F.A.Q' s
Frequently asked questions
JKX Programs
- Accelerate is a structured startup accelerator program that provides seed funding, training, mentoring, access to market and other resources for early-stage startups looking to speed up the process of developing and validating their business assumptions towards a working business model that is ready for follow-on investment.
- Innovate is a collection of open innovation challenges that provide startups and scale-ups an opportunity to solve real life business challenges and co-create solutions with established businesses, reducing both cost and time to market through mentoring, access to live test bed environments and training.
- Elevate is for scale-ups / mature startups with a certain degree of proven business model viability with seasoned full-time founders who are looking for growth capital to scale up their business with the support of our advisory, corporate and partner networks.
- Yes, participants of the Accelerate track can also join the Innovate track where your team can solve the presented challenge statements. Once the applications open for JKX Innovate, you may apply. Your case for investment at DEMO Day could be made stronger if your solution to the challenge listed is compelling and satisfactory to the business.
- Yes, If you are interested in expediting the growth of your startup through the funding and additional support given through JKX Accelerate, you can also apply for that.
JKX Accelerate
- 5,000,000 LKR and follow on funding up to 50,000,000 LKR
- 10% initially
- 50,000,000 LKR (5Mn for 10% initially)
- Mentoring and training
- Office Space
- Access to JKH networks / channels
- Access to JKH corporate services for advice and guidance
- We will be accepting applications for the JKX Accelerate track from 1st December 2021. The final date for applications is 30th January 2022. The pre-accelerator development window will be from 1st March till 31st May 2022, followed by the Demo Day in June in Colombo, Sri Lanka.
- In consideration of the prevailing situation, we will be conducting the program with a hybrid approach, because we believe certain elements of an accelerator program can only be done effectively in person. This will be decided depending on the situation at the time, on an ongoing basis.
- Up to 30 teams compete for Rs. 5 million in seed funding and entry to the John Keells X Accelerate program. During a 3–4-month pre-accelerator window these 30 teams will be given support to fine tune their businesses and get investor ready, leading up to DEMO day where up to 7 teams are selected and funded with Rs. 5 million each. Those teams then get office space, training and support to further validate business assumptions and demonstrate traction in the market. Those teams can then pitch for up to Rs. 50 million in follow on investment.
- Teams selected for JKX Accelerate are put through the pre-accelerator program where they are armed with the skills and given the guidance required to deliver or fine tune a Minimum Viable Business Product (MVBP) that is ready for seed funding. In June 2022, we organize an event called Demo Day at which the teams present their business plans to a carefully selected, invite-only audience and vie for investment of Rs. 5 million each (for up to 7 teams).
- YES, it does. In fact, money is only a small part of what we do.Selected teams receive training by industry experts on the skills needed to successfully scale up an idea to a successful business. You also receive mentoring by business leaders to guide your startup to success. Teams selected for the accelerator also receive office space in Colombo during the program duration. Most importantly, you get access to the corporate and partner networks of Sri Lanka’s largest conglomerate providing you superior access to market and our customer base. It’s the whole package!
- The goal is to build an impressive proof of concept to take to later stage investors to raise more money.
- No, we'll consider startups in any field building technology or tech-enabled solutions that disrupt or complement traditional business ecosystems
- We are industry agnostic in terms of investing in and supporting startups. However, startups that focus on our or our partner’s industries will have an added advantage in the types of support we offer, especially in terms of access to market, domain knowledge, expertise and opportunities to commercialize solutions. We are also happy to explore opportunities that lie adjacent to our industries e.g., healthcare for insurance, last mile solutions for retail, financial technology etc.
- On or before 30th January 2022. Groups that submit early have a significant advantage because we have more time to read their applications.
- Over the course of our application receiving period in December and January, we'll invite the teams/companies that seem most promising to meet us at John Keells. We decide who to shortlist after the interviews. We will begin the process soon after the Open Day in June.
- The application will be online from 1st December 2021.
- YES; we are thankful to GE, Y-Combinator, Citi and many other organizations for their amazing work on disruptive innovation and related programs. Our JKX Innovate track was inspired by the Open Innovation Network from Enterprise Singapore (Link to https://www.enterprisesg.gov.sg/.)
- Not a prerequisite for us. We make selection decisions based on our application form and personal interviews.
- We'll consider shortlisting you, but your chances are about ten times better if you have a technical cofounder. It's much better if you find one yourself through friends of friends than if we introduce you to someone. Teams thrown together for the purpose of starting a startup usually fall apart under stress. You need some kind of personal connection.
- The people in your team are what matter most to us. We look for brains, motivation, and a sense of design. Experience is helpful but not critical. Your idea/business is important too, however most successful startups change their idea substantially.
- No, we won't sign an NDA. Please read the terms and conditions. In this connection you may want to read the first section of How to Start a Startup on the value of mere ideas (link to http://www.paulgraham.com/start.html).
- The ideal team would have two or three founders. Team size could range from 1-3 members.
- Sure. Make sure to make separate form submissions for each idea.
- Yes. Even if we tried not to accept competing companies, we'd still get overlap because startups' ideas morph so much.The way we deal with it is that when two startups are working on related stuff, we don't talk to one about what the other's doing.
- YES. In fact, we like battle tested startups. However, if you think your startup has grown beyond the need of an accelerator, and growth capital funding is what you seek, our Elevate program might be for you.
- Yes of course!
The capability and commitment of the founding team, the level of development of the business, the execution of the initial idea demonstrated by the founders to date, and the strength and scale of the business value proposition. The compatibility of the project to an existing or related industry of John Keells Holdings PLC, could be an advantage, but not a must.
Record a 1-minute video introducing the founding team and elevator pitch.
- Upload the video to YouTube with your team/startup name in the video title.
- Make sure to set the privacy setting of the video to public (link the previous text to this video - https://youtu.be/zDHStdBNbXM). The video is super important for us to make a good assessment of your application.
A minimum viable product (MVP in short) is a very basic version of your product that you can offer to your customers and observe their actual behavior with it. It allows you to collect the maximum amount of validated learning about your customers with the least effort and cost.
Yes. The objective of the accelerator is to validate business assumptions and accelerate progress, not to build your MVP.
Our network of partners helps us to expand the resource pool available to our teams, by complementing the best we have with the unique resources they bring to the table. If you need to reach out to our partners, we can arrange it for you.
Yes. This is a possibility and should be the objective of all startups entering the accelerator, but it will be at the discretion of the Company and subject to some rigorous evaluation criteria. The seed funding at the start is just the beginning!
Yes, but whilst we will try our best to assist, you would have to be responsible in sorting out the legalities of participating. You will need to make your own arrangements for accommodation and visa.
In order to keep this process fair and simple for everyone, the short answer is no. The same terms apply to all participating teams, and we won't negotiate with each team separately. The idea here is that setting out simple, clear terms at the beginning lets teams to get started building rather than spending time negotiating.
John Keells Holdings PLC is Sri Lanka's largest listed conglomerate in the Colombo Stock Exchange. From managing hotels and resorts in Sri Lanka and the Maldives to providing port, marine fuel and logistics services to IT solutions, manufacturing of food and beverages to running a chain of supermarkets, tea broking to stock broking, banking to insurance to real estate, we have made our presence felt in virtually every major sphere of the economy. Since our modest beginnings as a produce and exchange broker in the early 1870s, we have been known to constantly re-invent, re-align and reposition ourselves in exploring new avenues of growth.
JKX Innovate
- JKX Innovate is a collection of open innovation challenges which directly bridges the demand and supply components of the innovation eco-system.It provides startups and scale-ups an opportunity to solve real life business challenges and co-create solutions with established businesses, reducing both cost and time to market through mentoring, test bed environment and training
- The challenges are presented by companies within the John Keells Group, our corporate networks and partners.
- Startups and Scale-ups, or even an established enterprise with interest in the relevant domain.
Applications for JKX Innovate open on <Opening date> and will be open till <closing date>
- 3 teams will be selected per challenge, and 1 team will be selected for a live POC opportunity depending on the acceptance of solutions from challenge statement owners.
- The teams participate in weekly design sprints and get feedback, getting down with the Build - Measure - Learn cycle! They also get access to challenge owners, mentors, data, API's and/or sandbox environment where relevant.
- The teams will pitch to an industry panel of judges where one team from each challenge will be selected for a live POC. The winning team can also pitch for funding and entry in to the accelerator program of the JKX Accelerate track.
- The POC is deployed, and the teams get constant feedback. Depending on the success of the POC and feedback from challenge owners, get the chance to win a further paid pilot opportunity, funding or long-term commercial opportunities.
- JKX Accelerate is a startup accelerator program built to expedite startups to a point where they have a working business model ready for further funding. JKX Innovate is a series of open innovation challenges where startups and scale-ups work on solving real life business challenges and co-creating solutions with established businesses.
- Yes, the JKX Innovate track is also open for teams participating in the Accelerate track, who possess a solution in the industry the challenge is presented in. Once the applications open for JKX Innovate you may apply.
- Yes, if startups are interested in expediting their growth through the JKX training, mentorship and seed funding while participating in the JKX Innovate challenge, they can also apply for JKX Accelerate track simultaneously.
JKX Elevate
- Elevate is for mature startups / scale-ups with a proven business model, with seasoned founders who are looking for growth capital to scale up their business with the support of our advisory and corporate networks.
- Our primary means of support will be through growth capital to scale your venture. You will also receive advisory services from our industry leaders, gain access to our corporate networks as well as receive training tailor made to your needs.
- There is no application process, simply get in touch with us by filling out the inquiry form.
- No, since mature startups/scale-ups have their own unique needs.
Filling in the Application Form
- Yes.
- Metabeta is an awesome accelerator management platform that allows you to create your own company profile along with answering all our application questions. You get your own username and password so that you can sign in anytime. We will also manage all communications and accelerator activities via this platform.
- No, you can take your time with it and fill it step by step. You can return to the application form at any time. Just make sure to submit it before Applications Close.
- 30 th of January 2022
- No, we cannot see your unfinished application and can only view your basic details such as name, email address and company name. The rest will only be visible to us once you click ‘submit’.
- Yes, you can. The only way to do this is to contact us on 0773716888 or email [email protected] and inform us. We can then move your application from the submitted list back to ‘draft mode’ so that you can continue to edit and then resubmit your application.
- Yes, once you create and submit your application, we will use the Metabeta platform to also communicate directly with you.
- If your submitted application has been moved back to ‘draft’, check your messages from us – we probably noticed that you had an error or missed to fill out a crucial part of your application and we would like you to fill that in and re-submit it.
- No.
- The only individuals who will view your application forms will be internal staff and individuals who are assigned to review your application.
- Yes, it is a mandatory field, if you submit your application without the video, we will move it back to drafts for you to add it.
Go-To Market Horizons
- You must be engaged in development of a software-based product or service that will form a core piece of your current or intended business - this software must be owned, not licensed.
- Your Startup has not already received more than a total of $10,000 in free Azure.
- Your headquarters must reside in the countries covered by our Azure global infrastructure.
- Your startup has not gone through a Series D or later funding round.
- Your startup must be privately held.
- Your startup must be a for-profit business.
- Your startup is not an educational institution, government entity, personal blog, dev shop, consultancy, agency, bitcoin or crypto mining company.
- Business management workshops with sessions on topics like leadership, growth, marketing, legal, IP etc.
- Guidance on how to enter SEA markets
- Access to potential investors
- One-on-one sessions depending on stage of business
- Tech bootcamps
- Mentorship & MS resources depending on stage of business
Ask Us
Quick contact form
JKX Programs
- Accelerate is a structured startup accelerator program that provides seed funding, training, mentoring, access to market and other resources for early-stage startups looking to speed up the process of developing and validating their business assumptions towards a working business model that is ready for follow-on investment.
- Innovate is a collection of open innovation challenges that provide startups and scale-ups an opportunity to solve real life business challenges and co-create solutions with established businesses, reducing both cost and time to market through mentoring, access to live test bed environments and training.
- Elevate is for scale-ups / mature startups with a certain degree of proven business model viability with seasoned full-time founders who are looking for growth capital to scale up their business with the support of our advisory, corporate and partner networks.
- Yes, participants of the Accelerate track can also join the Innovate track where your team can solve the presented challenge statements. Once the applications open for JKX Innovate, you may apply. Your case for investment at DEMO Day could be made st
- Yes, If you are interested in expediting the growth of your startup through the funding and additional support given through JKX Accelerate, you can also apply for that.
Should I apply?
Other
Ask Us
Quick contact form
Feel free to contact us
Do You Have Questions?
Ask Us
Quick contact form
Ask Us
Quick contact form