Lean Launch Ventures, a Westport startup accelerator, announced it is accepting applications for a spring session that will be hosted by the Stamford Innovation Center, with participants eligible for up to $25,000 in initial financing.
The launch of the accelerator follows the fall 2012 rollout of the statewide Innovation Ecosystem initiative.
Gov. Dannel P. Malloy detailed the program in October with the Innovation Center, the Business Council of Fairfield County and other organizations tabbed to collectively create a hub of innovation around the Stamford area.
Lean Launch Ventures (LLV), which will be led by technology industry veteran Andy Moss and Innovation Center co-founder Bill Gordon, will accept eight to 10 teams for its spring 2013 session, with the teams eligible for between $20,000 and $25,000 in funding in exchange for a 6 percent equity stake.
The funds will be provided by Connecticut Innovations, a quasi-public investment organization, through LLV, said Moss, adding that the accelerator would choose which companies to invest in and manage any funds.
“We are certainly very excited about hosting the accelerator program here,” said Innovation Center co-founder and managing partner Barry Schwimmer.
Schwimmer said the Innovation Center staff has worked closely with both Moss and Gordon since its launch last fall, and that the formation of an accelerator was a condition of the contract naming the Innovation Center as a co-sponsor of the Stamford hub.
Teams applying to participate must: be based in Connecticut or willing to move to the state; have been together for at least three months; commit to working full time on their proposal; and have at least one high-tech proficient member.
The accelerator is based on a program developed in Silicon Valley that calls for startups to create a minimum viable product before launching and soliciting financing.