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Latvian IT-oriented incubator Eegloo has opened for business, according to co-founder and CEO Jean Mauris. We’re told that the Riga-based incubator, which Mauris and co-founders Anthony Dmitriyev, Maxim Yemelyanov, and Janis Skutelis established in May of this year, has €200,000 in funding thus far and expects to produce 5-8 new startups from the funding obtained. We are told that each startup should take approximately 3-9 months to transition from the idea stage to offering a final product. Startups which enter the incubator are allowed to stay a maximum of 12 months and are expected to have a working prototype within their first weeks there. The incubator says that they will accept applications at any time (and they can apply here) and ask only that prospective teams (or founders) simply drop in to discuss the idea and application.
Although they tell us that applicants are not required to have a background in IT, there is an application process to determine whether a particular idea is viable. The incubator is seeking in prospective startups a clear business model, an idea which can lead to a prototype or working version within 4-6 weeks, and global scalability. In a break from other accelerators and incubators, eegloo offers tiered-packages when it comes to terms for founders. For applicants with a prototype and a team, eegloo takes a 10-30% share. For applicants with a prototype and just one founder, they will take a 40-60% cut. And for applicants who apply as just a founder with an idea, eegloo takes 70-90% equity, noting that they bear much of the risk if they are required to invest such a significant amount of resources into a particular project.
In recent months, we’ve had a handful of posts about the StartupHighway accelerator from Lithuania and have written about the Startup Wise Guys accelerator from Estonia, so it’s good to be able to round out the Baltic states with a post about Latvian incubator.
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