Find the answer to all your questions
What is Bind 4.0?
Bind 4.0 is an acceleration program for Industry 4.0 startups. It’s a public-private initiative that promotes the development of promising industry 4.0 startups through training, mentorship and connections to the main industrial players in the Basque Country.
What is the program about?
Bind 4.0 aims to support industry 4.0 startups selected as the most innovative, accelerating their development and growth through an intense working program that includes:
- High quality training
- World-class mentorship
- Several networking sessions and close relations with the scientific-technological ecosystem of the Basque Country
- Co-working space
- Direct connection with the main industrial Basque companies and the opportunity to work jointly on the development of a real project
- Opportunity to access non-refundable funding, equity loans and/or favorable conditions financing from 30.000 euros up to a maximum of 500.000 euros, depending on the stage of the startup
Who promotes Bind 4.0?
Bind 4.0 is lead by the Basque Government and its business development agency SPRI. It collaborates with the main industrial companies in the region and is supported by the three Provincial Councils of the Basque Autonomous Community: The Provincial Council of Araba, The Provincial Council of Bizkaia and The Provincial Council of Gipuzkoa.
How much does it cost?
Nothing. Our partner companies pay for the development of your project and you will not be asked to transfer part of it in return for your participation either.
What is the language of the program?
The program will be in English, requiring at least one of the team members to have the necessary language skills.
What type of startups can apply?
Bind 4.0 is addressed to Startups proposing the use of new technologies in the industrial field. The type of qualified startups for the program are:
- Startups that have already finished the technological development stage of their product/service and are ready to define their go-to-market strategy and launch their product/service to the market.
- Startups that have a product or service that can be seen, tested or that is even already launched to the market.
- Companies founded less than eight years ago that need to accelerate their commercial development.
I have a business idea, can I apply?
Bind 4.0 is addressed to startups in the industry 4.0 field that have finished their technological development and are ready to finalize their product/service for launch to the market. Early stage and “idea phase” projects will not be accepted into this program. For further information, please contact us by e-mai to bind40 (at) bind40 (dot) com
Is it required to set up a corporation?
No, but applying startups must have finished their technological development and be prepared to finalize their product/service for launch.
Is there any nationality requirement?
No. Startups from any country can apply for Bind 4.0. The only requirements are to meet the legal requirements to stay in the Basque Country at least during the length of the acceleration program, and the commitment to carry out their main activity in the Basque Country.
What type of visas are necessary?
Visa requirements are determined by each country. Bind 4.0 will provide all members of selected foreign startups with a letter of recommendation from Bind 4.0 to include with their visa application. The Bind 4.0 team will do everything in their power to ease and speed up this process.
How do I sign up?
- Startups should sign up by filling out the application form.
- In addition, every team will be asked to send a video where founders introduce their startup. Any other attachments that provide additional information (demos, presentation, etc.) may also be considered.
- Application forms must be sent in English.
How does the selection process unfold?
The process is divided in three phases:
PHASE 1: Pre-Selection of Startups
- The Coordination Committee will evaluate all the applications and will select the best startups according to the previously defined assessment criteria.
- During this period, potentially eligible teams might be requested to provide additional information.
- The 50 startups with the highest score will pass to the second phase.
PHASE 2: Selection of Finalist Startups
- The Coordination Committee will evaluate the selected startups through “pitching” type interviews and role-playing according to the previously defined assessment criteria.
- Startups from the Basque Country will be interviewed in person. The other founders will be interviewed through video conference calls.
- Eventually, the 6-10 Statups with the highest global score (Phase 1 + Phase 2) will be offered to develop a joint project with one of the industry partners of the Program.
PHASE 3: Startup and Industry Partner matching
- Industry partner companies will propose to selected Startups with an opportunity to develop a real project with monetary compensation.
- Three ranges of compensation will be established depending on the reach and complexity of the projects proposed by the industry partners. The recommended project ranks are: Rank A: 25.000€, Rank B: 50.000€ and Rank C: 75.000€.
- During this phase, Finalist Startups and Industry Partners may meet to define the scope of the project and reach a collaboration agreement.
- In order to ease the legal terms of the agreement, the Program will facilitate a standard agreement template. However, both sides have full freedom to write other clauses in the contract.
- The Startups that achieve a collaboration agreement with industry partner companies will join Bind 4.0.
Who can access my documents?
Only the jury and competition managers will have access to the documents of each team. The documents will be strongly protected from any unauthorized access.
How will I know if my application is moving forward?
After closing the pre-selection process, Bind 4. 0 will contact the selected applicants to coordinate the interviews of the second phase. The applicants who have not been selected will also be informed of the result.
When interviews of the Phase 2 are done, the Bind 4.0 team will contact the finalist startups to coordinate the meeting between the startup and the industry partner company so that they can work on the definition and reach of the joint project.
What is the matching between partner companies and startups?
Partner companies will propose to each selected Startup the chance to develop a real project with monetary compensation.
3 ranges of compensation will be established, depending on the reach and complexity of the projects proposed by the industry partners companies. The project ranks are: Rank A: 25.000€, Rank B: 50.000€ and Rank C: 75.000€
During this phase, meetings between Finalist Startups and interested Partner Companies may happen with the aim to define the scope of the project and reach a collaboration agreement.
In order to ease the legal terms of the agreement, the Program will facilitate a standard agreement template. However, both sides have full freedom to write other clauses in the contract. Startups wil have the legal suppord of the Progam to make this agreement.
The Startups that achieve a collaboration agreement with industry partner companies will join Bind 4.0.
If I am selected, will I have to move to the Basque Country?
Ideally, the main members of every team should be placed at the Bind 4.0 acceleration espace in the Basque Country. If for mobility, espace or business reasons it is not possible for all of them to be there, at least the project leader and the relevant partners will be asked to be present during the acceleration program.
We do not live in the Basque Country, are transport and accommodation expenses included in the program?
The Program provides financial support to foreign startups in order to support its living expenses during the program. Also, Bind 4.0 helps you to find the perfect accommodation and workspace for your team, so you can focus on what really matters
What type of training is provided?
Bind 4.0 offers high quality training and guidance provided by outstanding international professionals. The training program is divided into several subjects separated into modules. The aim of the Bind 4.0 Program is to encourage Startup teams to work on their projects while they are being trained on acceleration issues.
What is the role of the mentors?
The mentors of the program will coach participants and try to bring out the best in each of them. They are well-regarded international professionals who offer their knowledge, personal experience and vision, with the goal of helping startups develop more effectively.
The team of mentors will guide the startups in each phase of their business model, marketing strategy, networking, etc., in an effort, among other aspects, to gain financing, investment or potential clients.
Why would partner companies invest in startups without equity?
The companies that partner Bind 4.0 are constantly searching for new concepts, innovative ideas and early stage startups that can contribute to their industry 4.0 challenges. Collaborating companies obtain profit by being in contact with the best entrepreneur talent of the world and also by developing innovative projects with controlled risks and costs.
How does the relationship between the startup and partner company continue once the project is over?
When the project is finished, the relationship between the startups and partner companies will evolve based on the needs and motivations that may arise between both sides, which they can agree to privately.
I have further questions, who should I contact?
If you have any doubt or query, do not hesitate to contact the Bind 4.0 coordination team at email@example.com. We will be happy to help you!