15th Call for Proposals for the Entrepreneurs Fund

Regardless of the scope of application and country of origin, we focus on those startups that offer an innovative, high quality technological proposal with scaling potential. However, we are always seeking to maximize the value of our support, we believe that we can best help startups that have developed at least one Minimum Viable Product or preferably an advanced prototype, seeking to validate their technology and consolidate its deployment in the market. 

Throughout the different phases, experts in specific areas will evaluate, among others, the fit of the startup with the requirements of the program, the quality and level of technological innovation, the applicability and scalability of the technological solution, the viability of the business model, the current and potential social impact, the talent of the team and their ability to scale the company, and finally, the possibilities for the Foundation to design a high-value acceleration plan for the company.

The selection process takes place between April and June, in successive elimination phases, as follows:

1. Initial filtering to validate the fit with the requirements of the program. 
2. Analysis of the general proposal, the technological proposal and the challenge to which it provides a solution. Discussion between evaluators and the Entrepreneurs Fund team.
3. Evaluation of the potential of the technology and its viability in the market by experts from our TechLab and Repsol Group businesses.
4. An online interview to go deeper into specific aspects related to the technology, the business model and the potential of the start-up team.
5. In those cases where it is considered necessary, the evaluation may include a visit to the startup's facilities by the Repsol Foundation team.
6. Pre-acceleration phase: a working session with experts and the Entrepreneurs Fund team to help entrepreneurs present their project in the final phase.  This support includes the identification of the startup's needs, the preparation of a work plan proposal, definition of the pilot, objectives and milestones to be achieved in the event of being selected.
7. Final phase: The finalists will have to present their projects and answer the questions of a jury made up of experts and leaders in the industry who will select the finalists to join the 2025 acceleration program.

As an accelerator focused on the energy transition and impact, we choose to concentrate our resources and the dedication of our acceleration teams on a small number of startups (between 6 and 8 per year), in order to design a tailor-made, high-value proposition for each of them, hence increasing their chances for success.

The selection process is designed in such a way that it also provides value to the candidate startups. They have the opportunity to have their technology and business model constructively evaluated, as well as to interact with both technology and business experts (starting from the third phase of the evaluation process).

The acceleration process consists of implementing an ad hoc work plan defined jointly by the startup and the team from the Entrepreneurs Fund, with feedback from experts, aimed at covering the specific needs for the validation of the technology, refinement of the business model, and mentoring of the entrepreneurs. The work plan is associated with an action plan and a timetable.

Technological validation is usually associated with the execution of a pilot project with Repsol, although no limitations are established for carrying it out with third parties.

The work plan establishes the objectives pursued within the acceleration, the activities and intermediate milestones to achieve them, as well as the deliverables and indicators to measure their progress.

As a result of the technological validation and mentoring process, it is common to identify new lines of work and/or priorities, so the initial work plan may undergo variations depending on events as progress is made.

We are aware of the variety of startups we receive in the program and the different needs they face. For this reason, we have a wide network of mentors and experts that allows us to offer tailor-made accelerations.

As a general rule, the acceleration teams available to the startups are made up of:

• An acceleration project manager on behalf of the Repsol Foundation. This person is your focal contact person for developing the workplan and organizing the acceleration. 
• Two senior mentors, with managerial experience in energy-related businesses, responsible for large industrial projects and corporate directors, who have received training in startup coaching and mentoring. These are dedicated mentors with flexibility and availability to support startups.
• Repsol's active professional mentors. They offer technological support, information, and market knowledge:
  1. An expert scientist from Repsol's technology area (TechLab).
  2. An investment expert from the Corporate Venturing area.
  3. In addition, depending on the case, a Repsol business expert may join the team to coordinate the pilot and provide feedback on the applicability of the startup's proposal to the market. 
  4. We also facilitate access to experts in social impact to maximize the capacity of our accelerated startups to generate impact. 

The teams are designed by the Repsol Foundation, trying to select those experts with the ideal experience to respond to the acceleration needs identified by the startup. In any case, a certain flexibility is maintained to adjust the teams if, once the work has begun, the entrepreneurs deem it necessary to achieve the acceleration objectives. In our program, we understand that mentoring should be a satisfying experience for the mentors and a valuable resource for the founders.

The priority of the acceleration program is to help startups in their technological and business development, so as an accelerator, we try not to divert their focus or direct the use of their generally limited resources towards tasks that do not go in that direction.

You are the ones who set the timetable for consulting mentors. At Repsol Foundation, we only ask that you attend the follow-up sessions and prepare a monthly report, which we believe is essential to meet the planned objectives and to be able to provide the best support and mentoring to you.

Startups shall work according to the agreed schedule and turn to mentors for advice and support on specific aspects of the defined work plan.

The startup meets on a monthly basis with the acceleration team in order to follow up on topics such as planned milestones, focus of the work, tests carried out, difficulties encountered, priority areas for support, progress made, changes in scope and the necessary re-planning, definition of next steps, company finances, and reporting on the use of funds. During these sessions, the acceleration team provides feedback and recommendations to the startup.

Often, when an area of work is identified that requires more in-depth mentoring, ad-hoc working sessions are organized to address specific issues.

In order to get the most out of the monthly meetings, you are asked to share a report with the above information prior to the monthly meeting, which will serve to document the technological developments achieved, as well as the assumptions and tests used.

The program is carried out remotely, it is not necessary to move from where you are located. You may only be asked to attend occasional sessions or meetings organized by us.

Repsol and its Foundation do not obtain any rights over the intellectual property of the startup by its admission to the acceleration program. 

In the case of being admitted to the acceleration program, a convertible loan of up to €120,000 will be negotiated with the option for Fundación Repsol to enter the capital of your startup with an equity stake of between 5-10%.

Before starting the acceleration process, the startup signs two agreements with the Repsol Foundation. First, the Regulatory Agreement, which sets out the conditions under which the acceleration takes place, which includes commitments on both sides and the development of an agreed work plan. The startups commit to the following:

• To be diligent in complying with their work plan and submit a monthly report and a closing report at the end of the acceleration period, describing the progress of the start-up and explaining any deviations from the initial plan.
• To use the funding received in the development of the work plan, and to keep and present the records that the Repsol Foundation considers necessary for verification of spending.
• To inform the Repsol Foundation of any other grant, concession, loan or subsidy received, as well as any offer received from investors and/or any foreseeable change in the startup's shareholding structure.

Second, the Facility Agreement is signed, which sets out the terms and conditions of the convertible loan.

In addition, startups admitted to our program must have a civil liability insurance policy, including labor liabilities if the startup has employees.

If the conditions require it, the startup must sign an agreement with Repsol, reggarding the previous ones, that regulates the development of the industrial pilot. 

The disbursements will be made in sequential tranches. The first tranche is delivered upon signing the Regulatory Agreement and will cover the costs of launching the pilot. Subsequent tranches will be disbursed based on reaching milestones specified in a mutually agreed work-plan.