The document outlines a proposal for a startup accelerator program in Norfolk, Virginia. It describes accelerators as intensive short-term programs that provide early-stage startups with office space, mentoring, and potential funding. The ideal Norfolk program would run for 2-3 months in downtown Norfolk, attracting entrepreneurs from the region and connecting them to local universities. It would need a location, promotional support from the city, sponsorships for expenses, and capital to cover living costs for up to 15-20 participating startups.

1. Profile for a
Norfolk Accelerator
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2. What is an
Accelerator?
• An increasingly common economic
development tool
• Started in New York and the San Francisco
Bay Area
• Currently dozens of accelerator programs
throughout the US
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3. What is an
Accelerator?
• An intensive program customized for early
stage startup companies
• Short duration, very intense and collaborative,
very “Hands on” with mentors
• Annual, bi-annual, or quarterly sessions
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4. Types of Startups
• Technology & innovative business models - not
“Life-style” companies”
• Rapid, high growth potential
• Can develop a prototype/prove a business
model in 2-3 months.
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5. Resources Offered
• Office space
 Table, chair, power outlets, Wi-Fi, white
boards, printer
• Mentorship
 Intense, hands-on advice from experienced
entrepreneurs
• Capital
 From subsistence stipend to seed capital
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6. Other Models
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7. Ideal Model
• 2-3 Month Program: May 15 - June 1, 2012
• Located in Downtown Norfolk
• Attract entrepreneurs from Hampton Roads and
Mid-Atlantic region
• Strong connections to NSU, EVMS, ODU
• Celebrate the start, on-going PR and “status
reporting”, Capstone event
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8. What the Program Already
Has
• Vision & Operational Model
• Organizational management
• Mentors & potential in-kind supporters
• Several potential locations
• Promotion, energy, momentum
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9. What the Program
Needs
• Location (Selden Arcade? Monticello Arcade?
Waterside? TCC?)
• City Promotion
• Swag (tickets to Norfolk summer events, free passes
for the Tide, etc.)
• Sponsorships (weekly lunches, coffee, Wi-Fi, etc.)
• Capital (need to cover bare living expenses or provide
in-kind assistance – dorms at ODU? – for up to five
startups (15-20 people))
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