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  • Angel Angelov

Accelerator Kick-Off and Startup Competition with 25k Prize

Updated: Jun 17, 2020

It took us some time to set up, organize the investment process and align the team and yet we are ready to review the first companies for our long-awaited acceleration program - XL Radar. We are kicking it off with a nation-wide startup competition that will be held in Sofia, Plovdiv, Burgas, Veliko Tarnovo and Varna. Startups can apply to meet us and pitch their business models while our team will assess them and provide feedback. The best performers at each city from the roadshow will be invited to pitch at the final demo days and compete for a guaranteed EUR 25,000 equity investment from our fund Innovation Capital and a spot in our acceleration program XLRadar.

While there is a cash prize for the competition, that is by far not the only perk a startup can get from after the roadshow. We plan on having a couple of bootcamps for shortlisted companies to precede the actual acceleration program. During these events, our team and dedicated mentors will help you refine your business model, clear the vision, advise on some tactics on how to improve your competitive position and not the least - prepare you for pitching before investors. The bootcamps will end with demo days, where the qualified startups will present before our team, the mentors and other investors. The best performers will be invited to join XLRadar and receive an investment in the amount of EUR 25,000.

XLRadar is planned as an intensive, hands-on and practical three-month long program that tests the ability of the companies to deliver, gain traction and get established as sustainable businesses. The team of Innovation Capital will monitor the progress of each company and will offer mentorship, advise, network and a variety of relevant services. The companies that meet their KPIs will be offered a second investment of up to EUR 25,000 at the end of the program. Program partners, mentor lineup, services and other details are yet to be announced in the following weeks.

Here are some more details about the roadshow:


11am - Fund Presentation and Press Conference

12pm - Coffee Break

1pm-6pm - 1:1 Startup Pitches

Sofia: June 18, Koncept Space

Plovdiv: June 23, Beebop Cafe

Burgas: June 26, Flora Center

Varna: June 27, Innovator

Veliko Tarnovo: June 29, TBD

The bootcamps will be held in

Burgas: July 3-5

Sofia: July 13-17

More details about the venues to follow soon.

Who can apply: anyone with a valid scalable business idea or business regardless of the sector. Founders with more skin in the game, product and market traction will be tolerated.

Innovation Capital is a venture capital firm managing EUR 15.6 mln with a mandate to invest in equity and quasi-equity instruments in 200+ startup companies. It was selected by the Fund of Funds to operate a financial resource of EUR 14 mln throught the Operational Programme Innovations and Competitiveness and also attracted EUR 1.6 mln from private investors.

Innovation Capital AD is the entity managing the fund Innovation Accelerator Bulgaria Fund KDA, which is co-financed by European Regional Development Fund.

The entire responsibility of the validity of the content in this document is held by Innovation Capital AD and by no means it can be inferred that it reflects an official statement or opinion by the European Union, the Fund of Funds (Fund Manager of Financial Instruments in Bulgaria EAD) or Innovation Accelerator Bulgaria Fund KDA.

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