Last year, the world’s largest semiconductor manufacturer Intel launched ‘Intel Ignite‘, a startup growth program targeting early-stage companies that aim to be bold and innovative to disrupt their industries. The company recently announced the launch of two additional Intel Ignite sites in Austin, Texas, and Munich, Germany, following its success in Tel Aviv, Israel.
This is the first stage of expansion that will establish the program in multiple cities throughout Europe, North America and Asia. The company chose to establish programs in Austin and Munich because both cities are home to Intel sites with top-tier startup ecosystems.
“Intel’s purpose is to create world-changing technologies that enrich the lives of every person on Earth,” says Intel CEO Bob Swan. “We launched Ignite in 2019 both to support early-stage companies on their journey to success and to provide Intel employees with an opportunity to advance our purpose. In its first year, the Ignite program’s achievements have far surpassed our expectations and because of its proven, strategic impact, we are expanding its reach.”
What is Intel Ignite?
As part of this 12-week program for 10 early-stage startups, the company claims to offer ‘hands-on’ mentorship from global industry experts, leverage Intel’s and its partners’ access to relevant markets and prospects, an all-inclusive working space, along with networking opportunities. It’s worth mentioning that Intel Ignite will not take equity from startups as part of this program.
Intel Ignite has completed two successful cohorts in Israel and is currently accepting applications for the third cohort in Tel Aviv. The Ignite program in Munich and Austin will commence in the first half of 2021. Munich’s applications will open in 2020’s fourth quarter to applicants from across Europe; whereas Austin’s will open in 2021’s first quarter to applicants from across the U.S. All three programs will have a physical base at the center of their local startup ecosystem. The selection process and complete program will be delivered virtually while operating under pandemic guidelines.
Criteria to participate
As per the guidelines, the interested companies must be in the technology sector, should have secured a minimum of $1M (nearly €840K) in funding (seed, series A), an experienced founding team, significant IP, and a large market opportunity.
“Ignite was created to help startups realise their potential and to connect them with leading Intel experts. We are expanding the program to multiple countries so that we can work with a diverse array of startups tackling some of the world’s biggest challenges,” says Intel Ignite General Manager Tzahi (Zack) Weisfeld. “The startups we look for are fearless, pave new paths, and are not afraid of taking bold steps. Intel employees engaging with the startups in Ignite are challenged to work more nimbly and creatively, and they gain perspective on how other companies.”
Main image credits: Intel