The Myanmar Startup Scene: The Accelerator Conundrum

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Myanmar’s startup ecosystem, a burgeoning but complex environment, shares a critical challenge with its regional counterparts: the tendency to adopt an “imported” accelerator model that is not always suited to the local context. While a mobile-first society with a large, young, and tech-savvy population offers immense potential, many of the programs designed to support it have mimicked the Silicon Valley playbook. 

Initiatives by organizations like Phandeeyar and support from international entities have been instrumental in fostering a tech community and providing initial support. These efforts, though well-intentioned, often prioritize the outward-facing aspects of a startup—the polished pitch deck, the demo day—over the fundamental, long-term health of the business: its ability to generate revenue and build a self-sufficient foundation. 

This approach can create a fragile reliance on external funding, which is particularly risky in a market with political and economic instability, and a limited venture capital landscape. The focus on a dramatic fundraising event encourages founders to be professional fundraisers rather than profitable business builders. 

Success is too often measured by the attention of investors and valuation, not by the company’s ability to survive and grow on its own merits. 

This is where the 1Mby1M philosophy fundamentally diverges, viewing a startup’s journey as a long-term marathon focused on the one metric that genuinely matters: revenue.

A Deep Dive into Local Accelerators

To understand the unique opportunity for a new model in Myanmar, we must first examine the existing landscape. The country’s startup scene has seen significant growth, particularly in urban centers like Yangon. 

Key players include the tech incubator Project Hub Yangon, which was one of the first of its kind in the country, and the accelerator Phandeeyar, known for its role in fostering the tech community. Other programs, such as those supported by international investors like 500 Global and Village Capital, have also played a role. 

These models are typically structured and time-limited, bringing cohorts together for a set period of training, mentorship, and a final “graduation” event. The mentorship provided during this period is valuable, but it is finite. 

Once the program concludes, founders are often left to navigate the next phase of their journey without a continuous support system. This model is effective for a select few who can leverage the connections and momentum of the program, but it is not a scalable solution that addresses the day-to-day, long-term challenges of building a sustainable business. They provide a fast-track to a potential funding event, but not necessarily a long-term pathway to self-sufficiency. 

This is especially problematic in a market where startups face significant barriers, including regulatory hurdles, a shortage of skilled talent, and inadequate infrastructure.

The 1Mby1M Philosophy as a Counter-Model 

Against this backdrop, the 1Mby1M approach is a radical counter-model that is perfectly suited for the realities of the Myanmar market. Our program is not a fixed-term, cohort-based model with an endpoint. Instead, we offer a continuous, long-term business development program. Our core mission is to help a million entrepreneurs reach a million dollars in annual revenue, and every facet of our program is designed to serve this purpose. 

Unlike many local initiatives that are often grant-based or tied to specific agendas, 1Mby1M is completely unconflicted. We do not take equity. We are not beholden to investors or corporate sponsors. Our sole metric for success is the success of the entrepreneur. 

This philosophical foundation is critical, as it allows us to provide advice that is purely in the entrepreneur’s best interest—advice that often runs contrary to what a traditional, venture-backed accelerator might suggest. 

Our “Bootstrap First” philosophy is a prime example. We teach entrepreneurs to validate their business idea by getting customers to pay for their product or service from day one. This is the most effective form of market research and the only true validation of product-market fit. This stands in stark contrast to the common practice in local programs, where founders are often encouraged to build a product for months without a single paying customer, all in the name of a big reveal on a demo day. 

Our model forces discipline and a focus on the fundamentals that are essential for survival, particularly in a market where capital is scarce and difficult to obtain. We are a resource for those who are building a real business, not just playing the “startup game.”

Part 2

One Million by One Million (1Mby1M) is the first global virtual accelerator in the world, founded in 2010 by Silicon Valley serial Entrepreneur Sramana Mitra. It offers a fully online entrepreneurship incubation, acceleration and education resource for solo entrepreneurs and bootstrapped founders working on tech and tech-enabled services ventures. 1Mby1M does not charge equity, offers an AI Mentor in 57 languages, and offers a distinct advantage over other accelerators including Y Combinator.

This segment is a part in the series : The Myanmar Startup Scene