Spark10 Accelerator to nurture 10 Hyderabad start-ups

Spark10 is India's first European start-up accelerator which aims to help early-stage start-ups turn their prototypes into scalable investable businesses

Spark10, India's first European start-up accelerator aimed at helping early-stage start-ups turn their prototype or minimum viable product (MVP) into scalable investable business, launched its operations in Hyderabad on Monday.

"We are inviting start-ups with MVP in the domains of Internet of Things, mobile, Internet, smart technologies, analytics and machine learning. As part of the 13-week programme, the accelerator aims to provide seed funding support of Rs 20 lakh to each of the 10 selected start-ups in exchange for an 8% equity, besides providing them workspace," Atal Malviya, lead founder of Spark10, told mediapersons.

Spark10 is backed by Jon Bradford, considered as the god father of European start-up accelerators, Paul Smith, co-founder and managing director of UK-based Ignite 100 Accelerator, Vijay Ketan Mitra, former vice-president of HSBC Bank Plc, serial entrepreneurs and private investors LN Parmi, Rajesh Gummadapu and Suresh Kamireddy.

"Spark10 chose Hyderabad as it is already home to over 1,000 start-ups. There are several start-up incubators in the city. However, there is lack of accelerators with global exposure to support the ever-increasing start-up community here and produce the next-generation Dropbox and Ubers," Malviya added.