Startup programs accelerate
Connecticut Innovations is accepting applications through Aug. 15 from entrepreneurial teams interested in participating in the fall TechStart accelerator program.
Separately, late last month, the Stamford Innovation Center launched its first “Startup Gut Check” program, three months after a Stamford Startup Weekend that functioned as a boot camp of sorts for entrepreneurs vetting their ideas with likeminded businesspeople and investors; and one month after hosting a forum with U.S. Rep. Jim Himes on spurring startup activity in Fairfield County and Connecticut.
On July 17, the Stamford business accelerator holds a “FairCo TEEM Demo Night” where several entrepreneurs will outline projects on which they are working. The Stamford Innovation Center has quietly begun hosting programmer “meetups” and workshops, with three scheduled for July as of deadline, addressing the intricacies of web design and engineering.
The first TechStart program this past spring generated 80 applicants for nine spots, with teams requiring at least two people. Entrepreneurs get up to $25,000 in initial capital and mentoring, with teams ultimately pitching their innovations to angel investors and venture capitalists.
Connecticut Innovations does not take a stake in TechStart businesses, which must be based in the state. TechStart runs full-time from September through December in New Haven.
“Our first ”˜graduating class”™ of TechStart teams accomplished so much in such a short period of time and made valuable connections with prospective investors,” said Claire Leonardi, executive director of Connecticut Innovations, in a press release. “These entrepreneurs are already achieving success through their diverse ventures ”“ spanning information technology, e-commerce, energy efficiency and environmental businesses. The TechStart initiative was designed to complement the Malloy administration”™s efforts to attract entrepreneurs and startups to Connecticut and create an environment where young companies can thrive.”
At the June 28 Startup Gut Check event, entrepreneurs got the chance to make a five-minute “pitch” of their ideas and receive feedback from a panel that included Andy Moss, an ex-Microsoft Corp. executive who is now on the staff of the Stamford Innovation Center; and Jeff Mayer, the former CEO of MXenergy in Stamford and a onetime executive with Goldman Sachs.
“The ”˜Gut Check”™ format is designed to give entrepreneurs a chance to pitch and then immediately get input on how to pitch better ”“ and perhaps even gain advice on ways to improve their overall business,” said Barry Schwimmer, managing partner at the Stamford Innovation Center, in a written statement. “Presenting a value proposition in a concise manner to non-experts is a critical factor for success, and we look forward to helping this community continue to develop this important skill set.”
Entrepreneurs chosen to present received one month of free working space at the Stamford Innovation Center.
The law firm Edwards Wildman offered two hours of free legal counsel to the startups that present during the “Startup Gut Check” event; and entered them into consideration for Edwards Wildman”™s HIT program (Helping Innovators Thrive), under which the firm has committed support to startups equaling $2 million in annual discounts, deferrals and awards of free legal services.