Bengaluru, 28 March 2019: Silicon Road, the US-Based Retail Only Venture Capital Firm, has opened applications for its first season of the accelerator program in India. The inaugural cohort will be powered by NUMA, a France-based international innovation hub and startup accelerator.
Silicon Road Accelerator powered by NUMA program will be based in Mysuru, Karnataka. The program is designed to be an innovation lifeline for retailers who don’t have the resources to sustain a meaningful program on their own, allowing them to invest in and own the technology that will power future profitability.
The Accelerator was founded by Sid Mookerji, the founder and former CEO of Software Paradigms Infotech / Softvision (now acquired by Cognizant Technology Solutions) which was Mysuru’s first software 100% EOU. He also founded Silver Spirit Global LLC, which operates incubators and technology parks in the US and India. The Accelerator programs leverage three primary hubs of innovation in the US, India and Israel to give the most revolutionary ideas in food and retail a global platform.
Sid Mookerji said “Silicon Road is for entrepreneurs with transformative solutions that address the most pressing technology needs of the retail and food industries. Like SPI did two decades ago, I expect Silicon Road to once again be transformational for startups and for the city of Mysuru”.
About The Accelerator Program:
The four-month long acceleration program is aimed to aid startups to ascend from a “Minimum Viable Product” (MVP) Stage to an investment-ready stage.
Silicon Road Accelerator powered by NUMA is a 4-month startup acceleration program providing world-class funded support and infrastructure for startups, particularly in food & retail tech to fast-track the growth with a tailored program, mentoring and network.
● Funding and Support on cash burn: Silicon Road invests an amount of money (INR 25L) in all startups joining the program. Startups will also get access to the €700k worth of perks and to international & local investors for fundraising support with a further round of funding opportunity from Silicon Road for eligible startups during or after the program.
● Access to international & local networks around the Retail & Food Tech industries: An actionable network is a key feature of any startup program. The selected startups will be introduced to the local & international network of food and retail tech corporates, mentors, research infrastructure, industry experts, founders, partners & foreign official delegations to enable the startups to build their own networks.
● Tailored program to accelerate the Startup growth: In the beginning, startups will be taken through multiple bootcamps on the various core functions of a business including Design, Technology/Product, Growth Hacking, etc. to help startups strengthen their product and build a business strategy. At the end of these bootcamps, we will be helping each startup to create their OKR/roadmap with clear KPIs and in the next 3 months, we will support them on the execution of this roadmap.
● Quality mentoring by some of the best mentors & in-house experts: The startups will be surrounded by some of the best in-house experts and introduced to the right mentors. In addition to the team, an Entrepreneur in Residence and Growth Hacker in Residence will support the startups to execute their product and growth strategy.
● Free office space and infrastructure in Mysuru: The selected startups (at least one of the founders) will be working out of the Silicon Road campus and they will get a world class office infrastructure at Silver Spirit Tech Park for 6 months in the royal city Mysuru.
Silicon Road’s board of directors also consists of Sophie Mookerji and Stephen Martis, who will be funding and leading the initiative.
Silicon Road will invest an initial seed amount of money (up to INR 25 Lakhs) in all startups joining the program. Startups will also get access to the €700k worth of perks.
The accelerator program will also provide access to international and local networks in the Retail and Food Tech industries. The selected startups will be introduced to Silicon Road’s local and international network of food and retail tech corporates, mentors, research infrastructure, industry experts, founders, partners and foreign official delegations to enable the startups to build their own networks.
Successful startups will also have the option for a further round of funding opportunity from Silicon Road during or after the program.
The program has an estimated value of about $ 40K from Silicon Road and an additional partner perks that amounts to 700K Euro.
Startups can apply via https://siliconroad.us
The last date for applications is 20th April 2019.
