accelerators
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Among Apple’s more recent social good initiatives is the Impact Accelerator, an effort launched about a year ago intended to find and elevate minority-owned small businesses taking on sustainability and climate change. The program now has its first 15 participants, gathered from all over the country for a three-month program and a shot at an Apple contract.
The Impact Accelerator is part of the company’s $100 million Racial Equity and Justice Initiative, which is being divided between a number of efforts, some directly funding existing programs, some going to venture firms owned by people of color, and generally whatever the Initiative’s team thinks is a good investment.
These companies will take part in a three-month-long virtual program (the details are not discussed in Apple’s announcement post) and then will have the opportunity to become suppliers for Apple’s carbon neutral supply chain goals.
Apple profiles all 15 companies in this list, but here are five that caught my eye:
“The businesses we’re partnering with today are poised to become tomorrow’s diverse and innovative industry leaders, creating ripples of change to help communities everywhere adapt to the urgent challenges posed by climate change,” said Apple’s VP of Environment, Policy, and Social Initiatives, Lisa Jackson, in the announcement.
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The planet-loving folks at the Sustainable Ocean Alliance started an accelerator a couple years back focusing on very early-stage companies, but this year they’re expanding the program to accept those that have already closed their first round. The mix of experimental and (comparatively) proven approaches may help diversify the accelerator’s growing network.
“Last year, amidst the onset of a global pandemic and mounting urgency related to solving the ocean’s greatest challenges, we received unprecedented demand for the Ocean Solutions Accelerator,” said the accelerator’s co-founder, Craig Dudenhoeffer. “It became clear to us that now more than ever, ocean tech startups need powerful community support, mentorship and access to those unique opportunities that truly propel their businesses. We decided to double our efforts and run two accelerator cohorts in 2021 in order to support 21 incredible innovators.”
Last year’s cohort included companies creating robotic fish, kelp-based foods, artificial reefs, aquaculture animal feed and other interesting and potentially breakthrough products. But one thing they all have in common with each other and those from previous years is they are nearly all very early stage.
Having a prototype and taking on a big problem or market is a great start, but it’s also where a lot of startups wash out. Companies like Coral Vita have powered through repeated disasters (in their case hurricanes and of course the pandemic) to raise money and move toward scaling up.
But others in the sadly undervalued conservation space still have a long road ahead before VCs think it’s worth taking a risk on them. Few check writers will see the problems and potential solutions up close and personal and make a personal connection with the driven and occasionally idealistic young founders, but those that I saw do that in Alaska were convinced.
This year the accelerator will have two sequential cohorts, an early-stage one in June for pre-seed companies and another in September for those that have raised a seed or A round and have “a strong MVP.” Applications for both are open until April 12th, with 21 spots available. That’s Monday, so better get to it.
“In expanding to two accelerator programs this year, we’re now able to provide highly curated content and tailored support to serve our entrepreneurs and meet them exactly where they’re at in their unique journeys to addressing our most critical ocean challenges,” said Dudenhoeffer.
While the organization is still small and the accelerator a relatively straightforward affair, the space that they are in is expanding and gaining credit among investors. Renewed attention and funding on climate change, ecological stewardship and alternative energy sources from the new Biden administration change the equations for startups and services in related industries; all of a sudden an idea that seemed wild a couple years ago makes perfect sense. With luck that means a bit of wind in the sails of entrepreneurs trying to save the world.
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As a result of the pandemic, accelerators have moved operations fully remote to abide by social distancing. The shift has forced well-known programs like 500 Startups, Y Combinator and Techstars to go fully online, while encouraging existing venture capital firms to launch new digital-only fellowships like Cleo Capital and NextView Ventures.
Before the pandemic, accelerators could advertise their value by lending desk space once used by Airbnb, Twilio and Brex’s co-founders, plus a glitzy demo day. Now, stripped of their in-person element, the actual value of an accelerator program — and the network they provide — is being tested in new ways.
So a question remains for participating founders: Are they getting the benefits of what they thought they signed up for?
The last thing Michael Vega-Sanz wanted to do was was join another Zoom get-together for entrepreneurs. But the car-sharing company he co-founded with twin brother Matthew was in the middle of a pivot, so they joined NextView Ventures’ inaugural remote accelerator program.
“I envisioned an accelerator with awkward happy hours, mass Zoom calls,” Vega-Sanz said. Fast-forward one month into the program, he says it “has been quite the opposite.”
Before joining NextView’s accelerator, Vega-Sanz did an in-person incubator at Babson College in Boston, but there’s “a lot less fluff” in being virtual, he told TechCrunch.
“[With in-person] the reality was you’d go to lunch, and by the time you drove over there and had all your side talk, small talk, chit-chat and actually got into the nitty-gritty of the event, there was a lot of time loss,” he said. “You could have been working for your company during that time.”
If possible, Vega-Sanz still recommends that first-time founders attend a physical accelerator instead of a virtual one for the energy it brings, even with the downside of useless events.
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Less than a month ago I was happy to be able to write about a new accelerator focused narrowly on technological solutions to problems faced by our oceans — and today the organization behind that accelerator has announced that the mysterious Pineapple Fund has backed its conservation play to the tune of $1 million. Read More
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The top startup accelerators have a history of seeing the future in ideas that sounded silly at the time. After all, who would have foreseen billion-dollar businesses based on renting your air mattress to strangers, or shopping for their groceries? So when prestigious accelerators invest around common themes, it’s worth taking note of what’s resonating. Read More
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A fund and accelerator for advanced technology startups, The Engine, closed its debut fund at a robust $150 million this week, according to its president, CEO and managing partner, Katie Rae. Last year, TechCrunch reported that MIT was investing $25 million into The Engine, becoming the anchor LP for the fund. Read More
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Demo Days are not the best way to help most entrepreneurs get the funding they need. And in the long run, they are not helpful for investors, or the broader ecosystem — in fact, they aggravate blind spots that investors already face. We need to rethink how we innovate, not just what type of innovation we’re looking for. Read More
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An accelerator for hardware and robotics startups called HAX is holding its 9th Demo Day in San Francisco today. Startups pitching investors there span industries from education to agriculture and medicine. Examples include: FLASH Robotics’ “social robot” EMYS that teaches kids how to speak a new language; Amber Agriculture’s bean-shaped sensors that monitor corn… Read More
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Three members of the senior investing team at Genesis Partners, a major Israeli venture firm, are stepping out with a new, early-stage fund of their own called F2 Capital. For the unfamiliar, Genesis Partners’ portfolio companies have been acquired by the likes of Apple, IBM, Microsoft and Sapiens over the past decade, and have gone public on the Nasdaq exchange in the U.S. as well.… Read More
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Dreamit Ventures’ accelerator has ditched the demo day, according to Chief Innovation Officer Steve Barsh. That’s not the only change the early-stage venture firm and accelerator has made of late.
Today, Dreamit unveiled a list of 25 new health and edtech startups launching from its revamped programs. A full list of those companies provided by Dreamit follows at the end of this… Read More
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