Frequently Asked Questions
What is the definition of a startup?
Since there is no proper definition for startups in the Maldives, SparkHub LLP developed and adopted the following definition:
“A startup is an early-stage company founded by one or more entrepreneurs to solve a pressing problem, using innovation that results in a unique product or services, is either bootstrapped or funded through friends and family, and has a business model that would be scalable and has high growth potential.”
What can be listed in Startup Maldives Network?
Startup Maldives Network is for listing startups, incubators, and accelerators who are formally registered as a business in the Maldives. The network now allows investors to list themselves and introducing Mentor Pool, whereby mentors could register themselves.
How to list your startup and update the information?
We have simplified the startup registration process with just a simple form, which once completed and submitted would be reviewed and updated by our team.
For updating any information once registered, please click “Request to Amend Information” place right next to the startup card on the Startup individual page. Once the information is updated, it would again go for a review process and our team would update it after verifying the information.
What is a Mentor Pool?
The Mentor Pool helps you to reach out to various experts from multiple fields who could provide their technical support in nurturing and growing your startup. The list of mentors registered to the mentor pool from various fields would be providing their technical support in nurturing and growing your startup. These experts vary from legal experts, communication experts, and business strategists to experts in the area of technology and IT.
If you think you could mentor a startup, just register today via Get Listed, and our team will review your profile and publish it into the mentor pool.
How to connect with a mentor?
The Mentees can click on the mentors they want based on their expertise areas and contact them directly via the email provided in the “Contact Me'” area in the individual mentor profile. Startup Maldives Network will only be listing the mentors and would not be responsible for the time mentors take responding to their emails.
How to compensate for the time and service of the Mentor?
Once a mentee makes a contact with the mentor, the mentor could assess the startup and decide what kind of mentorship, which they would like to extend. A mentor can decide to provide free voluntary guidance or take equity in your business or even decide not to be a mentor for the approaching startup founder (mentee). Startup Maldives Network would not be dictating to any mentor what kind of relationship they should be maintaining with a mentee.
What is the eligibility criteria to be listed in the network – STARTUP?
For you to be eligible to list your startup in the network, your startup must be registered with the Ministry of Economic Development. If you are listing a product under your company or partnership, you must have a business name registered under your company for the particular product.
What is the eligibility criteria to be listed in the network – INCUBATOR OR ACCELERATOR?
The incubator or accelerator must be registered and functional under your company. Any registration must include dedicated contact details (email, website, and contact number) and information should be available in the public domain.
What is the eligibility criteria to be listed in the network – INVESTOR?
Any investor, investment firm or Venture Capital firm that wishes to be registered in the network can list themselves by clicking the Get Listed option at the top of the website menu.