The Moscow Institute of Physics and Technology (MIPT), aka Phystech, one of Russia’s top technology universities, is launching its Phystech.Start business incubator this month to support young tech developers, Firrma.ru reported.
The founders of projects to be picked for the inaugural incubator program will reportedly be given co-working space at MIPT, and will also get the opportunity to get trained and consult mentors.
The participants are not eligible for financial support from the incubator itself—but rather from third-party investors and MIPT’s entrepreneurial partners that will give money based on a project’s individual merits.
It has been designed as a four-month acceleration program. The founders hope that at least 20% of the teams to be selected will be able to corroborate their value propositions with first sales and initial investments.
Microsoft is also reported to have plans to pick three incubator projects for its own acceleration.
Phystech.Start will focus on IT projects. In the first selection round, project teams will not be divided into thematic groups. Those that will join later will have to come within one or more of the key categories, including the Internet of Things and artificial intelligence.