible for team selection at the new accelerator, told us that the programme is the “the first of its kind” in Europe and that it will be running for at least three years in Eindhoven. If all goes to plan, it will then expand to other cities across the globe.
It is being run for the first time this year, with applications now open for the three-month programme – beginning on 11 November. It’s a similar system to the standard StartupBootcamp accelerator: 20 teams are selected from the applicants and invited to pitch and debate at the Selection Days, with the teams then whittled down to the ten that will join the programme.
High-tech startups from eight areas (advanced materials, advanced robotics, autonomous vehicles, energy storage, 3D printing, renewable energy and medtech) are being encouraged to apply. The startups need to have developed their technology and have a proven concept in order to get into the programme.
Teams are given €15,000 to cover living expenses. According to Martinez, they’ll also receive €600,000 worth of services – for example web development and a free office. In exchange, HighTechXL takes eight per cent in equity.
The location choice makes sense – Eindhoven has a huge high tech industry and was recently ranked by Forbes Magazine as the world’s most inventive city with the highest patent-to-citizen ratio of any city in the world.
Teams from HighTechXL will gain exposure to around 200 investors at the Investor Demo Day. Martinez told us that “high tech companies need much more investment than other startups, so for each one we are aiming to get exposure to investors that would give them from half a million to €2.5m”.
Online applications close on 8 September.
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