LUISS ENLABS’ “The Startup Factory” is one of the leading startup accelerators in Europe… LVenture Group provides startups participating in the Program with a Micro-Seed investment of 80 thousand Euros.
Name of Accelerator: LUISS ENLABS “The Startup Factory”
Location: Rome, Italy
Managing Director: Augusto Coppola
Press and Communications: Emilia Maria Pezzini
This article is part of our Startup Accelerator Spotlight Series featuring accelerators from around the world. We hope these spotlights will assist the entrepreneur should they consider attending an accelerator program.
In two sentences or less, tell us about your accelerator and its objectives.
LUISS ENLABS’ “The Startup Factory” is one of the leading startup accelerators in Europe, born from a joint venture between LVenture Group, listed venture capital operator investing in digital startups and LUISS University. Twice a year it runs a 5-month intensive Acceleration Program aimed at bringing startups to generate revenues on the market and conclude a subsequent round of investment.
Why is your accelerator program unique? Please describe the benefits of participation in your program.
During the 5 months of the accelerator program, startups participate in seminars and are followed through business development, investor networking, management and technological development by a team of experts and the advisors from a board of over 50 qualified members with different expertise. The Scrum method is used: at the end of the two-week “sprints”, startups present the results obtained. LVenture Group provides startups participating in the Program with a Micro-Seed investment of 80 thousand Euros, of which 50 thousand Euros for services, carried out through Participating Financial Instruments (PFIs) issued by startups themselves can be converted into equity of 9% at the end of the Program if the startup has achieved significant results. The strong link between LUISS ENLABS and LVenture Group, which provides startups with financial resources, has enabled the achievement of important results; the success rate of the Program in terms of third-parties investments at the end of the path is 94%, well above the global average. These results are possible thanks to the support of an extensive network of investors, corporations and institutions, including LUISS University and the partners WIND, BNL and Accenture.
Further, LUISS ENLABS is headquartered in a co-working space of about 5000 sqm in a strategic location in the historic wing of Rome’s Termini Station.
What is the most difficult part of working with startups?
The most difficult part is yet the most interesting; working with startups means dealing with many different contexts in terms of sectors, business models and teams, at the same time and continuously switching from one to another. Getting to know the context in which a particular startup is developing its innovative solution is an extremely interesting yet intense activity.
What do you enjoy the most; what do you find most appealing about working with entrepreneurial startups?
The key motivational drive in working with startups is the incredible passion and determination the founders devote to what they are doing. When you work with young teams, you inevitably get influenced by it and feel inspired by the fervor in their gaze. Also, as we said before, it is a dynamic and heterogeneous environment where you get to deal with many different contexts, startups and people, thus having the chance to continuously learn new things in different fields.
< see related: “Key to Startup Success: Customer Discovery” >
Tell us about your success stories; which are the most interesting companies to have participated in your program?
Although there are many interesting and successful stories in many regards, one of the startups we’re most proud about for the results achieved is Remoria VR, a startup that produces innovative input devices for mobile virtual reality which allow users to enjoy a fully immersive 3D experience. This startup graduated from LUISS ENLABS Acceleration Program in November 2016 and within a few weeks it was able to conclude 700K Euros investment round. Another success story is that of Tutored, a Social platform that connects students, societies and universities from around the world, allowing students to organize their university life and hit the ground running. Tutored was born from the idea of three young university students and was accelerated by LUISS ENLABS in the second half of 2014. Today the company has a team of nearly 20 members and has started its international expansion across Europe, with 3 countries where the service is already active.
What are the three most important factors startup entrepreneurs should consider when contemplating attending an accelerator?
First of all, they should make sure the accelerator is the right investor type according to the phase the startup is living, as every startup phase has its matching investor type. Taken into account this premise, startup entrepreneurs should consider these three main factors:
- In order to apply for an acceleration program, the startup must be beyond the “Idea” phase.
- It should have at least an alpha version of the product or even better an MVP.
- The startup team must be fully committed, well structured and heterogeneous in terms of skills.
Looking for an accelerator to attend? Check out our Startup Accelerator Spotlight for additional accelerator overviews!
What else would you like to share?
Well, images are better than words to allow you to better grasp the spirit and perks of LUISS ENLABS, so, something we would really like to share to conclude is our newly released video. Enjoy!
Is Your Startup Investable? Take the Test and Find Out Now!
Are you familiar with other accelerators you believe should be spotlighted? If so, we would like to hear from you. Tell us about them, sharing your comments below.