Farabi Acceleration Program has been designed by studying the global models and considering the nature of Fintech business. Each business can take the Acceleration program in a customized way, and the percentage of accelerator participation could be proportionate to the rate of accelerator participation. We believe that there should be enough concentration on each team and we intend to continue with the least failure rate.
Build Your Story!
Each startup needs to apply for the entry request through signing up in the website. These requests are entered in a list under the title Farabi Accelerator Directory (FAD) to which a network of investors and beneficiaries have access. Then, based on the opinions and verdicts given by all those with accessibility to this list, a point is assigned to startups. The points will act as the priority for the invitation to the FAD. Whenever one startup manages to reach the end of Acceleration cycle, the first-ranked startup on the list will be invited to attend Farabi Accelerator.
This invitation is a meeting with the Founding Board (or their representatives), and if the interview team accepts, the registration process in the Acceleration begins through admitting a startup in Farabi Accelerator, and the startup can proceed to start the registration steps in Farabi Accelerator.
Startup teams will sign the initial agreement and NDA (Attachment 2).
The Pre-acceleration cycle lasts for 3 up to 6 months. This cycle varies based on needs assessment, and setting deadline table for the established goals for each startup. Within the first two weeks of presence in Farabi Accelerator, the joint attachment of initial target (attachment 3) will be set by executive team and each startup. This attachment includes Pre-acceleration cycle targets of each startup, startup assessment and determination of share rate for each side, timing table of startup key activities, number of individuals of each team accompanied by their responsibilities. In assessment, the amount of capital required for each startup (in cash and in-kind) will be also calculated, and the share rate of Farabi Accelerator will be specified for assessment and the capital required for each startup. In this program, Farabi Accelerator’s share will not be more than 35 percent; depending upon the capital required for each, some investment will be injected into startups in seed funding. After setting joint attachment of initial targets, the startups admitted in Farabi Accelerator will start their official activity in Farabi Accelerator. The services of Farabi Accelerator in Pre-acceleration cycle include:
- Mentors network
- Shared work space
- Registration Activities
- Fintech specialized APIs
Attending the Pre-acceleration cycle successfully and accomplishing initial targets, the joint attachment of secondary targets will be set within two weeks. In this attachment, the amount of capital injected by Farabi Accelerator, time due for capital payment, and the finalized targets determined for each startup will be jointly provided at the end of Pre-acceleration cycle and timing table of key activities. Signing this attachment, the Acceleration cycle will be officially started. Farabi Accelerator services will include some more new items in Acceleration cycle, besides the services provided by the Pre-acceleration cycle for the startups. They include:
- Startup money
- Investment network
Attending the Acceleration cycle successfully, there will be an event where Iran’s great investors are courageously invited so that the teams pitch their business in front of them. After [attracting] fundraising, it is possible for the teams to be admitted in Shahid Beheshti University Science and Technology Park.