Oxygen Accelerator, a new investment program that offers technology start ups intensive mentoring and training, was launched today in Birmingham, U.K. Oxygen Accelerator will partner with Birmingham Science Park Aston (BSPA) to offer 10 teams evergreen funding of up to £20,000 (about $32,800 U.S.), which is repayable once sufficient investment is received or the business can afford to repay it. The 10 teams will attend a 13-week boot camp in BSPA starting Sept. 1, 2011, where their projects will receive direction from a team of mentors.
Applicants will have access to state-of-the-art resources and guidance from successful tech entrepreneurs, business mentors and financial and legal support, helpful during the start-ups' formative stages. At the conclusion of the boot camp, teams will present their products to venture capitalists and angel investors in an ‘Investor Day'.
To apply for Oxygen Accelerator, founders of the company need to answer a series of questions relating to existing milestones, investment to date, and revenue generation-the basics of a business plan. They should also submit a short video of the founding members that explains why they should be selected to be part of the Top 10 teams, giving judges an impression of the individuals. Judges will be considering strength in idea, how well the program will benefit the company, presentation, depth of thought, and team dynamics. Applications are open until June 30, 2011.