In 2011, Fundación Repsol launched its Entrepreneurs Fund, a business accelerator specializing in energy startups . Its goal is to bring the best innovative solutions to market as quickly as possible, benefiting society as a whole and contributing to the development of a more sustainable energy model.
What is the Fundación Repsol Entrepreneurs Fund?
It is a business accelerator that offers non-refundable financial support, advice from a team of mentors, business training, and access to potential venture and seed capital investors. Currently the sixth call for this initiative is open, which provides a very interesting boost to startups that are working on projects on energy or mobility. Interested entrepreneurs can submit their proposals through the website fondoemprendedores.fundacionrepsol.com
Registration is done online, from the comfort of home or any other place, without additional procedures and above all at no cost.
Fundación Repsol supports startups at two levels of development. On the one hand, the “projects”, which have an innovative technology and / or business model that is already proven in a controlled environment or even in a real environment, and which have not yet reached the fully commercial phase. On the other, we work with “ideas”, which are startups with an earlier development.
For the former, in addition to advice and training, an economic amount of 144.000 euros is offered for a non-refundable fund for one year. For ideas, the financial support is 2.000 euros per month for 12 months. The acceleration process lasts one year, but in the case of projects, it is possible to extend it for another year, in which they will receive up to another 144.000 euros.
The call is aimed at SMEs, although individuals who have an innovative project in the energy and mobility sector but who have not yet established their company can also participate.
Another interesting aspect of this initiative is that it's an international campaign, offering startups from all over the world the opportunity to participate, as it doesn't require relocating to a specific workspace on a permanent basis. The Repsol Foundation's Entrepreneurs Fund supports companies working in one of these three segments:
- Efficiency, digitization and new materials in the energy and chemical industry
- The mobility of both people and things, including management systems such as Big Data and Data Science
- Distributed generation, as well as the storage of electricity.
Entrepreneurs Fund over the years
After five rounds of applications, the Repsol Foundation reports that 37 startups have now been accelerated by its Entrepreneurs Fund . These startups have secured approximately €13 million in both investment and external funding, and have registered more than 30 patents.
It is also important to mention that since its launch in 2011, the Foundation has received more than 2.000 proposals from startups wishing to participate and develop their capabilities. For this new call for applications, all selected companies will be announced during the third quarter of 2017.
Tips for Participating
To increase their chances of accessing support from the Repsol Foundation's Entrepreneurs Fund, interested startups should consider the following recommendations:
Ensure that your proposal meets the participation requirements , and that it complies with all the conditions regarding the scope of the proposal.
Register the project online through the Foundation's official website with accurate data.
The registration period began on January 16, 2017 and will extend until March 31 of this year; however, there is a possibility that registrations will close before this date.
It is recommended to complete all project details and information thoroughly, as well as provide any required documentation requested in the form. Startups may attach additional documents to provide more detailed information about the project.
Each startup can submit as many proposals as it deems appropriate, always taking into account the requirements and terms of the call for proposals.
After submitting the project information along with personal data , startups will be able to add more information through their user account.