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Propeller Venture Accelerator - Accelerating Start-ups to New Heights
The Propeller Venture Accelerator was established in 2010 with funding of €1 million from Irelandia Investments. The aim is to accelerate early stage technology start-up companies, both Irish and international, in Dublin. The Propeller Accelerator has taken the successful US TechStars accelerator model and adapted it to fit the Irish/European context.
The Propeller Venture Accelerator has an emphasis on ICT (Information and Communication Technology) start-ups.
The accelerator programme offers the following benefits to start-ups;
- €30,000 investment (approx $37,000 USD)
- Mentorship (over 80 mentors that can guide, advise and open doors)
- Investor Day (2012 saw investors from Ireland, England and Italy)
- Free Office Space (3 months during & 1 month after)
- Service Package (marketing, sales, legal, I.P. and accounting with corporate partners)
- In total a deal worth €45,000 (Investment and Services)
All this in return for 7.5% equity stake, valuing your company at €600,000 ($740,000 USD)
In a study conducted in conjunction with DFJ Mercury and commissioned by the Kauffman Fellows, Propeller Venture Accelerator was awarded “7th Best Accelerator in Europe”.
In total over €3.2 million ($4.2 million) has been raised by the 12 companies.
The first Propeller Programme started in February 2011 with an initial six companies - who were:
Approximately 70 early stage companies either applied to or made an expression of interest in the accelerator, including applicants from Brazil, United States of America, United Kingdom and Europe. These companies are in areas such as social media, cloud-based software, online gaming, cleantech, Facebook applications and mobile applications.
Propeller 2.0 received 137 applicants (almost doubling the amount from 2011) and included applications from Australia, China, Canada, India, Brazil, Israel, South Africa, Rwanda, United States of America, Iran, and several European countries.
The 6 companies chosen were:
Presently for Propeller 3.0 we have received 140 applicants with over 45% of the companies applying from outside of Ireland including 8 applicants from India. This year the mentors have gotten more involved and are also giving feedback to the applicants.
Propeller start-ups will have access to and advice from over 80 mentors, which is a key part of the programme. The mentors are senior corporate executives as well as seasoned entrepreneurs in the technology area. Another benefit of the programme will be a package of corporate and service support including marketing, accounting, legal and intellectual property advice. Companies such as Sage, Arthur Cox (largest law firm in Ireland), Tomkins IP (intellectual Firm of the Year in 2010), Enterprise Ireland, Irish Small and Medium Enterprises Association (ISME), the HALO Business Angels Network, the Irish Technology Leadership Group and Arizona State University in the US have agreed to partner on the programme.