Virgin Media and US based Techstars launched Virgin Media Accelerator in the UK.
The accelerator is looking for digital start-ups in Internet of Things, telecom infrastructure, customer data and experience, social enterprise, connected homes, connected goods and services.
Sucessful applicants can recieve a 13-week mentorship and guidance programme from Virgin Media, Techstars and executives from Virgin Media’s parent company Liberty Global.
After the 13-week programme, 10 start-ups will get to pitch their ideas to investors at ‘Demo Day’ in London for a chance to raise capital for their businesses.
In return for an investment of £13,000, the startups need to offer 6% of their equity. They can also opt for £65,000 in convertible loan note in exchange of an additional 4% equity stake.
Virgin Media managing director Peter Kelly said: "With the support of our parent company, Liberty Global, and our new partner, Techstars, we’re delighted to support this exciting programme in the UK.
"Supporting businesses of all sizes is at the heart of Virgin Media’s purpose. Virgin Media Accelerator will give the most exciting digital start-ups a phenomenal opportunity to learn, develop and grow."
Apart from Virgin Media, companies like Barclays, Santander, Telefonica, and John Lewis also have similar programmes to boost startups.
As it gained one partner in Virgin Media Techstars and Qualcomm parted company. .
The Qualcomm Robotics Accelerator programme were to run for three years, but the company has terminated it just two months after graduating the first set of 10 startups.
