The Abell Foundation is back again, teaming up with the Emerging Technology Center’s (ETC) in Baltimore Maryland. They’re looking for the best high growth potential startup businesses for the second class of AccelerateBaltimore. The Abell Foundation is backing AccelerateBaltimore with $150,000 in seed funding, to provide six new businesses with $25,000 each. The Baltimore Business Journal reports that this is a 50% increase in funding from last April’s class.
Emerging Technology Center’s CEO Deborah Tillett is hoping to attract national and even international startups to Baltimore’s growing technology hub.
“It’s about innovation in Baltimore,” Tillett said to the Business Journal. “We’ll open it up as far and as wide as we can to get a message out to make sure we get great quality companies.”
AccelerateBaltimore runs much like many other cohort based accelerator programs. In addition to the $25,000 in seed funding the six participating companies will also receive boot camp style intense training for thirteen weeks. They’ll also get free office space at one of the two ETC locations in either Johns Hopkins or Canton.
Both locations offer access to mentors, potential investors and other resources. However, the Canton location’s lease is up in September of next year. That won’t affect this next batch of startups going through the program. Tillett told the Business Journal last Thursday that no decision has been made as to whether or not they are renewing the lease at the Can Co building. The building also houses one of Baltimore’s most successful startups, the now publicly traded Millenial Media.
Source: Baltimore Business Journal