Phandeeyar Myanmar to Launch Second Accelerator Program

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.

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