Norwegian impact accelerator Katapult Accelerator is now inviting startups from India to apply for its third cohort. It intends to fund each startup with up to USD 150,000 and bring them to Oslo for the three-month program.
However, the startups must be early-stage and aim to solve global problems within both environmental and societal domains. They must do so through the use of exponential technologies like artificial intelligence, the blockchain, virtual reality, augmented reality, and applications of the internet of things.
Katapult Accelerator is helping startups build a financial value and have a positive impact.
“The Katapult Accelerator is the world’s first global for-profit accelerator focusing solely on impact and exponential technology. 200 impact investors from around the world participated at the demo-day for our first batch. We had access to 1,500 startups for the second round and we are excited to help the next batch of startups realize their dreams to solve global challenges,”
says Haakon Brunell, Managing Partner and Co-Founder of Katapult Accelerator.
The third cohort commences in August 2018 and applications are open now. The startups will have access to more than 120 international mentors, and receive hands-on support from the Katapult Accelerator team.
At the end of the three months, the startups will have defined their vision, strategy, impact orientation, growth marketing and business model.
Katapult Accelerator’s most recent acceptance rate is as low as 0.8%, as only 12 startups were selected in the second round of 1,500 applications.
“Our goal for each company is to prepare them for their next round of investment so that they achieve two to three times their original valuation,”
says Brunell.
It’s been less than half a year since its first Demo Day, and the Katapult Accelerator team are already seeing strong traction from its first batch of portfolio companies.
4 of the 12 companies from its first batch have either closed or are over-subscribed on their next funding round. Additionally, 10 of the 12 companies have received an offer for further funding post-accelerator. This success shows investor confidence in the impact investment philosophy. Furthermore, Norway’s social democracy and its openness to new ideas and innovation provide inspiration and support for this approach.
Norway is an open, egalitarian society where trust and consideration for others are fundamental values and thus is the perfect place to bring together companies that can solve global challenges by using exponential technology.
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