Startup Balkans

X Factor Accelerator

X Factor Accelerator goal is to encourage regional entrepreneurship by moving the startup scene outside the capital city. Their destination is Veles, North Macedonia.

X Factor Accelerator is one of the three accelerators supported by Fund for Innovation and Technological Development (FITD) in North Macedonia, in cooperation with the World Bank. Their goal is to encourage regional entrepreneurship by moving the startup scene outside the capital city. Their location is the town of Veles.

The Why. Your vision and goals. Please highlight what you want to achieve:

The goal of the X Factor Accelerator is to encourage regional entrepreneurship by moving forward the startup scene outside the capital city. For that purpose, we started the 30-month long project “Together we grow” which provides educational and financial support for developing innovative startup businesses with growth potential.

The project is supported by the FITD through the instrument of support – co-financed grants for the establishment, operation, and investments of business – technological accelerators.

The accelerator headquarter is in the center of the Veles municipality, on St. Boris Karpuzov No. 1. Our business premises are specially equipped and designed for the needs of its customers – entrepreneurs and startups.

The What. Your customer value proposition. Please highlight your portfolio of services:

X Factor Accelerator offers:

  • Financial support – The amount of financial support that we invest in startups depends on the development stage they are in at the moment of investing.
  • Educational/mentoring support – Our team offers continuous mentoring support to startups funded with financial backing. Additionally, we also create and deliver different training modules adjusted to the specific needs of startups going through our investment cycle. We select educators and mentors from our network of local and international business consultants and mentors.

The Who. Your target group(s). Please highlight whom you support:

We are working with formed teams of at least two individuals, with a clear vision to “seize” the world of entrepreneurship, and who have:

  • Created and market-validated innovative products/services with global market potential, in any industry,
  • Developed an initial version of a business model that promises substantial growth potential and
  • A strong drive for rapid commercialization through a clear “Go to market” strategy and sales plan to acquire first customers.
X Factor Accelerator in action

The Team. Please introduce members of your team (what are their unique skills/focus):

Our team includes experienced practitioners who have started their businesses and successfully manage them and business experts in creating growth strategies, innovation and entrepreneurship, marketing research, sales, finances, etc. These people provide continuous mentoring support to the startups who received investments.

Now, please meet members of our team:

  • Ph. D. Igor Andreev, Executive Director – Igor has more than ten years of experience in the consulting business, primarily related to developing and evaluating business ideas, encouraging entrepreneurship, creativity, and innovation, especially among the young population.
  • Milan Dimitrievski, Operations Manager – Besides working at X Factor Accelerator, Milan manages his own company Delta-prom ing DOOEL Veles. Founded in 2013, Delta-prom is one of the most successful construction sector companies in the region and beyond.
  • Todor Levkov, Financial Manager – He has more than thirty years of work experience in the financial banking sector, especially in giving loans to legal entities. On top of that, Todor also has extensive experience monitoring the market, customers, and loan activities.
  • Sasko Pancevski, Main Business Advisor – Since 2008, he is the founder and Executive Director of EUROPAP DOO Skopje. The company is a member of the DHYS Group, a leading international trade association in professional hygiene products and services. DHTS Group includes seven eminent European wholesale distributor groups and about 120 companies, which are present in more than 25 states.
X Factor Accelerator team

The Success. Please describe your most significant success(es), something you are most proud of:

We made a detailed, in-depth analysis of all business ideas that we have seen in the previous cohort of startups in the X Factor accelerator program. Following the previously established criteria, the Investment Approval Committee members decided to invest in the two most attractive startups, estimated to have enormous potential for rapid growth globally. On top of that, we have analyzed another startup idea. We do not rule out the possibility of announcing another investment soon. With two investments made so far, and the chance for making a new one, we will be the first of the three accelerators established with the support of the FITD that managed to finish the investment process in two startups. These results that we have achieved make us incredibly happy and give us a strong motivation to continue working even harder in the next period.

Information. Please share your website and social media links where people can follow and contact you directly :

Ivana Sabo