iCatapult held its global launch announcement yesterday in Budapest. They used the term “excelerator” to describe their activity: an accelerator that focuses on taking European technologies to global markets, primarily to the USA. Their activities reach well beyond the traditional few-month long mentorship driven programmes. iCatapult provides access to world class local and international mentors who oversee the development and international launch preparation of each technology and team. In addition, iCatapult is on track to become a member of the Global Accelerator Network, other key partners include We Work Labs, Venture Out New York, and the New York City Economic Development Corporation.
iCatapult has a two-stage approach. First, it puts the teams through a rigorous two-month training program based in Budapest. The aim of this phase is to refine their business model to develop a sellable product. Following the successful preparation, the teams will travel to New York and start to execute the market access and business development plans in cooperation with iCatapult executives. As a part of the program the teams are able to work and live in the U.S. while constantly being exposed to market entry opportunities, potential clients and investors. This part of the program lasts for a minimum of two months but it can be extended to up to a year.
The program, as well as the company will be led by former advisors of the venture capital fund Imre Hild and Peter Krajcsovics, while the technical knowhow comes from Digital Natives, represented by Kristof Bardos. iCatapult's range of involvement will be determined on a case by case basis, and it provides financial support of up to $200,000 depending on the needs of the submitted project. iCatapult’s preference is to establish joint ventures with the accepted teams. Such joint ventures will be given capital to cover operation, development and market expansion, access to numerous mentors and business development services.
The program is accepting applications until March 4. Shortly afterwards on March 8, the shortlisted applicants will be notified, and the training will start on March 12. On April 22, iCatapult will announce the final list of 3-5 companies, that will have the chance to present themselves in New York on a CEE Roadshow, organised in partnership with the New York City Economic Development Corporation.
