Bulgaria Innovation Hub opens applications for season four of its US market entry acceleration program
Bulgaria Innovation Hub opened the applications for the fourth edition of its accelerator program, which will take place virtually from September 27-October 15, 2021. The Silicon Valley-based organization is established by Bulgarian entrepreneurs to accelerate growth and US market entry for high potential Bulgarian start-ups. Prospective candidates can apply for the equity-free program until August 31. The goal of the accelerator is to provide portfolio companies with go-to-market expertise and support them in gaining knowledge of the US legal environment and network access. Some of the benefits for participants include establishing connections to relevant partners, advisors and potential customers, in person workshops with mentors, receiving logistics support, and promotion among the Silicon Valley VC community. In addition to the program, companies receive free technology credits worth over $90,000 from Bulgaria Innovation Hub’s partners network.
The program will begin in late September 2021. Over the course of 2 weeks, Bulgarian entrepreneurs will take part in over 27 workshops, taught in person by renowned Silicon Valley experts, such as Todd Rulon-Miller (former VP of Netscape), Anton Lenke (Vice President of Sales at SKAEL), Bogomil Balkansky (Partner at Sequoia), and Sim Simeonov (Founder and CTO at Swoop and IPM.ai).
In order to be considered for participation, early stage technology companies should offer innovative products or solutions that create value and positive impact. Applicants need to ideally have annual revenue between $1M and $10M, as well as initial pre-seed or seed funding from local Bulgarian VC’s, angel, or other investors to support their market expansion. Another consideration is for start-ups to already have market traction in Bulgaria, Europe, or other markets, and global ambitions and desire for a US market expansion. The participants should embrace a growth mindset and be willing to give back to their communities by sharing their experience and becoming mentors to the next generation of entrepreneurs.
To apply, companies must login and complete this form, providing information about their vertical focus, market strategy, and product, as well as their customer base and positioning on different markets.
Aggregated data from the previous application responses show that the most common challenges for Bulgarian technology start-ups are fundraising in the US, finding partners and initial pilot customers in the country and onboarding qualified talent. When asked what would be most helpful in conquering the US market, prior candidates pointed to establishing connections with advisors, investors and domain experts, setting up the proper legal entity, and establishing a solid sales and marketing strategy.
About Bulgaria Innovation Hub
Bulgaria Innovation Hub was founded in 2019 by Vassil Terziev, Bogomil Balkansky, Pavlina Yanakieva, and Ivan Dimov. The organization aims to build a two-way bridge between the US and the Bulgarian entrepreneurial ecosystems by providing early-stage Bulgarian companies with entrepreneurial know-how and the cultural context to help navigate Silicon Valley business culture and dynamics. Acting as a local partner with market knowledge and network access, Bulgaria Innovation Hub leverages the expertise of the Bulgarian diaspora and a diversified community of experienced mentors. The BIH accelerator program provides go-to-market expertise for early-stage Bulgarian companies, investment support and exclusive access to its community.
Since 2019, the mission-driven initiative has been elevating the Bulgarian startup ecosystem to global leadership and promoting the country as a technology innovation hub to the VC community in Silicon Valley. A total of 28 companies have participated in the accelerator, leveraging the joint efforts and connections of Bulgaria Innovation Hub when turning to the US market. BIH's portfolio includes leading Bulgarian companies such as Dronamics, Endurosat, and OfficeRnD. The alumni start-ups from the program have created over 120 job positions and raised a total of $7.25M, while attracting 1400 new customers.
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