New Accelerator In Cork
Bank of Ireland has launched a national accelerator programme for startups and entrepreneurs, inviting applications to compete for the ten available places in the three-month initiative.
Participants in the programme will be mentored by a network of well-known investors, including Bill Liao and Sean O'Sullivan from SOS Ventures, as well as dragon Gavin Duffy. It will be based at Penrose Wharf in Cork city.
Gerry Prizeman, head of enterprise development at Bank of Ireland, says that companies participating in the programme will receive €10,000 in seed funding. The accelerator will be administered by StartPlanet, a new not-for-profit organisation with Bill Liao and Cork Business Innovation Centre's Gerry Donovan as directors.
Liao says that StartPlanet is approaching the venture with a co-op model. “This innovative model involves those accepted on to the programme investing 3% of their equity in return for shares in a fund formed for the benefit of and to be shared by the startups themselves. Should any of the startups enjoy a future successful exit, all company founders will share in that success,” he explains.
The programme is expected to start in September and the deadline for applications is July 25. For more information, visit www.bankofireland.com/accelerator. (June 2014)