The Phandeeyar Accelerator, the first startup accelerator in Myanmar has launched on 10th June. It is a six-month program based in downtown Yangon and targeted at early-stage startups in the country. Myanmar has lots of potential for startups. Tens of millions of new internet users, most of them in mobiles, has got the scope to use technology to fix anything from traffic congestion to money transfers.
Phandeeyar Accelerator is aiming for early stage companies that are building or have completed a rough version of what they’re aiming for, but who haven’t held any funding rounds. They are open to startups from any field, from fintech to politics. “We invite anybody to join as long as they are based here and their product is targeting a Myanmar audience,” says Jes Kaliebe Petersen, the accelerator’s director. The program is primarily focused on Myanmar entrepreneurs, though foreign entrprenuers may apply but they are encouraged to have Myanmar locals on their team
The program will initially last for 6 months per batch. Those taking part in the program will have access to services from Wave Money, Myanmar’s biggest mobile money services provider. Each startup will be given credits for six months of English language training from Edulink.
The startups who will be accepted into the program will receive US$25,000 in seed investment from Phandeeyar, as well as US$200,000 in services from the likes of Facebook’s FBStart, Microsoft’s BizSpark cloud services, Amazon AWS, Ogilvy PR, Telenor Myanmar, and others. The first batch of startups who got into the accelerator will be announced in August, with the program beginning in earnest in September.