(Article edited to correct that Wiseguys does take 8% equity)
Hot and fresh out of an event in Riga is a new Tallinn based accelerator: Startup Wise Guys. The accelerator is built in the modified Y Combinator model with a similar setup to Startup Sauna in Finland. Getting accelerated involves a 13 week program, demo day in Tallinn and London, and €5000 of funding per founder for 8% of equity. To build some hype, Wise Guys is also offering €500 for any startup referral that makes it into the program (this is my get rich quick scheme– you heard it here first). The application process is open from 9th of February until 11th of March and the program starts on 25th of April.
Mentors are divided into 3 categories – local, corporate and international mentors. Each team will have their personal mentors, and given access to others as well. The mentors list includes many notable figures in the Baltic startup scene. Among them, I was interested to find that MTVP investor and Kurat founder Allan Martinson (featured on today’s Unfair Advantage) is affiliated with the program. Last week Martinson called for a startup program in the Baltics that could gain the critical mass to draw solid mentor talent, rather than a dilution across many programs.
The startup companies are supported by 13 angel investors who actively participate in the selection process to get experience in co-work and confirmation to continue their individual investments.
The partners for Startup Wise Guys are Garage48, Ülemiste Technopolis, Tehnopol, Estonian Startup Leaders Club. Among international supporters are Amazon, PayPal and Microsoft.
Here’s some additional details on their schedule:
- Open Applications – 9 February
- Application process ends – 11 March
- Team Selection – 30 March
- Start Programme – 25 April
- Shape – 3 weeks
- Build – 4 weeks
- Sell – 3 weeks
- Investor Day Tallinn – 30 June
- Investor Day London – 6 July