CzechInvest to send first Czech firms to Silicon Valley

12 Jan. 2010 | CzechInvest | Beginning today, entrepreneurs can register for the CzechAccelerator project, which will send the first four Czech firms to Silicon Valley for a quarter of a year.

Starting today, Czech entrepreneurs have the unique opportunity to spend at least a quarter of a year in the technological heart of the world in America’s Silicon Valley. CzechInvest’s Czech Technology Accelerator “CzechAccelerator” is playing a key role in this. As of today Czech start-ups or established firms with progressive business plans can register for the CzechAccelerator project.

“Four Czech firms will go to Silicon Valley in the first round. Thanks to CzechInvest’s assistance, a total of sixteen firms should thus have a chance to further their development in the United States each year,” explains Alexandra Rudyšarová, acting CEO of CzechInvest.

The CzechAccelerator will be housed in the Plug and Play Tech Center in Sunnyvale, California. “We established the Plug and Play Tech Center four years ago and since then companies located in the Center have raised more than half a billion dollars in start-up capital,” says Jupe Tan, Plug and Play Tech Center’s manager for international relations. “We’re excited about CzechInvest’s decision to place the CzechAccelerator with us, because that is meaningful recognition of our work with start-up companies.”

Successful applicants for participation in the project are selected by a panel of experts composed of representatives of CzechInvest, the Ministry of Industry and Trade, entrepreneurs and investors from the Czech Republic and the expert public. “They are faced with the same questions that are asked of potential investors,” emphasizes Alexandra Rudyšarová. “It depends primarily on what makes the project unique. However, the given start-up firm’s business plan will also be assessed, as will the feasibility of producing the proposed product.”

The Czech Technology Accelerator is intended mainly for firms in the areas of information and communication technologies or biotechnologies. In order to register for the project, it suffices to fill out a simple registration form, which can be downloaded from CzechInvest’s website.

Successful registrants will receive office space and all related services for two people in the Plug and Play Tech Center through the CzechAccelerator. They will have to pay for the travel expansive and for the stay in the United States themselves. “Plug and Play Tech Center offers a unique access to modern technologies and potential investors. You will hardly find another place where you could potentially meet companies like Google on Monday, Microsoft on Tuesday, Sun Microsystems on Wednesday etc. With us, all this is possible,” adds Jupe Tan.

It is possible to register for the CzechAccelerator project until 4:00 p.m. on 26 January 2010.  Ten companies will advance to the second selection round. Their representatives will then present their respective projects to the final jury, which will select the four best applicants. They will set out for Silicon Valley on 1 April. The whole final ten will receive training on how to best sell themselves lead by lecturer from the Plug and Play Tech Center.