Bangladeshi is going to see a new world-class seed accelerator “SM²” for the high potential local startups. SBK Tech Ventures along with SOSV and Miaki have taken this initiative which will be launched in November 2021. The program will be based on three seed-stage Bangladeshi startups. However, the detailed plan is yet to be announced. Here is what we know so far about the SM².
What is a seed-stage accelerator program?
You have a brilliant start-up idea, or product and want to launch a company. Money is going to be tight, however, there are some companies or people who can help guide you in the right direction for your business along with the funding in the initial stage. That is what the seed-stage accelerator program is about.
Further, accelerators provide education as well as financial support to young entrepreneurs just starting out with their businesses. These programs vary from several thousand dollars to hundreds of thousands of dollars, depending on what stage of development your business is in when applying and how long it's been operating (e.g., tech start-ups vs other types).
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The acceleration process usually takes between three and six months; the beginning stages often consist of individualized meetings with mentors and members working within the program where they discuss your company's goals and the steps needed to get there.
Many programs have a required number of hours that each team must commit to each week, as well as specific office hours set aside for weekly meetings with mentors. However, the seed-stage accelerator works with a limited number of the selected startups in a given period.
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What is SM²?
SM² is basically an equity-free 6 -month accelerator program that will offer the necessary tools to Bangladeshi startups. Currently, SM² is composed of three partners SBK Tech Ventures, Miaki, and SOSV. However, if you don’t know about them, keep reading and we will discuss each of these founding organizations.
SM² aims to provide guaranteed investment for the selected startups. Each cohort will have 3 Bangladeshi startups and each of them will be selected based on the strength, potential impact, and scalability. Hence, it will be competitive and the best of the best will get the opportunity. So, what benefits will the selected startups get?
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First of all, each of the selected startups will receive approximately $100,000 with the option for follow-up. Secondly, the chosen startups will get access to the tools, mentors, and investors. Further, upon selection, the companies will also get access to the investors’ network, other startups in Asia, and subject matter experts. These will eventually boost their chance of success.
In the first session, SM² has already selected three startups and they will start the journey this November.
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SBK Tech Ventures
SBK Tech Ventures is one of the leading startup investors in Bangladesh. Founded by Sonia Bashir Kabir, SBK aims to help startups and support digital developments in several fields such as AgriTech, LegalTech, FinTech, e-commerce, and more. Further, the venture offers fast growth investment opportunities for the companies.
They have already invested in some top startups such as Sheba, Praava Health, Jatri, Deligram.com, and more. SBK has the interest to invest in technology platforms that are scalable and social impact-driven. Moreover, they aim for a market that has a unique value proposition, delivery, and capture.
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When it comes to investment SBK looks for a company that can make an impact tackling the root causes of a problem. Moreover, SBK invests in a company that doesn’t create demand, rather works on serving the existing demand.
SOSV MOX
When it comes to investing in startups, there's no better company than SOSV. They have a full-stack model that has delivered net IRR over the last 20 years putting them among one of the best venture funds out there and SOSV doesn't stop at just providing seed-stage funding either!
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Their vertical programs provide more guidance for talented entrepreneurs building groundbreaking new businesses on every continent around the world. Besides, SOSV MOX also offers invaluable advice on how they can make their ideas come true faster than ever before possible through a unique approach that includes running multiple successful ventures simultaneously.
With the help of SOSV, founders are able to take their big ideas and turn them into reality. The organization provides support for entrepreneurs in various stages including funding through programs like HAX (hardware and connected devices), Chinaccelerator, and MOX (cross-border internet and mobile in Asia).
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Further, the mentorship from industry leaders who have attained success in entrepreneurship themselves; as well as access to venture capital that can be used outside traditional channels such as blockchain-backed funds. SOSV has been funding more than 150 startups each year. To support the startups SOSV has more than 1000 mentors around the world.
Miaki
Bangladesh-based tech company Miaki is one of the pioneers in digital services for user-centric products. However, they also have experience providing services in Southeast Asia and beyond. Founded back in 2010, they have gained significant expertise to create innovative content such as health care apps, Education, Agriculture, and entertainment including casual mobile gaming platforms.
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With over a decade worth of experience across different industries including Miaki has a partnership with Robi Axiata to support the young tech entrepreneurs through the National App Store platform known as BDAPPS.
Miaki claims that they have the most qualified resources for providing outstanding service. Further, they always go above and beyond our customers' expectations with a commitment to delivering on projects quickly and efficiently. Moreover, they have round the clock support service.
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Conclusion
The birth of SM² is definitely a new hope for Bangladeshi startups. Hence, some successful startups might emerge in the next few years. The country need more seed accelerator programs like SM².