Each startup will recieve up to €14,000 in seed funding - €2,000 for the idea and €3,000 for each founder (for up to 4 founders), in return we will ask for 7.5% of the company's equity. In addition to funding each startup will be provided with free office space and other useful perks for free.
In addition to StartupHighway's funding, all 2013 Spring program participants (applications now open) can opt-in for additional €30,000 convertible note from our partners - Practica Capital. This deal is optional and we have already negotiated a standard term sheet for you, so you can get quick access to additional funding if you need it.
During the following weeks a selected number of startups will be invited to an interview (in Vilnius or via Skype). The program will start 20 May 2013 in Vilnius.
StartupHighway is a 13 week program designed following the example of Europe's best acceleration programs (such as The Difference Engine or Springboard, founded by Jon Bradford, our advisor). The program will consist of three distinct stages SHAPE - BUILD - SELL.
SHAPE. The first 5 weeks of the program will be dedicated to mentoring. One-on-one mentoring session will provide startups with valuable advice on how to best shape or reshape their business model in order to build a successful business. Check out our international mentor fleet.
BUILD. The following weeks will be dedicated to building a business model and a working product. At this stage the startups will be guided by a team of mentors and will be encouraged to reach out to potential customers.
SELL. The last stage will be dedicated to finishing a demo of the product and testing the product on potential customers. The program will finish with two investor days - one in Lithuania and another one in one of the VC capitals of Europe (exact location to be annouced later).
If you have more questions, you can read the FAQ or contact us.