Economy, Sci & Tech

Top 3 of Bojnourd Startup Weekend

Top 3 of Bojnourd Startup Weekend  Top 3 of Bojnourd Startup Weekend

In the first of its kind, Bojnourd's startup weekend concluded on Friday and the winning teams were announced the following day.

Beginning last Wednesday, 10 teams competed over three days, pitching their startup ideas against one another in the capital city of North Khorasan Province, IRNA reported.  

The top three ideas selected were 'Nanavar', 'Dideh-Sho' and 'Kif-e Pool-e Hooshmand' meaning 'Breadwinner', 'Be Seen' and 'Smart Wallet' in Farsi respectively.

Though one can make rough assumptions, the exact nature of the three startups were not explained in the IRNA report, nor did the news agency give links to their websites.

If commercialized, the top three ideas selected will receive the incentives to give them a kickstart. Primarily, the teams will receive low-interest loans to the tune of 500 million rials ($14,500 at market exchange rate). They will receive an additional 3 billion rials ($86,500) afterwards, if successfully commercialized.

The traditional method of funding is not being used in this round where instead of receiving a low interest loan, the startups would win investment in exchange for a share of the company's equity.

Startups outside the capital are few and far between. The main issue for budding entrepreneurs is the lack of support in their respective cities, whether that be financial or mentoring.

Currently, there is one startup working center in the city of Babolsar in Mazandaran province. Although low in funding, the hotbed of ideas has been commended for its forward thinking management.

In Tehran, the case is rather different with at least three startup accelerators in action, two with the blessing of universities, including Sharif University of Technology dubbed Iran's MIT.