AccelerateBaltimore just got another $100K to fund local startups - Technical.ly Baltimore

Business

Sep. 30, 2015 12:44 pm

AccelerateBaltimore just got another $100K to fund local startups

The accelerator, which is run by the Emerging Technology Centers, received a donation from the Abell Foundation to provide additional funding to one of the program's graduates.

ETC President Deb Tillett (left) and Startup Soiree emcee Patrick Rife.

(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.

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.

Advertisement

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

5 questions with Jolene Gurevich, a Venture for America alumna working with University of Maryland startups

Baltimore’s CoapTech was picked for this California-based medtech accelerator

How do you create a job that doesn’t exist?

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore

14 West

Senior Java Software Engineer

Apply Now

SmartLogic is making a dev investment to help a Baltimore startup scale

Ion Storage Systems raises $8M for solid state battery development

CareFirst, LifeBridge Health plan innovation center, fund for digital health startups

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Baltimore, MD 21201

14 West

Senior Data Engineer

Apply Now
Baltimore, MD

SmartLogic

Product Designer

Apply Now
Baltimore, MD 21201

14 West

Customer Success Associate

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!