The national startup accelerator programme, NDRC, today announced applications are open for its new accelerator for globally ambitious tech startups
For the first time, successful startups will receive €100k investment using a SAFE (Simple Agreement for Future Equity), alongside ‘founder friendly’ terms. Every year, an average of 12 startups will be chosen to participate between the two accelerator cohorts, with each startup being coached by dedicated Entrepreneurs in Residence (EIRs) who have achieved international regard in the startup ecosystem. These include Jules Coleman (sold Hassle.com for €35m), Marc McCabe (Sequoia Scout, SV Angel, early Airbnb), Allison Kopf (Forbes 30 under 30, XFactor Ventures Partner), and Pat Phelan (Co-Founder SISU, sold Trustev for $40 million).
The practical combination of guidance from accomplished entrepreneurs and the SAFE investment will help early stage companies move at a faster pace and scale rapidly. NDRC is one of the first European accelerators to adopt the ‘founder friendly’ €100k investment using a SAFE instrument with an uncapped valuation with a 20% discount. This instrument was originally developed by Y Combinator - one of the world’s top accelerators. It provides simple and transparent terms, reduced paperwork along with lower legal costs and friction for founders making it simpler for international investors to make follow-on investments.
“With the NDRCs Hub-and-Spoke model we’re looking forward to seeing really strong mobility from the regional Founder Weekends and Pre-Accelerator cohorts into the National Accelerator Programme.” says Rosemary Gallagher, Programme Manager for Galway City Innovation District. “We’re working with all the start-up supports in the region to ensure the best of the West and North-West are supported all the way.”
Additionally it was announced over 40 top entrepreneurial mentors who have built or exited companies worth a combined net value of €5Bn will also participate, including Mark Cummins (sold Pointy to Google for over $100m), Bobby Healy (Former CTO of CarTrawler, valued at over €500M), Áine Kerr (Led Storyful through €18m acquisition) and Marina Gorey (Co-Founder of SuperAwesome, acquired by Epic Games).
Startups will also access €1M in perks (including 12 months of free office space, UX prototyping support, design experts, and professional pitch deck designers and delivery coaches. They’ll also be given special access to the Dogpatch Labs Corporate Innovation team and network for market insights, route to industry and potential pilots.
The cohort will also be able to access an ‘Extended Mentor Network’ consisting of over 1000 mentors from companies such as Google, Intercom and Unilever. The accelerator is supported by venture capital firms including Frontline, Atlantic Bridge, ACT, and Delta Partners, with each committing to mentor participating startups.
Access to international resources, experience and investors are an important feature of the programme, which includes trips to tech hotspots including London, New York and San Francisco. Early exposure to the US mindset and tech industry will coach founders out of their comfort zone and teach them how to build and scale a company overseas.
The NDRC Accelerator has two phases over a 6 month period. The initial 3 month ‘Foundation Phase’ focuses on business development and investor readiness, and culminates in a virtual Demo Day to a global audience of investors, VIP entrepreneurs, and potential customers and partners. This is followed by a second 3 month ‘Growth Phase’ to provide practical support to startups through the process of securing seed funding.
The programme starts on Monday, June 21, with the Demo Day held in September. Applications are accepted until Sunday, May 7 at 11:59pm GMT at ndrc.ie/accelerator. Interested applicants can also hear more about the programme and ask questions at an NDRC Lunch & Learn on Friday March 5 - more HERE
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