Usually, a word familiar to Startups is an “Accelerator” this is where a startup is invited to join a short term program where they would be shown the ropes of running a startup and also receive mentorship from experienced industry experts. If they’re lucky enough, they can even receive funding via investors or venture capitalists.
By comparison, a Decelerator is the complete opposite. Rather than a startup taking part in the rat race and bursting forward to goals unknown, a Decelerator program encourages startups to take a step back to look at what’s important. It helps them analyze their own business models and to see how they can develop their next stage of growth and now to get more investments, all in a calm and orderly fashion.
Meet the Menorca Millennials
The Menorca Millennials is one such Decelerator, rather the only one of its kind. It takes place for 15 days on the Spanish island of Menorca, just off the shores of the iconic Mallorca and Ibiza. The programme only accepts startups that have received funding through previous ventures and have proved that they are capable of developing and sustaining a viable product. This is where HypeHash comes into play.
You’ve probably heard of HypeHash by now. From AngelHack, they presented at Disrupt Asia 2016 and they were also selected as the official ambassador for AngelHack 2017. They worked with Y Combinator which is an American seed accelerator and have also had meetings with companies such as eBay and HP. The team representing HypeHash at Menorca Millennials consist of Ravihans Watakepotha, Joe Lenora and Praveen Dayananda.
As HypeHash has previously received funding, that made it possible for them to apply for the Menorca Millennials program, which they did. The program for 2017, which takes place from the 1st of June to the 15th of June 2017, is highly competitive and they invest about 120,000 Euros per startup and only select best of the best. A total of 20 global startups are selected and they also get the chance to work one on one with Venture Capitalists.
What Did HypeHash learn?
During their 15-day stay at Menocra, the team at HypeHash learned that early company structuring is crucial and is literally a make it or break it scenario in the eyes of big VC firms. So equity dispersion at early stage is the most crucial thing for a global focused startup from anywhere. Sri Lankan startups need to really prepare and VC firms outside Sri Lanka pay very strong attention when the early stage equity at pre-seed and seed stage.
They also learned to keep the tech-base and IP in Sri Lanka, but also to incorporate in the US as a Delaware C corporation if you need to raise funds oversees. This is something that will always come up at some point and you should be ready to do it. Lastly, it’s important to not be afraid to re-think about what’s your core competitive advantage and align all your resources and personnel towards horning that essential core set of skills.
During their participation at Menorca Millennials, the HypeHash team might just get what they’re looking for in terms of investments and funding. We congratulate them on their efforts and wish them all the best in their future endeavors. If you’re interested in Menorca Millennials, you can click here to view more about them.