Most accelerator programs support a handful of companies, with 10 or so as the sweet spot. But a new Austin accelerator launching in April wants to support eight times that number.
MassChallenge, the largest startup accelerator in the world, will kick off its Texas program next month with a whopping 84 startups locked in for its inaugural class.
With that many companies, ample support for every individual founder might seem fleeting at first glance. But Mike Millard, MassChallenge Texas’s managing director, said there are systems in place to ensure those needs are met across the board.
“Before the cohort even starts we survey the entrepreneurs to understand what they need, and then we do our best to connect them with our network of Fortune 500 companies, mentors, resources and investors,” said Millard. “It’s a big undertaking, but that’s what makes it part of the fun.”
The first class, which will operate out of WeWork Austin locations, consists of 33 high-tech startups, 24 life and science companies, 12 startups in the consumer tech space, nine social impact ventures and six companies in the energy and cleantech field. In August, all 84 companies will compete in a pitch-off for up to $500,000 in equity-free cash prizes.
It’s a big undertaking, but that’s what makes it part of the fun.”
Additionally, 45 hail from Texas —33 of that segment are Austin-based — while the other 39 companies head to town from 12 states and 11 countries, including Australia, Germany and Greece.
“We’re starting MassChallenge Texas in Austin, but over time we will hopefully expand to other cities throughout Texas,” said Millard.
The leading qualification to get accepted into MassChallenge is that a startup must be early stage at the time of application.
“We look for companies with less than $1M in revenue and less than $500K in funding that have high impact and high potential,” said Millard. “Our program is industry agnostic.”
MassChallenge Texas joins a global network of programs in Boston, Israel, Mexico, Switzerland and the U.K. The accelerator, a registered nonprofit, takes zero equity for its support or funding,
“What’s unique about MassChallenge is the global aspect,” said Millard. “You’ve got this ecosystem of universities, angels, accelerators, media and more around the world. Your company might be here in Texas, but you have the ability to work at a global level.”
Since MassChallenge launched in 2010, Millard said the global programs have collectively graduated nearly 1,500 companies that have generated $2 billion in revenue, 80,000 new jobs, and $3 billion in funding.
