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At Eleven, we’ve always believed our impact should extend far beyond writing checks. While funding is vital, our deeper mission is building a thriving entrepreneurial ecosystem across South and Central Eastern Europe by mentoring students, supporting women founders, and nurturing promising talent.
That’s why we’re launching “Beyond Checks” – a series where we’ll share initiatives where our team is personally invested in creating meaningful change. We begin with Elevate – the university accelerator that empowers students to become problem solvers while still on campus.
Turning Students into Problem Solvers
One of our core beliefs is simple: the world needs more people who see a problem and decide to solve it, rather than walk away. This problem-solving mindset defines true entrepreneurship – not just as a career path, but as a way of approaching life’s challenges.
Back in 2019, we spotted our own problem to solve. Universities were full of bright, talented students with ideas but no real pathway to turn them into businesses. Academic learning, while valuable, often lacks the hands-on experience that true entrepreneurship demands.
That’s why we teamed up with the American University in Bulgaria (AUBG) to create Elevate – the first university accelerator program in the region. Our choice of AUBG wasn’t random – it’s a place many of us call our alma mater, with 7 out of 18 people on our team being proud AUBG alumni. Our connections to the university run deep: Svetozar currently serves on the Board of Trustees, Daniel previously held the same position while also serving as President of the AUBG Alumni Association, and Martin was on the Alumni Association’s board.
For us, AUBG’s greatest strength has always been the lasting connections it builds – relationships that don’t end at graduation but grow stronger through the years. Elevate is our way of giving back, staying engaged, and helping future generations experience the unique community that shaped so many of us.
The Bridge Between Theory and Practice
"Entrepreneurship is best learned through practice outside the classroom. Universities are full of bright minds with ideas but often no opportunity to realize them. Elevate serves as that crucial bridge between theory and practice."
Daniel Tomov
Founding Partner, Eleven Ventures
What makes Elevate special is its practical approach. The 18-week program is designed around the university calendar, allowing students to balance their academic responsibilities while building their startups. Each participating team receives an initial $2,000 grant to validate their business idea, along with access to workshops, personalized training sessions, and mentorship from experienced entrepreneurs and AUBG alumni. Some of the donors and mentors supporting Elevate include our #Oneof11 founders- Hristo Borisov from Payhawk, Mihail and Georgi from Nitropack (acquired by WP Engine) and SMSBump (acquired by Yotpo), Radoslav Georgiev from Quantive, Hristo Chernev from TaxiMe, and many others.
It’s deeply rewarding to see how the vision we had five years ago has taken root and flourished beyond what we imagined. The program has drawn support not just from our portfolio companies, but from AUBG alumni who now make up more than half of the program’s mentors, and even from entrepreneurs and organizations with no prior connection to either AUBG or Eleven. This organic growth of supporters reinforces our belief that we’ve tapped into something truly valuable – not just for the university, but for our entire ecosystem.
Throughout the academic year, this community of mentors guides the teams from their initial idea validation in the fall semester toward the ultimate milestone – Demo Day in spring. There, after months of development and learning, the teams present their ventures and compete for additional funding from an investment pool of $30,000.
Real Impact Beyond the Classroom
Since 2019, Elevate has welcomed 39 startup teams across six seasons. What started as a small experiment has grown into an essential part of AUBG’s identity. The statistics tell part of the story:
Students Involved
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Startups Operating and Growing
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In Capital Raised for the Program
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K+
In Equity-Free Investments
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K
But numbers don’t capture the program’s true impact. Elevate has become a bridge connecting the university with the local business ecosystem, fostering partnerships with successful startups and scale-ups and creating opportunities for alumni engagement.
Students in the program have developed impressive solutions to real-world problems:
📌 ReGrounded transforms coffee waste into durable, sustainable materials for reusable products.
📌 Enthela creates nitrogen-fixing bacteria that help farmers decrease fertilizer usage while maintaining crop yields.
📌 Education+ builds platforms connecting youth with internships and exchange programs.
📌 Hangout is a 3-in-1 place that transforms throughout the day: morning-lunch – suitable for brunch; afternoon – for snacks and studying; evening – for cocktails and networking.
These projects highlight what Elevate truly provides – not just knowledge, but transformation. Through the program, students learn to embrace failure as learning, to be flexible in their thinking, and to see entrepreneurship as a way to change reality and impact many people at once.
Our Role at Eleven
As a VC fund focused on early-stage startups, our involvement in Elevate goes beyond just financial support. We helped design the program’s structure, created a comprehensive playbook for running a university accelerator, and continue to provide strategic oversight through our team members who serve as mentors. It’s no secret that Elevate is close to our hearts — so much so that trips to the AUBG campus have become a regular (and favorite) part of our routine. Here’s how we stay involved, hands-on:
✔️ Rene has been leading the Value Proposition workshops since day one
✔️ Svetozar is guiding students through MVP building
✔️ Belizar is providing an insider’s perspective on how VCs work and think
✔️ Daria (ex-Elevate Manager) is supporting operations even after joining Eleven
We see Elevate as a practical expression of our mission to create more entrepreneurs. By helping universities establish programs that empower students, we’re contributing to a more robust startup ecosystem throughout South and Central Eastern Europe.
Join Us for Demo Day 2025
The culmination of this season’s Elevate journey is just around the corner. On Wednesday, April 30th, at AUBG’s campus in Blagoevgrad, this year’s teams will present their startups to an audience of investors, mentors, and community members.
Join us for a showcase of what happens when young people with ideas are given the tools, guidance, and confidence to build something real. Some teams might have advanced with their products more, others might still be figuring things out, but all will demonstrate the courage it takes to solve problems rather than just study them.
We invite you to witness firsthand the power of practical entrepreneurship education. Who knows – you might just meet the founders of CEE’s next breakthrough company.
Stay tuned for more stories about Elevate and our involvement in cultivating the next generation of problem solvers and founders.
