The ARM Labs Lags Techstars Accelerator will start receiving applicants from May 9, 2022 through July 27, 2022. According to the statement released by the company, Lagos represented a strategic place for the program to take its full course. The choice of Lagos for the accelerator program is the result of the growing relevance of Nigeria’s startup ecosystem.
Up to 12 startups will be selected on an annual basis to participate in the program and benefit from up to $120,000 in funding, curated startup programming, and access to Techstars’ vast network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners.
The program’s inaugural class will commence on November 7, 2022, and culminate in a Demo Day on February 16, 2023.
Offered Benefits
- $120,000 investment in your startup. (Techstars contributes $20,000, which is commonly used as a stipend to support living expenses during the programme; Every company is also offered an optional $100,000 convertible note)
- Access to Techstars resources for life
- Acceleration in a 90-day Techstars mentor-based Accelerator programme with personal mentorship and office space
- Lifetime access to the Techstars worldwide network of entrepreneurs including more than 10,000 mentors; 10,0000 investors; 1,600 alumni companies and 200 staff members
- Access to over $400,000 of cash equivalent hosting, accounting and legal support –plus other credits and perks worth more than $1,000,000
- Demo Day exposure and other investor connections
in return for 6% equity of your company until the company raises a priced equity financing of US $250,000 or more. However, if your company conducts a Network Launch using distributed ledger technology (i.e. a blockchain initial coin offering, token event, etc.), then Techstars will also receive 6% of the Token Reserve (i.e. the tokens “held back” for the founders and the company at Network Launch).
