Pan-European accelerator Startupbootcamp has announced that it will be launching in Istanbul and is already accepting applications, as investors set their sights in Turkey, TechCrunch reported. The accelerator will undertake a bootcamp-style program which will last for three months to finance, teach, house and showcase early- stage companies. While startups based anywhere can apply, they will need to transfer to Istanbul for the program if selected. The accelerator is expecting applications from Europe, the Middle East, CIS and North Africa, the report said.
Startups that will be chosen will get €15,000 in exchange for 8% equity in their firm. In addition, they will be provided office space for at least four months and sponsor and partner services worth €250,000. The program will begin in June. The Startupbootcamp Istanbul office is located in Bahcesehir University and encompasses more than two floors "with an incredible atrium and café-filled terrace which overlooks the Bosphorus," the report said.
As in other accelerators, the biggest benefit for startups is the mentorship that they can expect to receive. For this accelerator, mentorship will be given by more than 100 entrepreneurs, investors and partner firms. Startups can also expect to get much-needed exposure to angels and venture capitalists on Demo Day, the report said.
Startupbootcamp, which also has operations in Amsterdam, Berlin, Copenhagen, Dublin, Eindhoven, Tel Aviv and Haifa, provides the 10 teams that will make it to the Istanbul program access to an SBC global alumni network, the report said.
Ersin Pamuksuzer and Omer Yucel will be leading the program. A serial tech entrepreneur, Pamuksuzer helped form Turkcell, the Turkish telco and established Crea-world, an incubator. Yucel works at Bahcesehir University as the Director of Corporate Relations, the report said.
In a statement, Pamuksuzer said one of the reasons behind launching an accelerator in Turkey is because "Istanbul has always been an important gateway between east and west." Turkey's location with respect to Europe and MENA and its hassle-free visa rules are also other reasons, the report said.
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