Electronic components distributor and online community element14 is now an Internet of Things sponsor for Startupbootcamp, Europe’s largest startup accelerator program. The distributor will work with the organization for its Startupbootcamp IoT/Connected Devices program, to be held in London this fall.
Startupbootcamp helps entrepreneurs gain access to products, services, mentors, and investors so they can bring their ideas to market. Startupbootcamp IoT/Connected Devices was created to provide funding, mentorship, and access to a global network of corporate partners for up to 10 selected IoT startups from around the world. This year’s competition will be held in London, and the application is open through June 13. As a partner, element14 will support the startups in taking their initial concepts through to a finished product in an intensive three-month development process.
“[The] idea of bringing engineers together to create solutions fits squarely with the element 14 community,” explains Steven Webb, general counsel for element14. “Because this is focused on the Internet of Things—the hottest topic there is in electronics at the moment—this is a really good opportunity to move alongside some start-up businesses to understand the challenges they face in developing their product and provide [support], and also for us to learn about what other things those types of businesses need and we could provide going forward.”
Webb says nearly 500 startups from around the world are expected to apply for a spot in the program. Startupbootcamp will narrow the pool to a handful of entrepreneurs who will relocate to London where they will be provided workspace, access to business mentors, products and services for three months to develop their ideas. The program ends with a demonstration day, where the startups pitch their ideas to prospective investors.
Roughly 70% of the chosen startups are expected to gain funding to take their projects to the next level, Webb adds.
He points to programs such as Startupbootcamp combined with better access to and affordability of technology solutions as driving the wave of technology startups in the market today.
“What’s exciting … is this ability for relatively slim startups, because of access to and cheapness of technology, to develop things in a way that would have been limited to big corporations with [big research and development budgets] in the past,” Webb says. “[It’s a] good opportunity for us to work with a group of those—to find out how our products and services meet their needs.”
Visit http://www.startupbootcamp.org/ for more information.