The newly founded Serbian investment fund ICT Hub Ventures launched with 1 million euros for pre-seed startups. The fund was capitalized by seven well known Serbian businessmen last week in Belgrade.
As announced by Serbian „Blic“, the Fund is already open for applications with a goal to invest up to 30.000 euros in 30 new startups. The great thing about this Fund is that the founders are willing to invest in companies that are at their early stage of development.
„What makes our Fund different from the others is the fact that we are willing to invest in the earliest stage“, says Kosta Andrić, Managing Director of ICTHub Venture. „With this money the entrepreneurs will have an opportunity to enlarge their team, invest in „know-how“ and more importantly to finance their salary in the first six months to one year until they develop their product and can work and finance their business on their own“.
Among the investors, as „Blic“ reported, are Ilija Setka, CEO of „Imlek“; Slobodan Dinovic, CEO of „Orion telecom“ and Dejan Randic, founder of ICT Hub.
According to Andrić, the main purpose of this Fund is to encourage young professionals to become entrepreneurs but as well as professionals who are ready to pursue their dream.
What kind of startups are eligible for investment by ICT Hub Ventures?
In order to become eligible, startups that are interested to apply should fulfill at least one of the following conditions:
– provide a prototype
– make a great research confirming that their product is needed on the market
– have their first customers who are willing to give money for their products
As for the products, as Andrić pointed out, the greatest chance for success will have the startups who are willing to provide IT solutions that will bring innovations in traditional businesses and will deliver solutions to their problems.
This is why, the Fund encourages not only the young entrepreneurs but also already proven professionals with experience in different industries that know what kind of solutions or products the big corporation need today.
„With all due respect to the recent graduated IT developers“, Andrić notes, „that kind of solutions can not be expected and delivered by young college fellows due to their inexperience in the business environment. But those who already work know better what kind of products and solutions are needed. What they need, however, is to get out of their comfort zone and accept the challenge“.
Besides the money, the Fund will provide various kinds of training for the entrepreneur who will win the competition.
The application is open until 17th of March 2017 and will be followed by two additional calls. More info about the Fund and how to apply find here.