Nashville has a strong healthcare economy and... we’re producing standout companies in consumer electronics, music, financial services, mobile, and data.
Nashville, TN (PRWEB) March 08, 2013
Nashville tech business accelerator Jumpstart Foundry released follow-on funding figures for its first three cohorts. Since 2010 ten Jumpstart Foundry alumni companies have raised follow on funding totalling just over $8 million.
Alumni standouts include Splitsecnd which recently launched its “plug-in crash detection device that calls for help to protect your family on the road,” Evermind with its consumer-directed “Ambient Assisted Living System,” and NextGxDx’s “comprehensive online marketplace for genetic testing.” Together the companies have raised close to $5 million in funding.
Jumpstart Foundry COO, David Ledgerwood, notes the diversity among alumni companies.
“Nashville has a strong healthcare economy and you can see that represented in Jumpstart Foundry’s alumni, however it’s also clear we’re producing standout companies in consumer electronics, music, financial services, mobile, and data. I expect we’ll continue many of those trends with our 2013 cohort, for which applications close on April 2nd.”
Ten Jumpstart Foundry alumni have raised an average of $800,000 in follow-on funding since the accelerator’s founding in 2010 with a median raise of $500,000 and a maximum of just over $2 million. While follow-on funding is an important performance indicator for accelerators, Jumpstart Managing Director Marcus Whitney is careful to note that it’s not the only path to success.
“Certain businesses respond well to scaling fast using investment and we’ve had success with that model. Still, the story would be incomplete if we didn’t mention the companies that have successfully launched and sustained operations by bootstrapping. Lean startup and bootstrapping methodologies factor significantly into the Jumpstart Foundry curriculum. There are several roads to success and we embrace that.”
Jumpstart Foundry recently partnered with F6S to launch a more interactive, socially connected application which potential teams can access at jumpstartfoundry.com. The new application lets teams and individuals connect via LinkedIn, start and complete the application during different work sessions, and submit it for evaluation. The F6S platform also allows startups to access some $200,000 in perks and deals.
Managing Director, Vic Gatto reminds applicants how competitive the program has become, “We anticipate fewer than 5% of applicants will be selected this year. Getting an application in early helps us focus on your team and your plan before we get inundated with hundreds of applications in the final week. We highly recommend submitting early.”
About Jumpstart Foundry
Jumpstart Foundry (JSF) fast-tracks successful technology businesses from launch to investment through a 14-week, mentor-driven acceleration program capped by an Investor Day showcase. JSF startups make 18 months of progress in three months while capitalizing upon resources and guidance from a hand-selected group of professional mentors who bring a wealth of experience from a variety of fields.