Some of you must have woken up to the news that The Morpheus, the accelerator was shutting down. Well, the founders of the 6 year old accelerator just came out with a statement, saying that they are going no where! Only, The Morpheus– India’s oldest startup accelerator– will not be the the Morpheus it was so far.
Earlier today, Sameer Guglani, one of the co-founders of the Morpheus, told NextBigWhat that while they were thinking of what was next for Morpheus, they weren’t planning on shutting. In a blogpost a few minutes ago, The Morpheus said
6 years ago when morpheus was started, startup ecosystem in India was in its infancy…Founders these days are a lot more mature when they get started. Also a 0-2 year old startup has many good sources of support / advice & money. Lots of accelerators, incubators , hackathons, events, demo pitches, blogs, videos and a lot more. This observation led us to realize that the basic need for which our accelerator program was designed, is no longer a big need for the young startups in the indian ecosystem.”
The New Avatar
Morpheus, which used to provide a 4 month intensive acceleration program and Rs 5 lakh investment to startups, will now phase out the 4 month batch system. “We will start engagement with a startup at a time when the startup and the morpheus is mutually ready, anytime of the year; for as long as our support is relevant for them,” said the post.
Going forward, it will widen its focus and work with a few selected early stage startups. “We will be opening morpheus gang to companies in the next stages, 2-5 years / 5-10 years & across other categories,” they said.
What the Morpheus gang, as they’ve come to be known, have done for startups is quite something. Morpheus, which was founded in 2008 (way before the accelerator frenzy began in India), had a portfolio of 82 companies. Of them, 26 are shut, 10 are active, 6 profitable, 5 have given exits, 7 are yet to graduate and 28 are funded.