If you’re a startup or in the startup and entrepreneurship industry, you’ve probably heard of Spiralation. If you haven’t, well, Spiralation is an initiative of the ICT Agency of Sri Lanka that focuses on supporting new technology ventures. Think of it as Sri Lanka’s own tech startup support program. Over the past 8 years, more than 50 startups have benefited through the Spiralation program. Spiralation 2019 is just around the corner as well.
How does Spiralation work?
Well, that process is quite straightforward. A subsidy of 75% of the total project cost or upto a maximum value of LKR 1 Million will be made available to tech startups. The startups will have to have an innovative idea and/or concept in order to be eligible.
If you are a new startup that has been registered or are pending registration, you are eligible to apply for Spiralation 2019. Registered companies are also eligible to apply provided that they are less than two years in age.
What do I get if I’m selected for Spiralation 2019?
Apart from the LKR 1 Million, startups will also receive benefits such as mentoring, capacity development and training via workshops. They would also receive exposure both locally and globally. In addition, Spiralation has also partnered with CrowdIsland this year. They will be looking to raise funds in addition to the Spiralation grant. You can apply for this option in addition to the Spiralation seed funding program as well.
If your startup gets selected for said programme, you will receive a host of services provided by CrowdIsland. These additional services include support in growth strategy, financial modelling, access to investors, potential partners and customers and pitching support and strategy as well.
As per the partnership, CrowdIsland will provide a discounted price of LKR 125,000 for those startups selected to Spiralation 2019 as the pre-raise fee. In case you didn’t know, the standard pre-raise fee is LKR 200,000. In addition, a management fee of 4.5% will be charged from the raise and 2% equity in the company.
Being a part of Spiralation 2019
If you have met the above criteria and you are looking for funding via the Spiralation Seed Funding Program, you are in luck. The program is now accepting applications for the 2019 cohort. You can register by clicking here. Deadlines for registrations are the 30th of June 2019, so you better get a move on fast. You can check out the Spiralation website and Facebook page for more details.