The Media Lab Bayern is increasing the financial support for its fellows. Furthermore, the startup program is being extended from six to nine months. Applications for the next batch are open until December 15.
The Bavarian State Chancellery is extending its support for the Media Lab Bayern This will allow the media incubator to increase its startup funding. Starting with the fifth batch of the Media Lab, whose application phase is currently underway, teams will receive up to €50,000 in support, up from the previous €15,000. In addition, the funding period will be extended from six to nine months.
“Successful startups consist of full-time founders”
The Media Startup Fellowship begins in February 2019 and is aimed at interdisciplinary teams that have already developed an initial prototype. Over a nine-month period, the Media Lab Bayern will support the founders in further developing the prototype so that the product can be launched on the market. The teams will be supported by thematic coaching sessions.
"In four rounds, we have supported 19 teams so far and learned a great deal from them. For example, successful startups consist of full-time founders, and that requires funding. We are very pleased that the Bavarian State Chancellery attaches great importance to supporting media startups to promote Bavaria as a business location, so we were able to increase the financial support."
says Lina Timm, Managing Director of Media Lab Bayern.
Starting with the next batch, the fellowship will be divided into three phases: In the first three months, participants will receive €10,000 in funding and coaching on product, business model, UX design, and pitching. In the following quarter, the best teams from the first phase will receive an additional €10,000 and coaching on marketing, growth hacking, and sales. Selected participants in the second phase will then receive €20,000 in funding for an additional three months and receive coaching on investment, recruiting, and legal topics.
In addition, the fellows receive €10,000 in non-cash support for coaching and coworking. Media Lab Bayern does not take equity stakes in the startups.
Applications for the Media Startup Fellowship can be submitted here until December 15, 2018.
