Singapore headquartered Lithan, is investing up to $3 million for the incubation of 100 start-ups in three years.
Lithan University College, a subsidiary of Lithan will be setting up the Lithan Technopreneur Accelerator programme in Yangon where aspiring entrepreneurs can apply.
Litan’s planning to help out by providing training, forming a team, mentorship, financial support and investor funding. Applications will go live by mid of May until the end of June 2016 and will be free of charge.
“We would like to kickstart and accelerate the development of Myanmar’s tech startup ecosystem with our ‘Lithan Technopreneur Accelerator’ programme. We will invest up to $3 million worth of training, allowances, facilities and seed funding to nurture 400 aspiring tech talents for the incubation of 100 startups over a three year period.” said Leslie Loh, CEO of Lithan.
Loh will be the chief mentor and judge of the programme, which has an investment portfolio of around 30 tech start-ups across Asia.
Lithan Technopreneur Accelerator programme is to take nine months, having three stages. The initial batch will accept 40 candidates with 10 teams to progress to stage two. Five start-ups will receive an investor funding to support their go to market validation in stage three. There is also a possibility that there is a follow-up investment by Singapore Angels and and other networks.
Qualifying start-up founders will be paid a stipend of $300 post the second stage (three months into the programme), by the time they will be working further on a business idea.
Lithan will take up to 15 pc of equity by the end of the cohort in the qualifying start-ups, said Sneha Kataria, lead, Lithan TechUp Accelerator.
“Lithan will also pre-seed the start-ups at the end of the cohort up to $25,000 per start-up,” said Kataria to DEALSTREETASIA.
Lithan will provide sponsored trip to Singapore to connect with the Singapore startup ecosystem for investor fund-raising and market outreach, stated in the release of Lithan.
“Coders and mobile developers are welcomed,” said Kataria.
In Myanmar, Lithan University College is located in Kamayut township and offer courses like Sales mastery, project management professional and Diploma in business information systems.