VTB and Internet Initiatives Development Fund launch new recruitment of startups for the corporate accelerator
VTB is opening a third round of recruitment of technology companies to the corporate accelerator in partnership with the Internet Initiative Development Fund (IIDF). The bank is looking for innovative solutions in the following areas: services for retail and corporate clients, marketing tools to increase sales and improve customer experience, customer data analysis, cybersecurity, services for bank employees, among others. The full list of project selection areas is available on the website startup.vtb.ru. Applications for participation in the accelerator will be accepted on the website until August 24.
The VTB accelerator facilitates cooperation between technology startups and the bank’s business divisions, which identify interesting solutions to launch pilot projects. VTB specialists test innovative technologies and assess their maturity, potential business impact, and integration into the existing banking infrastructure.
The two previous accelerator recruitment rounds resulted in more than 30 pilot projects. Following the first completed pilots, 10 solutions have already been launched or are being prepared for launch in the business.
All startups that submit applications to the VTB Accelerator and pass preliminary examination will be given the opportunity to present their projects to the bank’s key business units. Based on the selection results, a minimum of 20 startups will be invited to the bank’s accelerator. The companies will then be able to work on business cases for testing, receive access to the bank’s infrastructure and expertise, and launch and implement pilot projects together with their customers. The bank will allocate from 500 thousand (US$7050) up to 1.5 million rubles (US$21150) for each pilot.
Vadim Kulik, Deputy President and Chairman of the Board of VTB Bank, noted:
“Developing partnerships with forward thinking technology companies is a key part of VTB’s digital transformation strategy. The VTB accelerator is a great opportunity for young innovative companies to present their developments to the bank and launch joint projects. The bank gets new opportunities to develop its technology platform and create additional competitive advantages thanks to the rapid implementation of innovative solutions offered by the market.”
Director of VTB Corporate Accelerator Natalya Degtyareva said:
“The experience of the first two accelerator recruitments has helped us to identify key barriers and set up new business processes for onboarding startups at the bank. The VTB Accelerator team together with IIDF conducted a detailed study of the technological needs of the bank’s main business units. This will allow the new accelerator cycle to increase the efficiency of the bank’s interaction with startups and increase the conversion of pilots into industrial projects.”
The Internet Initiative Development Fund (IIDF) was established in 2013 By the Agency for Strategic Initiatives on behalf of Russian President Vladimir Putin. The Fund conducts ecosystem activities, invests in technology companies at the early stages of development and growth, develops acceleration programs for entrepreneurs and corporations, and participates in the development of methods of legal regulation of the venture market.
"Accelerator IIDF"(a subsidiary of IIDF) is among the TOP 8 global accelerators according to Forbes authors and according to NAB — the most successful acceleration program in Russia.