NEXT CALL JANUARY 2020

Do you have an innovative project in the field of energy industry, mobility or circular economy?
We support you!

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We are already working with the startups selected in the last call. Meet these startups!

ACCELERATOR TEAM

  • Eduardo García Moreno

    Director of Entrepreneurs Fund

    Contact
  • Roberto Jiménez de la Torre

    Manager

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  • Gloria Vidal Torrado

    Manager

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  • Natalia Álvarez Liébana

    Senior Consultant

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  • Tomás Coca Stefaniak

    Head of Project Selection & Evaluation

    Contact

Bear in mind...

If you want to apply, you can find useful information here:

Last year, Fundación Repsol granted 9.5 million euros to social projects in the areas of education, integration of socially vulnerable groups, culture, science, employee volunteering and entrepreneurship.

This accelerator program is one of Fundación Repsol’s flagship projects. Our mandate is to contribute to the energy transition process by supporting pre-commercial startups with high impact potential.

Our strategy is to concentrate our resources in a small number (6-8) of meticulously selected startups to which we give up to 240,000 euros in up to 2 years.

We also do our best to help startups gaining visibility with Repsol in case they are looking to engage early adopter customers in pilot tests or trials.

No, it is not necessary to move from where you are. It could only be required to attend some occasional event or meeting organized by us.

Repsol and its Foundation do no not get any equity or any rights over the intellectual property of the startups in exchange of being admitted to the acceleration program.

If in doubt, we recommend applying to the program. Application takes some time to fill a form, but that is a good investment considering the benefits of being admitted to the program. We guarantee your application will go through a very thorough, professional and respectful evaluation process.

By that agreement, startups undertake the obligation of:

  • Being diligent with the accomplishment of their acceleration Work Plan and to submit a monthly follow up report and a closing report at end of the acceleration period describing the progress of the startup and convincingly explaining the deviations from the initial Plan.
  • To spend the grants received exclusively on the development of the Working Plan, and to keep and submit any records that Fundación Repsol deems necessary for its proper justification.
  • To inform Fundación Repsol of any other grants, awards, loans, or subsidies received as well as any offers received from investors and/or any foreseeable changes in the startup’s shareholding structure.

Additionally, startups admitted to our program must get a civil liability insurance policy, including employer liability if the startup has any employees, with a minimum coverage of 100K euros.

Finally, startups are requested to collaborate with the program dissemination activities and to report twice a year a few indicators of its evolution for a period of ten years.

On its side, Fundación Repsol undertakes the obligation of providing the grants and to appoint mentors to help with the development of the Working Plan.

The monthly report must cover the following issues: deviations from the Working Plan, justification and contingencies adopted. Technology development progress and results. Business model development progress and results. Startup financials. Conclusions of the follow-up meeting. Next actions.

We require not to submit any confidential or commercially sensitive information in the application process. In the final stages of the selection, and in some specific cases, it may be necessary to share more information for a better understanding of the potential of a startup. In these cases, Fundación Repsol will suggest signing a confidentiality agreement.

On a different note, your personal data are protected by Fundación Repsol’s Privacy Policy in compliance with the current Spanish/EU legislation on personal data protection.

We believe we can better help startups that not only need funds but also need good quality mentoring and pilot trials to demonstrate their innovations. If you believe you are not in need of any coaching, you may rather look to other financial support schemes or to venture capital investors for your business project.

No, we do not give any preference to startups from any particular country.

No, we are not looking at selecting one startup per scope; we do not give preference to a particular scope over any other.

Yes, it is considered. We believe we can better help startups that are ideally 1-2 years away from having recurring customers.

Startups that already have recurring customers have access to investors and therefore will normally be too mature for our program. We have the mandate to help startups in earlier stages, with fewer financing alternatives.

Mentoring is one differential feature of our accelerator program.

Each startup gets a team of 5 mentors. Two of them are ex Repsol high-rank executive retirees volunteering for this job. This people have been in charge of huge energy industrial projects for decades and, on top of it, they receive specific training to complement their corporate experience with startup-specific issues. These are “dedicated” mentors. They usually make themselves available anytime the founders need them.

The other three mentors are Repsol professionals. They may be available for the startup on request. They can provide technology support and market information and insights and, when possible, they would help startups to pave the way for a pilot trial with Repsol.

Mentors are appointed by Fundación Repsol considering the needs of the startup business project. Dedicated mentors are ex high rank managers with a long career in the energy sector volunteering for this job. They receive specific training to complement their corporate experience with startup-specific issues.

If the relationship with the mentors does not work, please let us know and we would take care of it. We also encourage mentors to let us know if that happens. In our program, mentoring must be a fulfilling experience for mentors and a valuable resource for founders.

Startups admitted to our program do not have any restrictions to do pilots with any early adopters, in fact, we encourage startups to contact customers the earlier the better to (in)validate the hypothesis of their business models, and pilots are an advanced stage of that process.

We know pilots are difficult to get for industrial startups and we try to facilitate trials with Repsol, but that is not always possible. When trials are possible, and depending of their characteristics, Repsol may request startups (under acceleration in our program or other) to formalize the pilot with an agreement. Startups do not have any restrictions to accept, negotiate or turn down such agreement, that without affecting their acceleration process with Fundación Repsol.

Repsol Corporate Venturing manages a €85 million fund to invest in commercial-stage startups around the globe. They look at some 600 startups a year aiming at investing in some four to six of them.

Members of the Repsol Corporate Venturing team participate as mentors in the acceleration program. They give their feedback from their investor perspective and, because they are work together with Repsol technology experts and are in close contact with Repsol business units around the world, they can also facilitate technology support, market information and insights, and their opinions can pave the way for startups to get pilot trials with Repsol.

If a startup in our accelerator program reaches the commercial stage, it would have more chances to attract venture capitalists, among them, Repsol Corporate Venturing. Startups do not have any restrictions to engage in negotiations with any particular investor, that without affecting their acceleration process with Fundación Repsol.

Startups admitted in our program receive €5,000 a month (€60,000 along the year) for “ordinary” expenses. These grants are to be spent in reasonable salaries, rent, energy, communications and the rest of the ordinary expenses of a company.

Startups can also apply for another €60,000 additional funds for “extraordinary” expenses. These must be expenses directly linked with the development of the agreed working plan.

Applications for extraordinary funds are discussed case by case and it is up to Fundacion Repsol to accept or not accept the extraordinary expense application.

Every quarter, mentors evaluate the progress of the startup according to 6 dimensions: team performance, legal issues, product development, customer development/sales, business plan and fund raising. After the first three quarters of the acceleration period and, in view of the progress of the startup, mentors may recommend the extension of the acceleration program for a second year.

There is no limit to the number of applications you can submit. If you are working in two or more technologies or business models, you may consider submitting an application for each one of them.

Yes. We do not impose any kind of restrictions in that respect as long as the founders keep in control of the startup and the Working Plan is not negatively affected.