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 2017 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
In the form of a grant and a loan.
No Equity required.
Given in three amounts for following milestones achieved:
On selection for award: a Grant of 20% of the award.
On launch of product: a Loan of 30% of the award.
On acquiring Rs 1,00,000 in cumulative revenue: a loan of 50% of the award.
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.