Profile for aNorfolk AcceleratorThursday, April 25, 13
What is anAccelerator?• An increasingly common economicdevelopment tool• Started in New York and the San FranciscoBay Area• Currently dozens of accelerator programsthroughout the USThursday, April 25, 13
What is anAccelerator?• An intensive program customized for earlystage startup companies• Short duration, very intense and collaborative,very “Hands on” with mentors• Annual, bi-annual, or quarterly sessionsThursday, April 25, 13
Types of Startups• Technology & innovative business models - not“Life-style” companies”• Rapid, high growth potential• Can develop a prototype/prove a businessmodel in 2-3 months.Thursday, April 25, 13
Resources Offered• Office space Table, chair, power outlets, Wi-Fi, whiteboards, printer• Mentorship Intense, hands-on advice from experiencedentrepreneurs• Capital From subsistence stipend to seed capitalThursday, April 25, 13
Ideal Model• 2-3 Month Program: May 15 - June 1, 2012• Located in Downtown Norfolk• Attract entrepreneurs from Hampton Roads andMid-Atlantic region• Strong connections to NSU, EVMS, ODU• Celebrate the start, on-going PR and “statusreporting”, Capstone eventThursday, April 25, 13
What the Program AlreadyHas• Vision & Operational Model• Organizational management• Mentors & potential in-kind supporters• Several potential locations• Promotion, energy, momentumThursday, April 25, 13
What the ProgramNeeds• Location (Selden Arcade? Monticello Arcade?Waterside? TCC?)• City Promotion• Swag (tickets to Norfolk summer events, free passesfor the Tide, etc.)• Sponsorships (weekly lunches, coffee, Wi-Fi, etc.)• Capital (need to cover bare living expenses or providein-kind assistance – dorms at ODU? – for up to fivestartups (15-20 people))Thursday, April 25, 13
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