Formerly a simpler deal for startups, the program was expanded in 2017 to include some capital infusion as part of the more traditional offering of mentorship, office space and networking. Each of the four startups selected for the fall program will receive a $25,000 investment by way of a SAFE note.
Companies in the hardware space must apply to the 12-week program by Aug. 16. Though all of the programming will take place at the Washington Avenue location, startups can use any of NextFab’s spots, including the Wilmington space.
What kind of startups should drop their name in the hat? NextFab Venture Service Manager Todor Raykov said the ideal company would be working to fix problems with substantial impact on society. Ideal candidates should also have a physical prototype, an estimate of their market size and a commitment to stay in the Philadelphia region.
For Strados Labs cofounder Nick Delmonico, being in the spring cohort was a solid deal.
“It was a good experience and helped us move the company forward,” Delmonico said when reached by Technical.ly. “For hardware companies a cash infusion is great. Being at their facilities let us connect with other companies and using their gear was helpful for rapid prototyping.”
— NextFab (@NextFab_PHL) July 18, 2017
Here’s the full lineup of companies from the spring cohort.-30-
CCP’s Herman Nyamunga: Black and minority-owned businesses need more than capital to thrive
Meet the 10 companies in Philly Startup Leaders’ second Founded in Philly accelerator
The third LIFT Labs accelerator launches today. Meet the 2020 cohort’s 11 startups
Fall programs for entrepreneurs are changing up their formats in response to COVID-19
Sign-up for daily news updates from Technical.ly Philadelphia