It's really hard raising a million dollars outside Silicon Valley and this first cohort is aimed at European based startups only. European investors are notorious for being risk-averse and their investment terms are laughable at best. ( I know of some European University run incubators which offer less than $25,000 USD in exchange for 5% equity) American VC's on the other hand won't bother talking to foreign founders unless they incorporate as a C-corp in Delaware.