Financer: Government of Latvia, ERDF, private entities
Purpose: Buildit is an accelerator that supports hardware and IoT startups in turning an idea into a tangible, market-worthy product. Buildit experience is based on 10 acceleration programs that have been run in Estonia (2014) and continued in Latvia since 2018. The program is specifically designed for IoT and hardware startups. Four months program is designed for IoT/hardware startup to get ready to raise the Seed investment they deserve
Terms for Designing & Prototyping: Application is organized through the form at www.f6s.com/builditaccelerator. Applications are always open, but the selection is made twice a year. About 10 teams are accepted to the Program in each batch. In the Pre-Seed stage Buildit may invest up to EUR 50,000 as a convertible loan with discount and valuation cap. Since each team might be in a different development stage, Buildit will set the milestones and KPIs individually at the beginning of each Program stage. Evaluations whether the investment is being spent wisely and there is a visible development of the product according to the KPIs will also be made case-by-case to make the decisions of follow-up funding 
Terms for Assessing & Going to Market: Requirements: Within the industries of hardware, IoT, mobility, productivity, smart living, energy, health-tech, etc.; Must have an MVP or working prototype; Scalable business model for a growing market; A team of at least 2 individuals with relevant experience; Worldwide applications welcome (relocation to Riga for the duration of the program required). Buildit offers: Pre-seed investment up to 50,000 EUR as a convertible loan; Leading or joining the Seed round with investment up to 250,000 EUR; Workspace in the city center; Accelerator program with world-class mentoring; Contacts with Asian & European manufacturers and investors; Optional participation in the follow-on program

Tags: Business Public Funding Assessing and Going to market Designing and Prototyping