Sber, Russia’s state-controlled financial and tech giant, and its US partner 500 Startups announce the third batch of Sber500, their joint startup acceleration program. The closing date for entries is January 10, 2021.
This batch is touted as a “powerful response to the current challenges and conditions that startups faced in 2020.”
The program will start with two-week online bootcamps for 500 select startups. During these bootcamps, “teams will work out a value proposition, learn how and when to establish communication with different target segments, and learn to push customers to make purchases,” Sber explains. The main accelerator stage is intended for the 25 strongest bootcamp-tested startups.
All stages of the program will be supervised by mentors from Silicon Valley and international experts (see EWDN’s exchange with 500 Startups entrepreneur-in-residence and founding program manager Tristan Pollock).
“500 Startups provides its unique expertise to Sber500 participants. Their mentors hold courses for participants under 500 Startups’ original program. Startup founders are taught marketing, sales, product development, fundraising, etc.,” the Sber press service told East-West Digital News.
This batch differs from the two first ones in several aspects. It is open to startups from countries other than Russia, including Belarus, Estonia, Israel, Kazakhstan, Latvia and Lithuania. It also involves more partners, says Sber.
First batch results:
- 30 startups completed the accelerator, seven of them continued their education in Silicon Valley
- 138 pilot projects, including 19 with Sber
- 164 B2B contracts with high-profile clients
Successful finalists include Heartex, which offers tools for collecting data and transforming it into datasets; i-Brain, which has developed an AI-based neural interface that helps people recover motor functions after brain injuries; and Third Opinion, a provider of AI-powered services for doctors and nurses to empower healthcare (see interview with i-Brain’s CEO and Third Opinion’s founder).
On average, B2B startups saw their monthly average revenue jump by 47% (compared with two months before the acceleration) while the revenue of B2C startups grew 70% year-on-year.
Sber invested a total of 120 million rubles (nearly $2 million in 2019) in 24 graduate startups and provided to each of them an additional 5 million rubles (around $77,000) in loans.
Second batch results:
- 600 applicants (62% B2B, 32% B2C)
- 25 startups shortlisted for the accelerator
- 154 contracts with high-profile clients
Successful finalists include Gurucan, a platform to create and sell online courses in a mobile app; Legium.io, and online signature service; and Watchout!AI, a brand reputation management startup.
In the course of 2020, following the program, Sber invested 10 million rubles (around $130,000 at the current exchange rate) in the eight winners, including Legium and Watchout!AI and 6 million rubles ($80,000) in six other accelerated companies.
In total, participants of the first two batches concluded over 500 contracts or pilots with high-profile partners, including about 100 from Sber’s ecosystem and 400 with Sber’s partners.
This data was provided by the Sber press service.
