Overview

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.

 

Program

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.

 

Funding Program

MaxBlox will provide a special benefit to two accomplished graduates of the program.

 ATM 0708

MaxBlox Funding Program

Founder Institute-Chennai 2017 Graduates

Funding Available:

    Rs 2,00,000 for five founders

Eligibility

Must be ENROLLED in the program by early deadline.

Judging Criteria:

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 Structure:

                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.

                               

Requirements:

            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.

Disclaimer:

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.