How do you take a good start-up accelerator and make it a very good one.

In this article, I am presenting the evolution of a Romanian team of start-up enthusiasts who have decided to utilise non-reimbursable funding to elevate their accelerator towards StepFWD Together. This accelerator has matured into a cornerstone of innovation and inclusivity, setting a benchmark within the Romanian landscape with its diverse offerings, as outlined below.

The Context.

Elevating an already efficient accelerator programme to a remarkable level is an undertaking that requires meticulous planning and execution. Approximately a year ago, Liviu and Daniel, contacted me with the mission to transform the StepFWD initiative into a facility that not only incubates start-ups, but propels them towards substantial growth. This strategy involved securing supplementary funding to broaden the scope of support extended to emerging entrepreneurial teams. Collaboratively, we designed the foundation for the enhanced “StepFWD Together” accelerator.

Acknowledging the critical need for additional financial support and expertise, I proposed applying for grants from Innovation Norway. Trusted by Liviu and Daniel and having the Startup Norway team on board as project partners (Thank you Maja and Knut!), I prepared and submitted a comprehensive proposal. After several months, we received the news that our initiative had secured the necessary funding to forge ahead.

Why the Romanian entrepreneurial landscape?

The focus of the accelerator is on Romanian entrepreneurial landscape since the start-up scene in Romania is pulsating with innovation and potential, characterised by the following key-elements:

• Developing Start-up Environment: In recent years, Romania has witnessed a steady growth in its start-up ecosystem, as corroborated by data from www.startups.watch which indicates a rise from 260 active start-ups in 2015 to over 600 in 2020, spanning diverse sectors including technology, fintech, e-commerce, and healthtech.
• Abundant Tech Talent: Romania boasts a substantial pool of professionals in the IT and engineering sectors, a product of the nation’s established technical universities and educational institutions. As reported by the European Commission’s Digital Economy and Society Index (DESI) 2020, Romania stands sixth in the EU concerning the ratio of ICT specialists in the overall workforce, thereby providing a stable base for technology-centric start-ups.
• Public Support: The Romanian government has been steadfast in promoting entrepreneurship and innovation through a series of initiatives, grants, and programmes. This governmental backing creates a favourable ground for accelerators like StepFWD to function and contribute positively to the growth of the start-up ecosystem.
• EU Market Access: Being a European Union member, Romania facilitates start-ups and investors with access to the expansive EU market. This access presents notable growth opportunities for entrepreneurial teams nurtured by programmes like StepFWD, allowing them to expand their operations beyond the Romanian borders.
• Increasing Investor Interest: The achievements of several Romanian start-ups have garnered the attention of international investors, thus fostering enhanced funding and investment prospects.

Why StepFWD Together? A Venture Rooted in Inclusivity and Innovation.

The StepFWD Together accelerator stands as a pillar of innovation and inclusivity, offering distinct advantages:

• Inherent Inclusivity: The team promotes inclusive entrepreneurship, with a focus on projects led by groups that are traditionally underrepresented in various sectors.
• Tailored Mentorship: The mentorship initiatives are structured to cater to the specific needs and aspirations of each start-up, facilitated by individuals with a wealth of industry experience.
• Guidance for Non-Technical Founders: StepFWD demonstrates a firm commitment to assisting non-technical founders in traversing the complex landscapes of multiple stages, offering expert guidance and resources to foster successful business development and scaling.
• Regional Focus: The primary emphasis remains on fostering the Romanian entrepreneurial ecosystem, facilitating connections between start-ups and local investors, and unlocking opportunities.
• No Equity Requirement: In a departure from the practices of other programmes, the team refrains from demanding equity from start-ups, allowing them to retain full ownership whilst benefiting from consistent support and resources.

What is next?

The application window is presently open for founding teams who are interested in participating, with the deadline set for the 8th of October 2023. A selection of 20 start-ups will be invited to partake in the initial “Learn and Connect” phase, from which a further refined group of 6 will advance to the “Grow” phase.

The selected start-ups can anticipate a structured series of workshops, hands-on sessions, speed mentoring, investor meetings, pitch practice, roundtable dialogues, community sessions, and a Demo Day, under the guidance of a team of lead mentors, specifically for start-ups transitioning to the second phase.

For all the details and the application process, visit the StepFWD Together website.

For more information about how non-reimbursable funding is impacting communities and businesses, visit www.fundingloop.com.