(Photo by Stephen Babcock)
AccelerateBaltimore received new funding that will allow a startup in next year’s class to receive additional funding when the company completes the program.
The accelerator, which is run by the Emerging Technology Centers, awards six startups with $25,000 in funding as part of the program. New in 2016, one startup will receive an additional $100,000 in funding.
The new money was made possible by a donation from the Abell Foundation.
Speaking about the new money at the Baltimore Innovation Week edition of Startup Soiree on Tuesday night, ETC President Deb Tillett said she asked the foundation for new money in an effort to keep the program growing.
“We did our homework, we followed trends and we said the first thing startups need is that next funding,” Tillett said.
— NewsUp (@newsuptweets) September 29, 2015
AccelerateBaltimore runs for four months at ETC’s Highlandtown campus. Early-stage companies get access to resources and mentors, as well as office space. The program ends with a pitch event in front of tech community leaders and investors.
Applications for the 2016 class, which begins in January, will open on Oct. 5.
The additional $100,000 in seed funding follows a move by TEDCO to open up a potential $125,000 in follow-on investment as part of its Technology Commercialization Fund awards.
During the Startup Soiree talk, Tillett said more capital was needed in Baltimore. And that wasn’t directed at outside sources.
“If you’ve done well and this market has helped you, you’ve got to give back,” she said.
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