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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 2018 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 Schedule:

Funding will be in the form of a grant. Such grant shall be given in three amounts upon achieving the following milestones. 

a.Fifteen percent (15%) of the amount shall be granted upon selection.

b.The succeeding Thirty percent (35%) shall be received by the grantee upon completion of screens and menu for 3 data objects as stated below.

Actual Developer milestone:

* Data Model & setup of table structure

* Identification of all UI and UI design

* Completion of login screens

At least 5 primary screens that covers 3 data objects             

c.The remaining amount is paid upon completion of MVP, Partner sign-off and production availability.

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.