(Press Release) Following an unexpected shutdown last year due to a change in government, a group of entrepreneurs has revived SEED, an accelerator program which will invest up to R$3.2m in innovative projects, seeking to expand the innovative and entrepreneurial environment of the Minas Gerais state, located in the southeast of Brazil.
Applications are open to the 3rd round of Brazilian acceleration’s program SEED Worldwide entrepreneurs are eligible to receive investments and mentoring of the startups program. Applications close on February 03.
Your chance to make your startup conquer the world it’s not over yet! Until February 03 entrepreneurs from all around the world can apply to SEED – Startups and Entrepreneurship Ecosystem Development, an acceleration startups program which will invest up to R$ 3.2 million in innovative projects, seeking to expand the innovative and entrepreneurial environment of the Minas Gerais state, located in the southeast of Brazil. SEED was created in 2013 and reaches its 3rd round. It aims to strengthen the entrepreneurial culture, to accelerate the startups ecosystem development and to encourage ideas and innovative businesses in the state. So far, the program has received 176 entrepreneurs from 19 different nationalities. Altogether, SEED accelerated 73 startups in the two first rounds, which 53 of them are Brazilian and 20 international. These startups raised over R$ 10 million in investments until mid-2015. Innovative tradition Considered by Bloomberg Foundation as one of the greatest innovation projects of public sector in the world, SEED will select in its 3rd round 40 innovative startups from any part of the globe. That is, any entrepreneur over 18 years old with a good idea and able to live in the city of Belo Horizonte for six months can apply to the program! The selected projects will receive up to R$ 80k in seed capital, an inspiring coworking space, entrepreneurial training and business acceleration, first-class mentoring and the opportunity to get in touch with the local innovation ecosystem, San Pedro Valley.
It is important to highlight that SEED doesn’t demand that your startup is a registrated business and it’s equity free. Matt Montenegro, Beved CEO and SEED’s 1st round alumni says, “The visibility and the contact with extremely qualified people made the difference in the development of our startup. SEED brought up many benefits, such as wide network and learnings from experienced entrepreneurs”. Another SEED’s entrepreneur, Tomás Duarte, Tracksale CEO stated, “The mentoring and the financial resources of SEED were important to amplify the company’s operation, but the coolest part was the networking that we’ve made with other entrepreneurs”. A brand new SEED Initiative recognized in 2013 and in 2014 as one of the most contributive to the development of the Brazilian startups ecosystem, SEED is back on Minas Gerais entrepreneurial scene under the coordination of the State Secretariat for Science, Technology and Higher Education – SECTES, with financial resources of the Minas Gerais State Agency for Research Development – FAPEMIG. The 2016 edition brings a change in the budget organization. The fixed installment of the incentive now can be granted as an advancement payment or reimbursement of expenses. Besides that, it demands a counterpart lower when compared to the other rounds (5% only). The amount of the financial incentive has been maintained, providing R$ 44,000 to each selected startup and R$ 2,000 of monthly allowance for each entrepreneur, for each of the 2 or 3 members of the project team. Another important thing is the change of the program’s headquarters to “Espaço CentoeQuatro”, in downtown Belo Horizonte, a region that outstands for its strong entrepreneurial culture.
Applications The 3rd round of SEED starts in May 2016 and the interested startups can apply until February 03. The public bidding and the application form is available on Minas Digital website (http://minasdigital.mg.gov.br/seed).