Oxygen Accelerator recruiting tech-start-ups for fresh intake
TECHNOLOGY growth programme Oxygen Accelerator has begun recruitment for its third intake.
Oxygen, founded by entrepreneur and tech investor Mark Hales, is a 13-week intensive mentor-led bootcamp that offers fledgling businesses the chance to spread their wings.
The three-month programme, which begins in October, culminates with a series of investor days where participants pitch to a large, carefully selected group of angel investors, venture capitalists (VCs) and private equity groups for next stage funding.
Mentors on the programme include Eze Vidra, head of Campus London, Google and Sean Seton Rogers of PROFounders Capital.
In June this year Oxygen Accelerator was approved by UK Trade & Investment as a recognised Seed Investment competition, meaning that non-EU entrepreneurs who wish to apply to the programme should have less difficulty applying for visas.
The initiative, which began in the West Midlands, has so far seen half of the start-ups receive seed funding and now organisers are launching a global search for new businesses which want to follow suit.
One of the most notable success stories among the 2012 entrants to Oxygen Accelerator was Carhoots, a social review platform and marketplace for car buyers and sellers.
Carhoots secured $240,000 (around £155,000) in seed funding following graduation from the programme and has since opened an office in San Francisco.
Lee Malcher, CEO and co-founder of Carhoots, said: “With 80% of our users based in the US, it made sense to set up in San Francisco, where we now have four staff, including one developer. We’re turning into a truly international company now, with developers in Birmingham, Glasgow and London.
“Oxygen was really an invaluable experience for us as a start-up and a perfect platform to leap into the business world from. Carhoots is our first venture and with this in mind it was always important to us to maximise our chances of success by surrounding ourselves with the right people while always having a willingness to continually learn. We wouldn’t be where we are today had we not gone on the programme.”
Mr Hales, who is also chairman of the programme, said: “Helping start-ups at an early stage in their development has a much greater impact for the business than any aid they receive later on in the process. Guiding teams to make the right decisions at the start – and avoid any pitfalls – can be the difference between success and failure.
“Oxygen Accelerator prides itself on having mentors with a mix of skills, sectors, personal and business achievements – not to mention large contact books. Some of our mentors are highly successful entrepreneurs who have built several start-ups and had successful exits; some are running very large corporations, while others are still building their dreams.
“The success of Carhoots is a great example of how Oxygen Accelerator can help companies benefit from their experience to build businesses that are thriving not just on a local scale, but on the international stage as well.”
The deadline for applications to the latest programme is August 23 and submissions can be made through www.f6s.com/oxygenaccelerator2013 and www.angellist.co/oxygenaccel .
