Located in the world’s first smart city, Songdo, SparkLabs’ IoT Accelerator focuses on innovations center around the Internet of Things and Smart Cities, but will encompass a wide range of startups from industrial to consumer. Many of them will focus on the smart home, infrastructure, logistics, and industrial IoT.
We have an exclusive relationship this $35 billion smart city and the Songdo International Business District. Currently over 36,000 residents live in this smart city built from the ground up which holds 80,000 apartment units.
There is 50 million square feet of office space and 10 million square feet of retail space with over 1,000 retail and hospitality businesses that are currently operating here. Songdo is also a global leader in achieving LEED™ standards for the built environment with 20 million sq ft (1.9 million sq m.) of LEED™-certified space. 40% of the city has been set aside as green public space.
The SparkLabs IoT program is open to local and overseas startups where program participants can take advantage of Songdo as a development center and test bed, while also having access to local and global corporations, investors, and suppliers/manufacturers in the world’s most connected country.
SparkLabs Mentorship-Driven Accelerator Program
SparkLabs Songdo provides a 6-month accelerator program for seed to early-stage startups that have the potential to expand globally. The program is offered once a year and is scheduled to run from November 2016 to April 2017.
SparkLabs’ mission is to help our startups succeed globally, more specifically to secure the next round of funding. Building off of our successful SparkLabs Global Accelerator, we recognized a unique opportunity to support IOT-focused companies in the world’s first smart city, in the world’s most connected country. With our local and global network, startups have the opportunity to test and grow their businesses while being connected to prominent local and global investors. Learn more about SparkLabs here: (URL: www.sparklabs.co.kr)
SparkLabs’ IOT program invests $30,000 to $50,000 in all startups in exchange for up to 8% equity. Invested companies may be eligible for up to $70,000 in additional funds on a case-by-case basis. This percentage is negotiable depending on the startup’s size, stage and investment status. Each startup gets matched with 2 to 4 mentors. We consider our global mentors to be our greatest asset, and believe that our startups will grow exponentially through our regular sessions with our world-class mentors. Every week, startups participate in teaching or mentoring sessions, where they have the opportunity to learn from and network with renowned Korean and international entrepreneurs. With full-time hands on staff with diverse backgrounds ranging from startups to hardware engineering, SparkLabs Songdo provides the essential knowledge and resources for IOT startups to succeed. Songdo as a location offers a unique situation as the world’s first smart city, with a priority mission to promote strategic partnerships with local government, universities, and world-class prototyping labs to develop innovative tech solutions for the future. In addition during Office Hours, startups can seek intensive feedback from SparkLabs’ General Partners.
Demo Day highlights the end of our accelerator program. At this event, startups have the opportunity to pitch to eminent local and global investors.
Additionally, startups can gain much needed exposure and promote themselves in front of the media and influential figures from the industry.
SparkLabs provides free office space at the Mutual Hall Tower, located at the heart of Songdo smart city, and can receive over $900,000 worth of perks, ranging from cloud services, legal counsel and endGrid.
In addition, SparkLabs is the first Korean member of Global Accelerator Network (GAN), which means that our startups can also receive GAN’s diverse range of perks.