6 Reasons to Keep Accelerators Everywhere Else

There’s an accelerator bubble.

Accelerators, except for Ycombinator/TechStars, are irrelevant.

If you’ve been in the startup space for more than a minute, you’ve probably heard someone say something like this. Founders and startup advocates have naturally critical minds; it’s why we can solve complex problems in innovative ways. But, that also means we spend a lot of time second guessing and rethinking every single thing we do.

I’ve had my own doubts about the accelerator model, and they mimic most of the concerns people bring up. There are so many (2000 around the world). What company can really be built in 3 months? It seems that the only real success comes from the big names, so why bother with smaller, local accelerators?

But, this week I was convinced that accelerators everywhere else can be just as beneficial to companies as the more publicized YCombinator and TechStars. Yesterday I attended the Investor Day for Jumpstart Foundry, in Nashville, TN and was duly impressed with what I saw. Of course, they had the bells and whistles–cool venue, great food, open bar. But more impressive were the companies that presented.

Every company had made significant strides in the 3 month program. Most could give detailed explanations of revenue. Quite a few already had traction and are well on the way to making real money already.

Vic Gatto, founder of Jumpstart Foundry and partner at Solidus Company, is well aware of the negative perception accelerators carry.

“We’re definitely a young industry going through definitional challenges,” he told me. He talked about meetings with other accelerators around the world. The leaders of these accelerators are talking about what defines success. Is it funding? Exits? Revenue? Level of mentor networks?

By most metrics, Jumpstart Foundry is finding success. 65% of its graduates are still in business, either bootstrapping or with funding. They have over 100 mentors, and that network grows each year. Gatto insists, though, that another real metric of success will be future exits, and most of the industry is still too young to really see that achieved yet.

One mentor told me that this year’s cohort may be the best she’s seen. “And they didn’t start off particularly special,” she said. “I think that really speaks to how the program itself is growing.”

And, as far as getting rid of Investor Day, Gatto won’t be doing that any time soon.

“That pressure is important,” he said. It’s the deciding factor sometimes when a new founder is tired and wants to call it a night. With Investor Day looming, it’s easier to focus and do the hard work of a young company.

Make sure to check out Jumpstart Foundry’s latest cohort because there are definitely some companies to watch. We’ll cover some of them here on Nibletz in the coming weeks.

In the meantime, here are a few reasons we shouldn’t give up on the accelerators everywhere else just yet:

In the life of a young company, it can be easy to let an idea go when it gets hard. Surrounding yourself with mentors and good advice in an accelerator can help you push through those first stage challenges.
The pressure of Investor Day can give you more traction than you thought possible in 3 months.
Accelerators everywhere else understand companies everywhere else. We’ve talked before about how companies outside of Silicon Valley are innovating in industries besides the Internet and apps. Local accelerators inherently “get” that more easily than accelerators that are used to churning out consumer-facing apps.
A good accelerator can be a rallying point for a whole ecosystem. Yesterday in Nashville, it was a packed house. Not just investors, but anyone interested in the startup scene showed up to support the cohort.
Even if your first company doesn’t succeed, the 3 month MBA you get by doing the hands on work of an accelerator will be invaluable to the next companies you build.
Accelerators may not be perfect, but what is?Anything that spurs innovation is good for the local community as well as for global issues that need creative problem solvers.

Startups In The Fastlane: Velocity Startup Collabra Music

A number of statups in accelerators have attacked the music collaboration space. It seems artists and musicians everywhere are looking for the best way to hop online and collaborate with each other. Back in May we saw the demo day presentation from Memphis Seed Hachery startup Musistic, promising to be the Github for musicians.

Collabra Music, a startup currently accelerating at Velocity in Indiana (outside of Louisville), is taking that idea a step further by adding friends, family, and fans into the mix. Collabra Music is about collaboration as much as it is about sharing, performing and discovery.

“We have a big vision for Collabra that connects amateur and independent musicians across the world, creating a collaborative space that inspires new innovation in musical creation and integrates listeners like never before. In developing Collabra and working with many musicians, we came across a common problem, especially for amateur musicians and music students. Many musicians felt that Collabra could help them overcome their struggles in learning, enhancing their experience, and engaging them with their musical practice in more rewarding ways,” co-founder Ryan Michaels told us in the Fastlane interview.

Check out the rest of their Startups In The Fastlane interview below.

Where is your startup originally from?

Louisville, Kentucky

Tell us about your current team?

Our CEO Ron Karroll is a self-starting non-conformist with a penchant for coding that has been the driving force behind the development of our core product. Ron left his full time job with Humana to lead the charge for Collabra Music and help launch what he hopes will be the next evolution in musical creative collaboration.

Ron determination and drive is buffered by his cautious and calculating musical co-founder Ariel Caplan. Ari is an actuary and master of data and analytics. He and Ron developed the vision together, outlining a new methodology that speaks to today’s participatory listener audience. While Ron mans the software development Ari manages the financial and organizational development for Collabra Music.

As musicians they were both passionate about creating a product that bridged the physical gap between musicians as well as fans connecting to create and collaborate on musical projects online.

Ryan Michaels loves music, he simply loves to listen and he’s always learning guitar. Ryan is well-versed in lean methodologies, grassroots organizing and fundraising. He has diverse experience in customer service, education, and community outreach. He joined Collabra to help develop and execute our marketing strategy and solidify our core team and organizational structure. His energy is pretty much limitless.

What does your startup do?

Collabra Music is an online platform that allows members to connect to create music, collaborate on musical projects, and share their projects online with friends, family, and fans.

We have a big vision for Collabra that connects amateur and independent musicians across the world, creating a collaborative space that inspires new innovation in musical creation and integrates listeners like never before. In developing Collabra and working with many musicians, we came across a common problem, especially for amateur musicians and music students. Many musicians felt that Collabra could help them overcome their struggles in learning, enhancing their experience, and engaging them with their musical practice in more rewarding ways.

Collabra is a solid platform for creative collaboration and now we are releasing the alpha phase of our educational layer for instructors and students to connect and engage through the often painful process of learning an instrument. Collabra connects musicians together to help and hold one another up through the creative and experiential challenges they may face, keeping them committed to their passion for music.

What are your goals for the accelerator program?

Our goals for the accelerator have been somewhat informal as we truly didn’t know what to expect of this experience. We have spent significant time outlining our customer segments, engaging in discovery, validating hypotheses, and formatting our business model. In addition Velocity has been helpful in outlining a number of mistakes and failures we most likely would have made without a cautionary example in education. The knowledge, training, and experience this has provided our team is invaluable and we are incredibly grateful for the relationships we have built this summer.

What’s one thing you’ve learned in the accelerator?

The one thing lesson we learned the most frequently is to appreciate the values in our failures and to embrace our failures along the way for what we could learn from them and apply to future successes. The accelerator encourages you to act on the information you have and hope to succeed but prepare to fail, from every failure a lesson can be carried forward and applied to increase the chances of your next attempt at success.

We also learned to be honest and aware of our team’s strengths as a team as well as the strengths and weaknesses of our individual members. Embracing this awareness has allowed us to act to balance one another strengths and weaknesses.

What’s the hardest piece of advice you’ve had to stomach so far?

The most difficult advice has not been a specific fact or direction, but rather the fact that nearly every piece of advice we’ve received has in some way contradicted the advice of another mentor. What started as a carefree balancing act of pursuing a few courses of action has snowballed into a high speed cross-fire environment in which you are forced to take rapidly growing banks of conflicting advice and make determinations of action with a predetermined acceptance for failure and the satisfaction in knowing that at least in failing fast you do so at the least cost of time and resources.

What is your goal for the day after demo day?

After demo day we are finalizing our runway for the final months of 2013. Our draft plan has been consistently evolving over the course of this summer as we have worked through a number of growing periods of development and discovery. We have a reasonable runway but long term survival and success in securing revenue in our market will require an infusion of cash to adequately cover our overhead costs and operating expenses for 2014. We have been developing relationships with potential Angel investors and hope to have outlined soft pledges and follow up for equity terms and financing in the months following our demo day presentation.

Why did you choose this accelerator?

We are proud to be a part of Velocity Indiana’s inaugural class, we applied to a number of tech accelerator programs across the country but had our hearts set on Velocity because it kept us close to home, to our roots. The entrepreneurial community has been a blessing in resources and we are fortunate to have been able to establish so many close-knit relationships with the local business leadership here.

If you relocated for the accelerator are you staying in your new city?

Our two founders are from Louisville; our third core partner packed his bags to join us for Velocity all the way from Southern California and will be staying on with us here in Kentucky as we move forward from Velocity.

What’s one thing you learned about an accelerator that you didn’t know when you applied?

We didn’t realize how many opportunities were present to learn from and experience. To truly make use of all the resources of an accelerator program you need a committed team, willing and able to engage and participate reliably when and where they are needed. It can be difficult and there will likely be missed opportunities, but having the resources in time to follow-up and lead the people helping you build your project is essential in appreciating the value in an accelerator program.

The physical and financial resources are a blessing, but the pool of talent, knowledge and experience that is available to offer guidance and leadership in overcoming challenges and obstacles is incredible.

Where can people find out more?

Check out our product at www.collabramusic.com and follow us at any or all of our social networks. You can also sign up for our newsletter and following our blog.

Ohio Accelerator FlashStarts Sets Demo Day September 23rd, The Big Day For Crowdfunding

Cleveland startup accelerator Flashstarts will show off their first cohort in an investor demo day set for September 23. This date was chosen for its significance to startups across the country. It’s the same day that the SEC’s new regulations allowing general solicitation go into effect. It will be the first time in 80 years that startups can publicly fundraise beyond geographic boundaries, paving the way for crowdfunding for equity.

“In most communities, raising startup money has been a process stuck in the 19th century, limited to fundraising from friends and a few local angels,” said FlashStarts CEO and Co-founder Charles Stack. “With these new SEC changes, entrepreneurs can now use all modern marketing techniques to connect with the nearly nine million accredited investors across the U.S.”

The regulations will have a significant impact on startups by removing the geographic barriers to capital that have traditionally made it more difficult for startups outside areas like Silicon Valley, Boston, or New York to grow and succeed.

On signing the JOBS Act last year that enabled these new SEC regulations, President Obama said, “[S]tartups and small businesses will now have access to a big, new pool of potential investors — namely, the American people.”

“As capital is allowed to flow to ideas and entrepreneurs—regardless of distance and location—the country will enjoy a true national rebirth of capitalism, along with job and wealth creation,” said Stack.

One of the Flashstarts accelerator companies, Crowdentials, is deeply impacted by this change in the regulations. Crowdentials will provide a compliance platform to make sure those that use crowdfunding are doing it legally and within the regulations set forth by the SEC.

Here are the other nine startups graduating from Flashstarts on September 23rd.

AProofed allows writers and editors to collaborate with each other in a marketplace environment. The online cloud-based platform allows editors to become self-employed while improving writers’ academic performances.

BOLD Guidance navigates students through college applications and allows counselors and parents to view their progress. The online platform and app makes the college application process easier with step-by-step guides and automated deadlines, tasks and reminders specific to each application. www.boldguidance.com

The BranDR is committed to helping physicians create and maintain their personal brand identities online. Its mission is to revolutionize the way patients find, select and interact with their doctors, by allowing them to access personalized doctor profiles. www.thebrandr.com

Curiosidy is a new online platform for sharing and promoting life’s meaningful experiences. Users can write about experiences that have shaped them and draw inspiration and insights from a passionate, global community. curiosidy.com

LegalFunnel helps lawyers meet and engage with targeted clients through efficient lead generation and personalized online branding. www.legalfunnel.com

Ohio Independent Cinema strives to inspire an appreciation for independent films by making them more accessible for the general public. The company provides a new distribution option for independent filmmakers.

Smooth is a sophisticated, yet simple personal finance app currently in development. The program generates personalized recommendations that help users improve their standard of living and offers incentives for users to follow the recommendations. www.smoothplanner.com

Synthetic Intelligence sells Big Data cloud and consulting services. The company “makes Big Data go faster”.

RegulatoryBinder.com, a product of Trailhead CFR, is a web application for managing regulatory documents of physician-sponsored clinical trials. The app is the only platform that instantly enables physicians to coordinate a clinical trial without additional procedures or risk.

FlashStarts’ 2013 Demo Day will take place from 11:30 a.m. to 1 p.m. EST on September 23, 2013. Guests can attend in-person at the NPR IdeaStream Westfield Theater in Cleveland, Ohio, or online via live Internet broadcast. In-person attendance is limited to 250 seats and virtual online attendance is limited to 2,500 viewers. To request a ticket or learn more, visit www.flashstarts.com/demoday.

TechStars Austin Unveils First Class

Back in May Techstars, announced the formation of their Austin Techstars program. The accelerator is being housed at the Capital Factory in downtown Austin. Jason Seats, who was the director of the Techstars Cloud program in Houston moved over to Austin to head up the program.

Techstars reported receiving 850 applications for this first cohort in Austin. The team at Techstars was tasked with cutting those applications down to ten.

Here are the ten startups announced last night at an event at the Capital Factory.

Filament Labs build patient tracking and compliance software around mobile health, behavior tracking, and behavior change. One of its consumer products, HealthSpark, was 1 of 30 hand-selected apps within Aetna’s CarePass initiative.
MarketVibe (founded by the Whoosh Traffic team at Capital Factory) uses customers web analytics and shopping cart data to teach companies how to get more traffic, leads and sales.
Fosbury is a cross-platform digital wallet solution for designing, managing and analyzing campaigns on Apple Passbook and Samsung Wallet. Fosbury ensures retailers and other that their customers always have loyalty cards and coupons with them and provides a new way to interact with customers.
Atlas Wristband takes a new approach to wearable technology in the fitness industry. Atlas combines top talent from Johns Hopkins University, Phillips Healthcare and Maxim Integrated Products.
AuManil helps Online Retailers identify, manage and grow their most valuable customers – and create more of them. It enables shopper-facing agents to engage high value customers based on behavioral profiles and predictive insights. These targeted, personalized engagements lead to increased revenues, high retention rates, and better customer satisfaction.
Ube: controls lights and appliances from a smart phone, inexpensively. The company’s Wi-Fi enabled Smart Dimmers, Smart Plugs and Smart Outlets are competitively priced, easy to install, and provide the convenience of controlling your lights from your smartphone from anywhere in the world.
ProductGram: allows online sellers to extend their store from one outlet to many. Currently in development for Etsy sellers, the mobile app will push an attractive listing, not just a third party link to drive more product views to increase sales via other channels, with checkouts happening wherever engagement happens.
Testlio: opens a network of mobile testers to developers needing every last bug uncovered. The company has created tools for software testing that use real time chat, integrate issue reports into their existing systems, and do daily/weekly testing based on the customers own release schedule.
Accountable: streamlines and simplifies HIPAA compliance by providing a suite of tools and resources for firms, from necessary agreements and policies to risk assessments and employee training. All required pieces are tracked for completeness and time-sensitive expiration, with monitoring and alerts maintaining compliance. Audits are as simple as printing out a report and all requested information.
ProtoExchange: is a cloud-based network of professional 3D printing services that allow businesses to source the production and material capabilities of the network in a scalable, cost-effective, and time-efficient manner.

Startups In The Fastlane: Velocity Startup GreekPull

Crowdfunding is everywhere, there’s crowdfunding for your startup, crowdfunding for your movie, crowdfunding for the things you want and even crowdfunding for college money. Now, thanks to a San Diego startup that’s accelerating at Velocity in Indiana, there is crowdfunding for your fraternity or sorority.

Back in the olden days, before computers, internet, and crowdfunding, fraternities and sororities that were working on a project would have fundraisers, cash boxes, collection jars, and a treasurer to collect all the money. Then you had to trust that the treasurer didn’t spend the fraternity’s money on his own stash of brew and other college accoutrements.

GreekPull is working on a crowdfunding platform for fraternities and sororities that eliminates all these problems, makes it super easy for members to raise money for projects, and then securely collects the money so it can’t be squandered on the frivolous. Now when a sorority or a fraternity wants to hold a big clean-up project, restore a building, or buy toys for local needy kids the money is there. They can even use the funds for special events like spring formals and dances.

We got a chance to talk with AJ Agrawal about GreekPull and their team’s experience at Velocity. They’ll be graduating at the end of the month and think making the move from San Diego to Jeffersonville, Indiana was one of the best choices they’ve ever made. Check out the interview below.

What is the name of your startup?

GreekPull

What accelerator are you in?

Velocity Accelerator

When is demo day/investor day/graduation?

August 29th, 2013

Where is your startup originally from?

San Diego, CA

Tell us about your current team?

Eghosa Aihie- The Hustler: In charge of sales and marketing

AJ Agrawal- The Visionary: In charge of product development and investor relations

What does your startup do?

We’re a crowdfunding platform for Fraternities and Sororities

What are your goals for the accelerator program?

To complete our next seed round of $350,000

What’s one thing you’ve learned in the accelerator?

Never edit your product without talking to customers first, you’ll save a lot of time and money.

What’s the hardest piece of advice you’ve had to stomach so far?

Always being ready to pivot. It feels like your starting completely over when you pivot and sometimes it’s hard to stomach that it’s all part of the learning process.

What is your goal for the day after demo day?

To further conversation with potential investors and customers.

Why did you choose this accelerator?

Over half the National Fraternities and Sororities are located in Indianapolis, so we are in an ideal location to get customer feedback.

If you relocated for the accelerator are you staying in your new city?

Yes, however, we will most likely move a little closer to Indianapolis.

What’s one thing you learned about an accelerator that you didn’t know when you applied?

We’ve been amazed how nice the people in Jeffersonville have been to us. Coming from San Diego, we were unsure what to expect heading into Southern Indiana. Overall, the connections we have made has been priceless, and we look forward to staying in touch with all the people we have met.

Where can people find out more?

greekpull.com

Kansas City’s Think Big Accelerator Holding Demo Day August 28th

The multi-faceted startup support organization, Think Big Partners in Kansas City is preparing for demo day for their accelerator program companies and other midwestern startups from across the Silicon Prairie area. ThinkBig is graduating their second cohort, but this is their first demo day.

This week, ThinkBig Parters is hosting a two day “PitchKamp,” which will be taught by the ThinkBig Partners and help prepare the teams pitching on the 28th for demo day in front of investors and media.

Here are the ThinkBig Accelerator startups pitching at demo day.

Fully: Fully is a kiosk-based mobile phone charging station that provides digital out-of-home targeted advertising to the consumer.
Kahootz: Kahootz is a consumer-focused online calendar platform that provides users with easier ways to combine, share and manage all obligations and profiles on one easy-to-maintain social-based platform.
Keyzio: Keyzio is a consumer-driven marketplace that connects people and helps them find, buy and sell real estate.
Phone2Action: Phone2Action makes a digital take action advocacy platform to power organizations and individuals to make change happen.
WeeJay: Weejay is a rewards-based social jukebox for bars, restaurants, and other businesses.

Here are the other regional startups pitching as part of the demo day festivities.

Katasi: Katasi provides an effective technological solution to the growing epidemic of texting while driving through partnerships with telecom providers.
Moblico: Moblico’s mobile engagement platform uniquely combines cloud based backend services for app developers with content, communication and loyalty management tools for application marketers.
PlanetReuse/InvenQuery: PlanetReuse is a consulting and brokering company focused on matching reclaimed building material with designers, builders and owners. InvenQuery provides technology to help retailers of unique merchandise handle inventory, point-of-sale and ecommerce.

“As a venture investor, there are increasingly more quality, early-stage investment opportunities that are emerging from the Midwest,” said Pat Doherty, Managing Member of St. Louis-based Saturday Capital. “I look forward to working more with groups like Think Big Partners, who have helped identify and support growing and innovative companies that are attractive investment opportunities.”

If you’re in the area and want to attend demo day you can register here.

Blake Miller, the Managing Director of ThinkBig Accelerator is speaking at Everywhere Else Cincinnati, September 30th. A few discounted tickets and discounted startup village booths are still available here.

Startups In The Fastlane: NMotion Startup SynerScan

While EMR (electronic medical records) are nothing new, and innovation continues to change the doctor’s daily life, there hasn’t been nearly as much innovation centered around the nurses. Specifically, nurses that are making rounds at any hospital or treatment facility.

Nurse rounds are still often documented using a clipboard, pen, and paper. If nurses need to enter something into an EMR, they often do it at the nurse’s station, transcribing it from that pen and paper.

It takes so long that Bryan Health in Lincoln, Nebraska sought the help of a Lincoln startup called SynersScan to help solve that problem. Typically it’s the other way around. The startup comes up with an idea and then tries to sell it to the user. Now there are users built in, in the case of Bryan Health, with more users waiting in the wings.

SynerScan, which is currently accelerating at Lincoln’s NMotion accelerator, is creating a digital platform to manage nurses rounds.

Synerscan is the latest startup in the “Fastlane” interview feature that talks with a startup currently in an accelerator program. Check out our interview below.

What is the name of your startup
SynerScan Technologies, or simply SynerScan.

What problem are you solving
What we’ve done is develop a software solution that enhances the benefits of hourly nursing rounds in hospitals. This process is currently documented on a physical sheet of paper, causing a couple problems. 1) That sheet of paper is typically thrown away, providing little to no feedback to management, and 2) Backlogging and accountability of nursing staff has become an issue as a result. What we’ve done is digitize the entire process, uncovering a number of value adds in the process. For example, we can now provide visual cues for any staff member to know when a round is due, real-time operational insight for management, and revolutionary communication to friends and family.

The best part about our solution is that we began with market validation. We are currently partnered with Bryan Health in Lincoln, who actually came to us to solve this very problem. What most companies do is spend months developing a solution only to find out that nobody actually wants to use it. We had a top 50 cardiovascular hospital come to us and say “here is our problem, who is able to solve it for us?”. That validation out of the gate has had a huge impact on our traction and chances of success moving forward.

The ultimate goal in changing the process of nursing rounds is to increase patient satisfaction in hospitals. Hourly rounding has been proven to increase patient satisfaction, decrease falls, and provide greater quality of care as a result. A hospital’s patient satisfaction score is what determines the amount of reimbursement a hospital receives from Medicare and Medicaid. These scores also determine the salary and benefits of a hospital’s executive staff. For these reasons alone, incentives are very high for a hospital to increase patient satisfaction. Our solution provides just that.

Nmotionad
Why now?
A lot of these incentives have come about as a result of recent healthcare reform. Hospitals will be compared to one another relative to patient satisfaction, infection rates, and many other metrics. Hospitals will be driven by quality, service, and costs in order to compete. Government sanctioned funds will be given or taken dependent on where the hospital ranks in regards to these metrics. For this reason, it will become imperative that hospitals implement tools to maintain a competitive advantage in the industry.

The US healthcare system is at a critical point in increasing quality of care for patients. Hospitals will no longer receive reimbursement based on a “pay-for-reporting” model, where they were simply required to post patient satisfaction scores. Every hospital in the country will now be reimbursed on a “pay-for-performance” model, where the quality of those scores will determine each hospital’s reimbursement rate.

Who are your competition?
There are a number of companies recognizing the potential of increasing patient satisfaction in hospitals. What’s great is that there is no one single way of doing so. What’s frustrating is that there are a lot of unknown and unavoidable factors that affect a patients perspective of their care. First impressions, last impressions, and unforeseen occurrences can drastically alter a patients perception of their care.

Although companies like Scan Am and Walsh Integrated have similar solutions in the healthcare space, we have a few tricks up our sleeve that help differentiate us as serious players in the industry.

What’s your secret sauce?
What really sets us apart from our competition is the communication platform we have engineered to provide friends and family with relative insight on the condition of their loved one. With our solution, we are able to push nursing round information to a family members smartphone, tablet, or PC. If you have to be at work or home with the kids, no longer do you have to wonder about the kind of care your significant other is getting. The feedback we’ve received on this aspect of our solution alone has been outstanding. Since our launch at Bryan Health, we have helped family members from San Francisco, Dallas, Chicago, Minneapolis, Kansas City, and everywhere in-between see the quality of care their loved ones were receiving, all in real-time. Imagine you had a child or spouse in the hospital and the importance of a tool like this because quite clear.

Where are you/were you based before NMotion?
Born and raised right here in Lincoln.

Why NMotion?
There are some really cool and innovative things happening in Lincoln right now. Most people are oblivious to this fact. We are still highly referred to as a flyover state and this simply isn’t the case. Our entire founding team is comprised of University of Nebraska – Lincoln alumni, and one of our primary goals is to change the perception people have about Lincoln and the potential that remains untapped here. Jumping on the opportunity to be a part of Lincoln’s first accelerator program was a no brainer.

What’s one lesson you’ve learned since the NMotion session has started.
Before NMotion, our team was progressing at a steady rate. We were making informed decisions, building relationships, and learning everything as we went. What we realized very quickly after starting NMotion is that we weren’t moving fast enough. We were doing too much strategizing and needed to simply begin executing. We are now moving faster, breaking things, learning quickly, and repeating.

Where can people find out more?

Check out our website at SynerScan.com

Email us at info@synerscan.com

Raleigh To Get New Living/Learning Accelerator, ThinkHouse

The Research Triangle Park (RTP) area of North Carolina is known for its, well, research, and lately, for its startup efforts. There are so many entrepreneurial things going on in Raleigh, listing them all could make your head spin. Obviously, this is a good thing. It’s good for the Raleigh Durham, area and it’s good for the economy.

Things like the American Underground, HQ, Triangle Startup Factory, and many more entrepreneurial efforts are making sure that entrepreneurs exiting out of some of the finest institutions in the south east (Duke, UNC, NC State) have access to continued resources and support.

Well now, HQ Raleigh co-founder Jason Widen and Chris Gergen, and entrepreneurial veteran in Durham, have teamed up for a natural next step, a living and learning accelerator.

In what is being dubbed the “ThinkHouse,” entrepreneurs are going to live and develop their ideas in one place. Many studies have shown that when you work and live in the same place, it can be a lot more productive. 4am brainstorming sessions don’t involve waiting for someone to come to the office, and at the same token, a 9am rock climbing, clear-your-head expedition can be easily arranged. While living and working in the same place may seem harmful and means more work focus, it’s actually the opposite.

With all that in mind the Triangle Business Journal reports that ThinkHouse will house a group of “entrepreneurs in residence” who will take a 9 month residency in the house. The entrepreneurs will be selected by a panel, like any other accelerator, and then they’ll be able to collaborate with each other, mentors, and a peer advisory board.

The group plans to open up 50 think houses in 50 cities within 5 years. You can find out more here.

Coca-Cola Changing The World, Not Just Making Sugar Water, With 9 Accelerators

I was one of the first people to see the Jobs movie at an early showing on Thursday evening. One of the big highlight scenes in the movie is when John Sculley recounted the conversation he and Steve Jobs had in New York when Jobs went to recruit the then President of Pepsico to become the CEO of Apple. Jobs once considered it to be the worst move of his career (or at least that’s what the movie and Walter Isaacson’s book suggest). In that conversation Jobs reportedly asked Sculley if he wanted to sell sugar water the rest of his life, or if he wanted to change the world.

Well it looks like Coca-Cola isn’t content on just selling sugar water either. Coke has made another global move towards innovatino by supporting startups with nine global accelerators. The company made a bold show of support for startups back in April when it was announced that they were a large corporate sponsor of Startup Weekend and now UpGlobal.

VentureVillage reported on Thursday that Coca-Cola has already started accelerator programs in San Fancisco and Sydney. They also just recently kicked off a program in Mexico City, with Rio de Janeiro, Buenos Aires, Bangalore, Berlin, Singapore, and Istanbul all on tap as well.

Coke isn’t looking for the next wild flavor or even a revamp of its bottles or cans. They are looking for innovation in distribution and well being. Coca Cola’s global Vice President of Innovation David Butler gave a presentation in early August in Sydney outlining the programs.

“About a year and a half ago, the company stepped back and said – what are we not doing in terms of innovation?” Butler explained. “You can get lost in that word but essentially what we came down to is that there was a lot going on in this ecosystem, this community, that we weren’t part of…”

As to what Coca-Cola is looking for, Butler said it was up to the individual programs across the globe. When asked by an audience member; “So it could be as broad as a Coke-branded wearable device that helps you be healthy or it could be, actually Coke will do your deliveries for you?” one audience member asked.

Exactly, Butler replied. “Those are two ideas we’re working on right now.”

Venture Village also reports that this isn’t Coca-Cola’s first shot at startups and accelerators. In 2001 they formed a startup incubator in their hometown of Atlanta, Georgia, that offered $250,000 in seed capital for up to 12% equity. Bloomberg reports that the program eventually fizzed out for unknown reasons.

Check out Coca Cola’s “Innovation Stories” blog here.

After Building Up The Neighborhood MassChallenge Priced Out Of Boston’s Innovation District

Although the news may not be good for MassChallenge, the fact that they have been priced out of their own neighborhood is actually a testament to the success the accelerator/incubator program has brought to Boston. Many in Boston’s Innovation District believe without MassChallenge there would be no district.

According to Boston.com, one of the country’s biggest and most successful accelerators needs to be out of their 14th floor space at One Marina Park Drive on Fan Pier by next July.

MassChallenge is currently housed in prime real estate in the heart of what’s now known as the Innovation District. The area got its name from the startups and young entrepreneurs it attracted to the area, many of which were part of the MassChallenge program. Since 2010 MassChallenge has consistently helped over 100 startups a year through their program. Many of them choosing to stay in the Innovation District to grow their companies

MassChallenge has about 25,000 square feet at their current location, which they were able to stay in rent free.

“We’re basically like a marketing amenity for the building,” MassChallenge founder John Harthorne told Boston.com.

Since they moved in three years ago Enernoc, Goodwin Proctor, and Battery Ventures have signed leases in the same flagship building. Countless smaller startups have taken up space in the surrounding neighborhood.

Now, with all of these startups and companies moving into the area because of the groundwork that MassChallenge has laid, the owner and developer feels like he can attract a paying tenant to the same space.

While Harthorne wants to remain in the Innovation District, he’s not worrying about the accelerator having a roof over its head. They are currently in negotiations for a possible spot at Landmark Center near Fenway Park and the Bronstein Center, also in Innovation District. Both landlords see the value in having MassChallenge as a tenant, so they are also offering free rent.

“We’re kind of torn,” Harthorne says. “We love the Innovation District, but Landmark is close to the medical center, which is a thriving area of the city. Our current lease is up in July of next year, and so we do need to do something ahead of next year’s program. We’re eager to make a decision really soon,” he says.

They expect to announce their decision at the October 30th awards ceremony for this year’s class.

Find out more about MassChallenge here.

The 20 Best Accelerated Startups In Tennessee Make The TENN Finals

Launch Tennessee, the private/public partnership that oversees 9 accelerators across the state, is running a “super accelerator” of sorts, appropriately called the TENN. The TENN starts off with a statewide demo day on August 27th in Nashville. At that event, 20 startups, announced on Thursday, will pitch their business.

A group of national investors and entrepreneurs will narrow that field from 20 to 10 at the statewide event. The demo day investor panel includes Sabeer Bhatia, chairman and CEO of Sabse/Jaxtr and founder and former CEO of Hotmail; John McIlwraith, managing partner at Cincinnati, Ohio-based Allos Ventures; John Greathouse, general partner at Santa Barbara, Calif.-based Rincon Venture Partners; Sig Mosley, managing partner at Atlanta, Ga.-based Mosley Ventures; Bob Crutchfield, partner at Birmingham, Ala.-based Harbert Ventures; and Mike Tatum, serial entrepreneur and CEO of Workbus. Governor Bill Haslam will announce the 10 companies that will comprise The TENN.

After the TENN is announced they will embark on a statewide bus tour, parading the startups in front of the state’s biggest companies and innovators. The TENN group will also have access to a master mentor network pulling from all nine accelerators. The TENN startups will also receive free office space, either at one of the regional accelerator headquarters or receive a subsidy for office space.

Launch Tennessee partnered with the Blackstone Foundation to hold the TENN program.

Here are the 20 finalists for the TENN program:

East Tennessee (6):

Hutgrip
FwdHealth
HATponics
Vendor Registry
Survature
Renewable Algal Energy

Middle Tennessee (9) :

eClinicHealthCare
InCrowd Capital
Gun.io
Got You In
Newsbreak
Ecoviate
Green Dot Charging
March Fuels
Graphenics

West Tennessee (5):

ADVANCE Inventions
Mobilizer
ScrewPulp
Health & Bliss
View Medical

“These 20 startups are an exceptional representation of the innovative and promising ideas emerging from Tennessee’s accelerator programs,” said Launch Tennessee CEO Charlie Brock. “From the quality and diversity of applications submitted across the state, it is apparent that Tennessee’s network of accelerators, which is unique in the nation and Launch Tennessee helps fund, is working well.”

You can find out more about Launch Tennessee at LaunchTn.org

$600,000 Investment In GigTank Startup WeCounsel Proves Accelerators Still Work

WeCounsel, Chattanooga startup, GigTank, UltraGroup, Funding

WeCounsel CEO Harrison Tyner pitches at GigTank demo day (photo: NMI 2013)

Just last week we were in Chattanooga for the GigTank accelerator’s second demo day. GigTank debuted last year, right on the heels of Chattanooga becoming the first (sorry KC) city with 1gb ethernet to all residential and business addresses. This year’s cohort came literally from across the globe with startups from Bulgaria, India and the Cayman Islands choosing to spend the summer in Tennessee.

During the two day celebration of startups in Chattanooga, there was a lot of hush hush talk about accelerators in general. It’s actually a common discussion, whether or not accelerators are worth the time and money. Many think the 3-4 month model isn’t enough time to build real companies, and with accelerators all over the country, there may be an accelerator bubble.

Another struggle is attracting investors. Outreach is tremendously important for an accelerator. Sure you can invite the same 50-100 investors on the VC academy list of VC Pro database, and they may come. But often the startups presenting aren’t in their investment wheelhouse. For accelerators not in their first season, the investors have seen the same PowerPoint template presented over and over again .

Accelerators and their demo days get interesting when you include anyone who’s interested into the startup community. Entrepreneurs come in all shapes, sizes, and colors and so do startup supporters. CoLab and GigTank director Sheldon Grizzle is very good at bringing the whole community together around entrepreneurial events. On the eve of the GigTank demo day, there was an event called Fireside Talks which included entrepreneurs 20 and under working on a variety of projects.

UltraGroup is not one of your typical startup investors. UltraGroup is a healthcare company that specializes in behavioral health programs. They provide outpatient care at 40 rural hospitals across eight states, according to the TimesFreePress. They are based in Chattanooga.

WeCounsel is a GigTank startup that went through the most recent cohort, graduating last week. They offer an online platform that allows therapists to take notes, coordinate scheduling, share documents, store client records and interact with colleagues. They are also based in Chattanooga, and one of three local startups in this year’s GigTank Cohort.

WeCounsel co-founder and CEO Harrison Tyner told Nibletz by phone that UltraGroup was on their radar to talk with earlier this summer.

“Relationships we built at the GigTank made our talks with UltraGroup progress even further,” he said. He went on to say that without the GigTank helping them iterate their idea to perfection and mentorship from others in the GigTank’s network, they would not have been ready for UltraGroup’s $600,000 investment reported Wednesday.

“None of this would have been possible for us without the GigTank. It’s been the best thing to happen to our startup,” Tyner said.

Tyner and his co-founders Riley Draper and Joshua Goldberg are all originally from Chattanooga and will stay there to grow WeCounsel. Currently they are still operating out of CoLab but plan on moving to their own office in about a month.

“Chattanooga continues to prove that it’s a great city for entrepreneurship,” Tyner said. By staying in Chattanooga, they will be able to work closely with UltraGroup and continue to work with the mentors and leaders they formed relationship with at GigTank.

When the GigTank presentations kicked off, Toni Gamayel co-founder and CEO of Banyan took the stage. His company, which has designed a collaboration platform for researchers, won $100,000 from Alcatel Lucent at last year’s demo day. Shortly after demo day the company went home to Tampa, Florida, where Gamayel has been a fixture in the startup community. He told a story about coming up to visit during the winter last year and realizing that Chattanooga was on its way up. With that realization entire team loaded up a Uhaul and moved back to town.

For more info on WeCounsel visit them online here.

Check out more GigTank coverage here.

Meet The Five Startups In Indiana’s Velocity Accelerator

We already know that Indianapolis has a strong startup scene. Fort Wayne and Valparaiso are also bursting at the seams with new entrepreneurial activity. But, right across the river from Louisville, in Jeffersonville, Indiana, Velocity is about to graduate their first class of startups.

Each of the five teams in the Velocity accelerator received $20,000 in seed money in exchange for a small amount of equity. They also received free workspace and access to mentors from across Kentucky and Indiana.

We’ll be on hand to see these startups graduate from the program in front of a room full of investors later this summer. In the meantime here are the five teams that are accelerating at Velocity.

Collabra- Collabra allows musicians and fans to create, collaborate, and share music in a new and innovative way. Combining a novel song arrangement platform with an easy-to-use recording suite, Collabra enables musicians around the world to connect and create music while engaging fans in the creative process for the first time ever. Due to its low-barrier-to-entry approach, for musicians and fans, as well as a robust feature set, Collabra has the potential to change the music creation process forever.

Large Insights- Large is laser-focused on generating insights from data to increase client revenues, and we do that by establishing digital and social business goals, tracking activity and measuring success.

Change My School- Change My School is a platform for students, teachers and parents to upload and watch videos. It is available to users of all ages and provides a video contest platform. The winning videos each month receive $1,000 for items such as supplies, projects, or technology. It also provides students and teachers opportunities to incorporate creativity, video technology and project based learning into their classrooms.

Steel Fashion- Steel Fashion provides a free styling software service that allows men to style clothes they have, want, or are looking to purchase. They can discover and purchase new brands easily by identifying brands they already like. Confidence and creativity are easily harnessed when visiting Steel Fashion.

Greek Pull- Greek Pull enables a Fraternity or Sorority chapter to reach their target markets in an efficient way. Those target markets are potential new members, their alumni and the Greek Community. Because of this, GreekPull differs from other social media solutions because GreekPull is focused on bringing those target markets to chapter houses. The network is exclusive to Greek Life and helps chapters with efficient marketing. We bring Fraternity and Sorority target markets to Greek Chapters so they can be easily contacted, creating an efficient communication tool.

Startups In The Fastlane: Jumpstart Foundry Startup ZingFin

One startup is tackling personal investment by polling the best social media information to help anyone have a better grasp on investing. ZingFin is currently accelerating in Nashville, Tennessee at JumpStart Foundry, and we’ve got them in the Fastlane.

Accelerators are a big part of the startup ecosystem globally. Good accelerators aren’t always rosy. They pick the best of the best in their application phase, and then through mentorship and in-depth insight, they turn the idea upside down to get it to market.

ZingFin is one of the teams that will graduate from Jumpstart Foundry on August 22nd. The JSF demo day is often standing room only with over 400 in attendance, so pressure is on for all of the startups. For ZingFin though, the pressure may be greater.

They’ve put together a product that integrates social media into a dashboard that helps investors make more educated decisions for their personal investment portfolios. Hopefully the room full of investors will be chomping at the bit to try out this new product. Some of the accelerator’s investment backers, like Vic Gatto of the Solidus Company, have already been spreading Zingfin out to their social networks.

So what does ZingFin do exactly?

They stay on top of trending stocks. “Zingfin’s text analytics filter the more relevant conversations that impact stocks on social media channels such as Twitter® and Stockwits®. You’ll make sense of the aggregate market trends before anyone else sees them coming,” the company says on their website. They also tout the fact that Cornell researchers have found that Twitter mood predicts the stock market at an accuracy of 87.6% in predicting the up and down changes in closing values of the Dow Jones Industrial Average.

They also use social media to help identify industry and opinion leaders and they also connect the dots with “indepth visualizations”.

To find out more we talked with Balaji Viswanathan, co-founder of ZingFin in our Startups In The Fastlane interview. Check out the interview below.

Where is your startup originally from?

Boston, MA

Tell us about your current team?

We are a team of 3 – Balaji, Manju, Anup. Balaji has a MS in Computer Science and worked for Microsoft Redmond as a developer for 4 years. Balaji is the CEO and manages the technology execution. Manju is an electronics engineer and she has a background in operations and database management. She is the COO and manages the operations & administration. Anup has an MBA and has expertise in user experience & product development.

What does your startup do?

We help investors be in the know of market trends and pick the right stocks based on social sentiments.

What are your goals for the accelerator program?

To fine-tune product and get the product-market fit.

What’s one thing you’ve learned in the accelerator?

To perfect on that one thing that will gain us the initial advantage. We can always scale from that point.

What’s the hardest piece of advice you’ve had to stomach so far?

Really making the product focus.

What is your goal for the day after demo day?

To hunt for angels who can help us move to the next stage.

Why did you choose this accelerator?

The mentoring is hands-on and Nashville is a city that is on rise.

If you relocated for the accelerator are you staying in your new city?

We moved from Boston. We might temporarily move back to Boston and then will keep traveling back and forth. Depending on our funding we will decide on the final location.

What’s one thing you learned about an accelerator that you didn’t know when you applied?

The fact that Jumpstart has so many mentors who are so interested in getting us successful.

Where can people find out more?

Here is our landing page: Zingfin.com, Our blog is at zingfin.quora.com.

What’s your twitter handle?

@Zingfinapp

Find out more about JumpStart Foundry here.