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Techstars prides itself on graduating companies that get results. The accelerator program is now seeking applications for its summer 2014 classes, which lasts May 27 to August 27.
The 13-week boot camp, which comes with funding, mentorship and other perks, is offered in several cities including Boston, Boulder, Chicago, New York, Seattle, London and Austin on a regular schedule, but the February 3 opening of the application applies to just the Chicago and Austin locations.
Thousands of companies apply to the program annually but only about 10 are chosen per class, with the exception of this year’s Boston class that has 12 companies. Techstars companies start with $18,000 in seed investment and are offered an optional $100,000 convertible debt note. On average, companies go on to raise about $1.6 million after the program.
Since Techstars started in Boulder in 2006, 233 alumni companies are still active and 30 have been acquired, meaning only about 10 percent have failed. The accelerator has generated 2,377 jobs.
As part of the Chicago outreach process, Troy Henikoff, managing director, has traveled to locations throughout the Midwest to help recruit, including outreach initiatives with South by Southwest.
Since getting selected into the accelerator is very tough, Henikoff has some word of advice for companies that make it in the program - and for those that don’t: “Keep plugging. We’re not a requirement for success.”
Successful companies like SpotHero have graduated from Techstars. Here’s a look at other successful graduates of Excelerate/Techstars Chicago and what they're doing now.
· Brilliant.org: is an intellectual community for the world’s most promising minds. The community is rapidly growing with 250,000 users worldwide. It was started by a UChicago alum as Alltuition.
· Food Genius: looks at menu data. The company recently scored $1 million and announced a move to the West Loop
· SpotHero: works with parking companies to help people find parking spaces. SpotHero left 1871 in April 2013. It now operates in seven cities across the country.
To apply, visit the Techstars website. Applications are open through March 15. Click here for tips and an FAQ on what to know about applying.
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