Myanmar’s first IT related start-up incubator, Phandeeyar Myanmar, launched their second accelerator program with 7 start-ups from Yangon and Mandalay.
Jes Kaliebe Petersen, CEO of Phandeeyar, said that, ‘‘In the second accelerator program, we will provide finance, business skills, and connections to investors. All of which are necessary for start-ups to be successful. We doubled the number of start-ups we have helped, two from Mandalay and five from Yangon. Investors not only from abroad but domestic are interested to make investments in IT start-ups. It is a good time to make an investment in IT start-ups.”
The second accelerator is an important milestone for Phandeeyar’s Accelerator program which intends to enhance the acceleration of Technology and start-ups in Myanmar. In this program $25,000 will be provided to most potential start-ups, $200,000 worth of services will be funded from closely affiliated businesses, office space at Phandeeyar’s Yangon office, and opportunities to gain guidance from over 60 local and foreign mentors, start-ups will also be able to meet investors.
Start-ups on goods, transportation, health, education, entertainment and recycling will be included in the second program, founders of the start-ups are all from Myanmar, two of the founders who are from Mandalay, will move to Yangon. Seven out of 48 initially chosen start-ups were chosen and they will start their business at Phandeeyar’s new office with the area of 10,000 square feet, there they will gain help from the company’s partnership organizations and guidance from members of Accelerator. The program will last from October to March, after the 6-month accelerator program, there will be a Demo Day, where all the start-ups will pitch their companies to leading investors from across the region who are looking to invest in Myanmar start-ups.
Last year Phandeeyar Myanmar Innovation Lab created its first start-up accelerator in Yangon, giving growing tech companies a leg up in the market with the prize of $25,000 in cash, six months of free office space, coaching from the Innovation Lab teams as well as access to a network of mentors and services from its partners including an opportunity to utilize more than $200,000 worth of free services from various partners including Telenor, Wave Money, FB Start, Amazon AWS, Microsoft BizSpark, Today Ogilvy, PwC Myanmar, JobNet and Edulink.