Prayank Swaroop, Partner at Accel
Global VC firm Accel has unveiled the new avatar of Atoms, an accelerator programme for pre-seed and seed-stage startups in India, Southeast Asia and the UAE. The programme will provide startups access to funding, personalised mentorship, and guidance from top operators and founders.
Since its launch in August 2021, Atoms has invested in 24 companies across two cohorts. The revamped Atoms 3.0 programme introduces a sector-based approach. Through closed groups, early-stage founders can collaborate, interact, exchange ideas, and grow in a more personalised learning environment.
The Atoms 3.0 programme comprises two sector-focused cohorts, each with its own focus and objectives. The AI cohort will be led by Prayank Swaroop while the Industry 5.0 batch will be spearheaded by Barath Shankar Subramanian.
Swaroop spoke with e27 about Atoms 3.0, its objectives, and more.
Excerpts:
What motivated Accel to adopt a thematic approach in its Atoms programme, deviating from the traditional accelerator model?
A sector-focused approach allows us to deviate from the traditional accelerator model with several benefits.
Firstly, it allows startups targeting similar industries and at similar stages of evolution to learn from each other and benefit from industry-specific guidance. This focused approach facilitates deeper assistance, marshalling of resources, and connections to industry experts.
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Secondly, sector-focused cohorts create a more personalised learning environment, enabling better collaboration, interaction, and exchange of ideas among startups. By building a community of like-minded founders in the same domain, we aim to foster collaboration and mutual support among the startups, increasing their chances of success.
Could you explain the key objectives and goals of Atoms 3.0? How has the programme evolved over the years?
Zero-to-one is the most challenging journey for an entrepreneur, as it sets the foundation for the business; that is what Atoms hopes to accomplish for our cohort founders. Atoms is constantly evolving and looking to improve the programme for founders.
Based on feedback from founders in cohorts I and II, we realised that founders want to be part of a community where they can learn from other founders and operators, and these learnings can get amplified if the people in the group are from within their industry.
We launched Atoms 3.0 as a thematic, sector-focused cohort programme with this learning. The idea is companies targeting a similar industry and at a similar stage of evolution get to learn from each other a lot. Atoms 3.0 will have two sector-focused cohorts — AI and Industry 5.0.
The redesigned programme will offer personalised learning, sector-specific mentors, and up to US$500,000 in investment for each selected startup.
Additionally, these cohort startups will get access to Accel’s growing global community. We introduced sector-focused cohorts and a more personalised learning environment through closed groups to foster innovation, creativity, and collective growth among the startups.
What differentiates Atoms 3.0’s Industry 5.0 cohort from the Artificial Intelligence cohort regarding focus and objectives?
The Atoms 3.0 programme comprises two sector-focused cohorts, each with its own focus and objectives. The AI cohort aims to tap into the pivotal rise of AI and its transformative impact on various industries. Startups within this cohort are sought based on their innovative use of AI for business applications and their development of tools that contribute to the AI ecosystem.
On the other hand, the Industry 5.0 cohort is centred around the fifth industrial revolution, which revolves around redefining traditional industries through technology. While Industry 4.0 is focused on automation and AI, Industry 5.0 goes beyond that to emphasise the collaborative synergies between intelligent humans and smart manufacturing machines. Startups in this cohort are classified under three areas: Machines, People, and Processes. They are expected to introduce cutting-edge technologies, sustainable practices, and human-centric approaches to revolutionise industrial operations.
How does the thematic cohort structure of Atoms 3.0 benefit startups in the Artificial Intelligence sector?
The revamped structure of Atoms 3.0 provides a focused environment for collaboration and learning. By bringing together startups working on AI technologies and applications, the cohort facilitates the exchange of best practices, insights, and challenges specific to the AI industry. Startups can learn from each others’ experiences, validate their ideas, and build stronger AI-focused teams. The access to Accel’s mentorship network, workshops on AI best practices, and community events with other AI startups further enhances their growth opportunities and industry connections.
Could you provide insights into the startups’ selection criteria for participating in the Atoms 3.0 programme?
For the AI cohort under Atoms 3.0, we will accept applications from founders based in India, Singapore, Indonesia, and the UAE. For the Industry 5.0 cohort, we are looking for founders from India and Indonesia to apply. We are kicking off Atoms 3.0 with these two cohorts, but as we scale the programme, we also plan to launch other themes.
Given our cheque size of up to US$500,000, we look to support companies seeking to raise under US$2 million. In our past two cohorts of Atoms, we invested across stages, including idea-stage and pre-product companies.
Our focus will be to invest in startups that fall under any of the following:
In AI, we will support AI builders (foundational AI research and products), AI enablers (tools for using AI), and AI users.
In Industry 5.0, we will back people, processes, marketplaces, and machines.
What are the expected outcomes and success metrics for startups that go through the Atoms programme?
The idea behind Atoms is to guide startups towards achieving product-market fit (PMF), a crucial metric indicating that their product meets the needs of their target market. Expected outcomes for startups include strong customer validation reflected in a growing user base and high retention rates, accelerated revenue growth, increased market penetration, and improved operational efficiency.
Further, startups that have achieved PMF often attract greater investor interest, which can lead to increased funding opportunities. The programme aims to empower startups to build products that effectively resonate with the market, leading to successful scaling and growth.
Can you share any notable success stories from the previous editions of the Atoms programme?
DhiWise, a DevTool startup from Gujarat (India), exemplifies the transformative power of the Accel Atoms program. Founded by Vishal Virani and Rahul Shingala to solve developers’ real-world problems, DhiWise encountered initial hurdles, including rejection from over 40 investors.
The tide turned with their induction into the Accel Atoms programme, which provided US$250,000 in non-dilutive capital, esteemed mentorship, and access to a global entrepreneurial community.
Over an intensive 100-day period, Accel Atoms nurtured DhiWise’s growth, culminating in the startup winning the esteemed Golden Kitty Award 2021 in the developer tool category.
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Today, with over 30,000 users, a million programming hours saved, and 5000+ installations of their Figma to code plugin, DhiWise is a sterling example of how mentorship and solid support systems can catalyse startup success.
Another notable success story is Fishlog, an agritech startup co-founded by IPB University graduates Bayu Anggara, Reza Fahlepi, and Abdul Halim. Fishlog is revolutionising Indonesia’s fisheries supply chain.
Despite the industry’s challenges, including a 20-29 per cent loss of fish during transportation and storage, Fishlog maximises cold-chain facilities, streamlines the supply chain, and minimises product waste.
Guided by the Accel Atoms programme, the startup successfully navigated initial obstacles, such as raising capital and hiring talent, and has since established infrastructure in 40 locations across Indonesia, built a workforce of nearly 200 employees, and launched the Fishlog Academy for talent development. Its unique business model, featuring a marketplace enabler and an inventory financing pillar, has transformed the fisheries supply chain, empowering fishermen and facilitating industry growth. Poised for international expansion, Fishlog aims to become a community-driven ecosystem enabler for the fisheries industry.
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Image Credit: Accel.
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