Intel Ignite, the tech corporation’s startup growth program that launched last year in Tel Aviv, will now expand to Europe with a program in Munich.
This is the first stage of expansion that will establish the program in multiple cities throughout Europe, North America and Asia. Austin, Texas will receive a program as well. The Intel Ignite team chose Munich and Austin because both cities are home to Intel campuses and have strong local startup ecosystems.
The 12-week program offers ‘hands-on’ mentorship from experts from within Intel and its network, a personalised growth plan for each company and an ‘all-inclusive’ work space on the Intel campus. The program has completed two batches in Israel so far, working with startups from a range of sectors, including artificial intelligence, IoT and cybersecurity.
While the accelerator doesn’t include any financing, Ignite values the program’s benefits at $500,000. The corporation takes no equity from participants, but does seem to benefit through the stimulation of its own people.
“Intel employees engaging with the startups in Ignite are challenged to work more nimbly and creatively, and they gain perspective on how other companies and entrepreneurs operate,” says Intel Ignite General Manager Zack Weisfeld.
The corporation’s CEO Bob Swan also mentioned the return on investment, saying the program was launched to support early-stage companies but also “to provide Intel employees with an opportunity to advance our purpose.”
The Ignite program in Munich will accept 10 early-stage tech startups. Criteria includes a minimum of $1 million in initial funding (be that seed or Series A), an experienced founding team, ‘significant IP’ and a large market opportunity. Of the two cohorts in Israel, the companies had each secured an average of $5 million in funding prior to participating.