Virgin Media launches new startup accelerator offering ‘equity back guarantee’, personal trainers and a luxury stay in the USComments Off on Virgin Media launches new startup accelerator offering ‘equity back guarantee’, personal trainers and a luxury stay in the US
Virgin Media has launched a start-up accelerator programme with a twist.
Like most accelerators, it will offer mentoring, funding and links to potential investors. But unlike others it will give back the equity in the participating companies that it takes on if they are not completely satisfied with the value of the programme.
It will also offer the use of executive assistants, personal trainers and nutritionists during the 13-weeks of the programme, which is powered by existing accelerator Techstars.
Ten digital start-ups will be chosen to join the scheme. Applications are open until January 9.
The company, owned by Liberty Global, is considering ideas from a range of sectors, including the Internet of Things, telecom infrastructures, customer data and experience and connected homes.
Successful applicants have the option to take about £78,000 in funding in return for a 6% equity stake. They could also choose to take approximately £65,000 in a convertible loan note in return for an additional 4% stake.
The programme will culminate in a Demo Day in London in June, when the start-ups will pitch to some of the world’s leading investors.
After the Demo Day, the 10 participants will receive flights to the US and a week stay at a luxury hotel.
Bruce Dines, vice president of Liberty Global Ventures, said: “There are endless possibilities for the kind of companies who should apply to this programme – we are interested in driving innovation, convenience and social well-being across our consumer and business connected world.
“We look forward to working with the best start-ups in the world to help them bring their brilliant ideas to life.”