Founder Institute wants startups to join its Philly cohort - Technical.ly Philly

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Sep. 26, 2017 12:13 pm

Founder Institute wants startups to join its Philly cohort

Apply to the accelerator program for early stage startups, which will be based out of CityCoHo and the Pennovation Center.

The Pennovation Center.

(Photo by Michael Moran/OTTO)

They don’t say “second time’s the charm,” but for the Philly iteration of the Founder Institute accelerator program it might just be.

Once tried in 2013 by Mike Krupit (then COO of now shuttered Real Food Works) alongside entrepreneurs Herb Cohen and Bob Solomon, the San Francisco-based national program is looking to once again drop a pin in Philly. It’s currently live in 60 countries with its premise of “globalizing Silicon Valley.”

Locally, the second push at making the accelerator happen in Philly is led by Brendan O’Hara, a startup consultant who also organizes a meetup called Founding Startups. O’Hara is a New York-based, but is hoping to finalize his move to Philly over the next three to four months.

“Founder Institute is a very structured 13-week program,” O’Hara told Technical.ly. “It takes in people who are at the idea stage or pre seed. We walk them through all of the steps to build a great early stage startup and have mentors from regional startups come in to advise. When they leave the program, they can start pitching for capital right away or go do more product development.”

Apply by Oct. 12

The sessions for the accelerator, which will be starting in October, will take place at CityCoHo and Pennovation.

The accelerator program does take equity in the shape of “warrants” (no, not that kind) which only kick in in the case a startup has an exit event like an acquisition or a merger. Standard is 4 percent, but as with any accelerator you might want to read the fine print.

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Roberto Torres

Roberto Torres became Technical.ly Lead Philly Reporter in May 2016. Prior, he was a freelance contributor to Technical.ly and Al Dia News. The native Venezuelan moved to Philadelphia in 2015 after reporting on research at his alma mater, the University of Zulia. Whenever he's not fencing deadlines, he can be found standing in line at Overbrook Pizza in West Philly, running Netflix/Hulu marathons with his wife or reading news from Venezuela.

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