Is your tech startup ready for an incubator?
Excelerate Labs, a Chicago-based tech company incubator, recently picked its 10 final tech startups for its summer boot camp. Read on to find out what its founders hope to see from applicants.
First of all, here’s what you get: last year's class raised $7.2 million and created 65 jobs. Excelerate gets its money from angel investors and two venture capital firms, The I2A Fund and Sandbox Industries. The companies will receive $25,000 from Excelerate in exchange for 6 percent ownership, after they complete a 90-day boot camp that grooms them for expansion. At the end of the camp, Excelerate gathers investors at the House of Blues to listen to eight-minute pitches from each company.
Excelerate founders Troy Henikoff, co-founder of SurePayroll, and Sam Yagan, CEO of OKCupid, ask in about 50 companies from over 250 pitches. They’re asked provide more information, like founders' resumes and a list of summer goals.
Henikoff and Luerssen said they want to learn three things: