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Last week FRII, the $200 million government-backed startup fund launched last year, and Microsoft announced that they were beginning an industrial accelerator to support startups developing IT solutions for education, healthcare, commerce, industry, the service sector, the financial sector and municipal services.

The project will receive support from Microsoft Ventures, the international subdivision of the corporation that is responsible for multifaceted support to young entrepreneurs worldwide.

The accelerator is intended for companies that have already developed a product prototype but are in the early stages of business development. Two four-month acceleration cycles are planned per year, in which ten startups can participate after submitting to a technical and investment selection process. The current application cycle is already underway.

The intensive acceleration program is made up of financing, including grants from Microsoft (with administrative and technical support from the U.S. Civilian Research and Development Foundation) and investment from FRII, consulting and educational services, infrastructural and technological support, and a work space for the startup during the acceleration. Residents will be able to discuss pilot rollouts with leading entrepreneurs in a variety of industries.

This story originally appeared on Www.ewdn.com. Copyright 2014

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