The City Development and Innovation Company (CityDI), a subsidiary of the Shahr Bank (City Bank), is to launch a startup accelerator to provide reputable companies financial and technical support.
Titled City Innovation, the accelerator will support Tehran-based startups working on urban issues, news website Shanbe Press reported.
Director of CityDI Reza Beigi says given the bank’s strong ties with Tehran Municipality and its role in urban development, which by extension will be employed by City Innovation, the startup will provide companies in the relevant sectors help they need to grow and flourish.
“The accelerator will support startups financially and speed up the establishment of ties between them and the municipality,” he said.
Beigi said Tehran has long been grappling with a plethora of problems, namely disorganized expansion, overcrowding, suffocating air pollution, monstrous traffic… and startups can help find effective solutions to the rising urban ills.
Furthermore, to help establish close ties between academia and startups, the offices of City Innovation accelerator will be based at the Amirkabir University campus.
Mentors from Iranian E-Commerce Association will collaborate with the accelerator and offer courses for entrepreneurs and startup owners.
The accelerator is being established as part of an agreement between Shahr Bank and the Vice President’s Office for Science and Technology.
Several other banks such as Tourism Bank and Bank Melli have agreements with the government body to provide startups with loans, venture capital, and startup acceleration services.
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