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Review on Smart Future Lab by Olugbenga Ajayi

Smart Future lab is bringing innovation to power sector

Smart future lab is located in Budapest, Hungary and is the first Hungarian early stage incubator. It was established in 2016 and targets startups with ideas in electricity, transmission and distribution, storage, renewable energy, smart devices and natural gas.

It provides a long duration of mentorship of between12 months to 36 months during which all successful start-ups must also undergo the MVM competition which will help startup to learn better and become more innovative.

The mentorship provided usually vome in form of funding, 1:1 training, exposure of startups to successful entrepreneurs who would share their experiences with them and business advisors who will gudeth to convert their ideas to marketable business.

However the webpage does not provide useful information regarding the amount of fund accessible and if equity is required. We do not also know much about the numbera of partners the company has and who are these companies. Information like these will go a long way in encouraging intending applicants.

By and large future labs is the first accelerator i that have learn about the invest in electricity sector.

Pros & cons

  • Startups undergo standard mentorship that span 1-3 years, whivh is enough to be exposed to sufficient knowledge and expertise
  • Smart futures helps startup to raise more capital beside what the company invested
  • The MVM competition opens the startup yo growth potential as they compete with better entrepreneur
  • The company is relatively new and has only graduated a few startup companies
  • Most of the fund come in form of grants from external bodies
  • There is no information concerning the percentage of equity required
  • No vlear information about the amount of funds accessible to startups on their webpage