Accel Atoms Receives Applications from Beyond Metro Cities

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An in-depth evaluation of greater than 2,000 functions acquired for the second cohort of Atoms, an Accel initiative aimed toward pre-seed firms, revealed some fascinating traits relating to innovation in India.

Innovation is in all places!

Entrepreneurs from throughout the size and breadth of India have proven sturdy curiosity in establishing their very own start-ups, with massive numbers located in non-metro cities. Functions got here in from 35 cities in India, with numerous candidates stating that their work was fully location-agnostic. Apparently:

• Near 40% of the functions got here from non-metro cities, exhibiting that as a rustic India is certainly transferring up the innovation and entrepreneurship worth chain.
• Bangalore, Delhi and Mumbai (the metros) accounted for greater than 50% of the functions.
• Bhubaneswar, Coimbatore, Lucknow, Patna and Surat all contributed greater than 10 functions every.
• Indore, now billed as India’s up-and-coming startup capital, introduced in 20 functions all by itself.
• Over 100 entrepreneurs utilized for the Atoms program from Gurgaon

First Time Entrepreneurs and Repeat/Serial founders

• 55% of the candidates have been first-time founders; whereas near 45% of the candidates have not less than one co-founder with prior expertise of constructing a startup.
• Virtually 45% of the businesses have two founders.
• 21% of the candidates have three or extra co-founders, preferring to work in teams.

Different fascinating insights

• A couple of-third of the candidates have already launched their services or products, with one other 20% having a working minimal viable product (MVP). It’s fascinating to notice that round 22% of the candidates are on the thought stage.
• 61% of the businesses haven’t but began producing any income in any respect. This might imply that the start-ups are in stealth mode growing the product/service/answer.

By way of the Atoms program, Accel goals to assist budding entrepreneurs, no matter which stage the corporate is at.  As a part of this system, the start-ups acquired $250K in non-dilutive capital, one-on-one mentorship from established enterprise leaders, in addition to entry to the worldwide Accel neighborhood.

Prayank Swaroop, Companion at Accel India, stated “Once we conceptualized Atoms, our purpose was to design a program which might carry founders a worthwhile studying expertise alongside accessible capital. As Atoms continues to develop, we sit up for working with extra startups working exterior the nation’s conventional enterprise hubs and at any part of their enterprise. Welcoming founders from completely different walks of life means fixing extra diversified issues, to not point out constructing a extra vibrant neighborhood.

Essentially the most thrilling half about Atoms is that the start-ups obtain capital with no fairness burden. Becoming a member of our program implies gaining the backing of our funding system, enterprise improvement groups, entry to over 200 portfolio founders as mentors, and entry to greater than 100 specialists from our Accel community. We sit up for supporting extra entrepreneurs within the journey of constructing modern merchandise and options.”