MaxBlox has partnered with Founder Institute (www.fi.co) the global startup accelerator as a sponsor to Founder Institute in Chennai, India. The goal for MaxBlox is to build a vibrant and professional eco-system in Chennai. MaxBlox does not want to only provide technology, but also to provide crucial help to startups in the early stages.
The Founder Institute program is a three and a half month program that plans to train founders to build enduring and successful companies. The candidates have to qualify to be part of the program. After a rigorous and structured program administered by CEO/Founder mentors, they are expected to graduate from the program.
MaxBlox will provide a special benefit to two accomplished graduates of the program.
MaxBlox Funding Program
Founder Institute-Chennai 2018 Graduates
Rs 2,00,000 for five founders
Must be ENROLLED in the program by early deadline.
Winning teams will be judged on the following criteria in order of importance:
* Product developed using MaxBlox platform
* Customer acquisition status
* Product development status
* Team composition such as number on team, skill coverage, and depth of skills
* Idea potential – quality, market size, and scalability of idea
Funding will be in the form of a grant. Such grant shall be given in three amounts upon achieving the following milestones.
a.Fifteen percent (15%) of the amount shall be granted upon selection.
b.The succeeding Thirty percent (35%) shall be received by the grantee upon completion of screens and menu for 3 data objects as stated below.
Actual Developer milestone:
* Data Model & setup of table structure
* Identification of all UI and UI design
* Completion of login screens
At least 5 primary screens that covers 3 data objects
c.The remaining amount is paid upon completion of MVP, Partner sign-off and production availability.
Loan is paid back as follows:
* Interest rate is current interest RBI borrowing rate of India (Oct 21 = 6.750%)
* Principal and Interest amortized similar to house loans with a five year term.
* Monthly Payment starts ONLY when Rs. 2,00,000 of cumulative revenue is acquired
* Payment is capped to 10% of current month rev.
* Unpaid but due, added to owed amount. Extra amount if paid, reduces principal.
* Funding CANNOT be used for founding team salaries or compensation.
* Manage accounts of company in QuickBooks Online and allow access for auditing.
* Secured on company assets.
This program is not offered by Founder Institute, but by MaxBlox, Inc. and CellarStone, Inc. MaxBlox and CellarStone are the final arbiter of all decisions related to this program.