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The startup space has seen a bunch of accelerators come into the picture recently. Names like Airbus BizLab, Microsoft Ventures, Kyron Global Accelerator and others, each have their own criteria for selection. The latest to join the brigade of accelerators is Apple, which plans to launch its own accelerator in Bengaluru.
It's important for every startup to know how to go about selecting an accelerator for itself, which could further help it scale its product and get them into the right networks. The accelerator should fit the product that the startup aims to explore.
Oracle announced the first set of startup finalists for the Oracle Startup Cloud Accelerator Program on Monday. The program, which was launched in April by the California-based company, aims to catalyse India’s startup ecosystem and provide support to Digital India initiative.
So what does it really take to make it to this list?
The five startups that made it to Oracle's list were picked across different domains. Here's what the founders of the startups said when asked about what it takes to make it to Oracle's list.
If you are a startup, aiming to enrol yourself for the program, you need to make sure that you have a “product ready idea” and a team that is capable of executing the idea. Startup founders at the event also stressed on the need of understanding how Oracle could actually help the startup further scale its idea.
Speaking on the accelerator’s selection criteria, Sanket Atal, Group Vice President of Development, Oracle India said, “Our main thing was that we wanted to have companies that are either technology product companies or powered by companies because we are a technology company and we provide products that help different sections of the economy. Those were the only two criteria as far as the products were concerned. We did not want companies that were just an idea on paper. We wanted them to have some prototype available because the whole concept of this program is – acceleration. We wanted to make sure that there is the will by the company to actually develop something.
“Being a technology company we wanted to see how Oracle cloud technology be used by them, although that’s not a criteria for them to be here. Also how can our experience in the various industries we are part of help these guys. For each of these five startups we have a very senior person from the US, who is a specialist in this industry, would be working with them and guiding them. This person, who has served different parts of Oracle, will be able to help these startups reach various customers and give them product direction,” Sanket added.
The program offers over 125 hours of combined mentorship from Oracle and industry experts, some of whom include CTOs and CIOs of established startups and other peer organisations. On the last day of the program, startups will be given the opportunity to pitch their idea and showcase a demo to prominent technology investors and leaders. Graduating startups will also be enrolled in the Oracle Startup Cloud Accelerator’s alumni program.