EghtesadOnline: Samsung and Amirkabir University of Technology through their jointly established Tech Center in Tehran are to hold a joint startup acceleration contest on August 18 in Iran.
This would be the fifth round of the event which calls on software developing startups to put forward innovative solutions to national and global problems, in fields of water resources, health, hygiene, biomedical engineering, energy, education and environment, wrote local technology website Zoomit.ir.
Startups need to submit their ideas to be assessed by the event's judging panel. The participants should fill in some forms, answering queries about their ideas, how far along they have gone in their projects and either they have already formed a team or not.
In case they meet the initial requirements, a much more thorough proposal will be demanded; afterwards, they are set to enter the final stage where they will be judged after pitching their ideas in front of a panel, according to Financial Tribune.
Startup teams can consist of programmers, content providers, graphic designers and marketing agents.
>Tech Center Overview
Already supporting more than 30 startups, the Samsung-AUT Tech Center provides budding firms with services similar to accelerators; however, a fundamental difference sets the Tech Center apart from rivals.
The Tech Center's PR director Mehri Sharifi tells technology news agency Ecomotive that, "as the center works toward fulfilling social responsibilities, it does not claim any equity in startups; therefore, no cash payments will be made as the case is with accelerators to own shares in the firms, and a sum be will be dedicated as credit to cover the startups' expenses as seed investments, which depends on their field of activity."
According to her, one of the main challenges the center is grappling with is the fact that as the center claims no stake in return for the provided services, some teams achieving success will leave after four to five months of cooperation to join other accelerators.
Launched in April 2017, the collaborative project formed between the South Korean electronics giant Samsung and AUT intends to nurture ideas, shape R&D working groups and speed up the process of transforming startup ideas into products.
Samsung's Corporate Social Responsibility (CSR) Committee is in charge of providing the Tech Center with funds and equipment.
Research and Technology Center of AUT is, in turn, obligated to provide premises (the center is currently based outside the university campus) and infrastructural facilities.
CSR refers to business practices involving initiatives that benefit society. It can encompass a wide variety of tactics, from giving away a portion of a company's proceeds to charity, to implementing greener business operations.