ETC has recognized that providing additional funding is absolutely key to their future success and long term growth of early stage startups in Baltimore
Baltimore, MD (PRWEB) October 01, 2015
The ETC (Emerging Technology Centers), Baltimore City’s award-winning technology innovation centers, announced today that the AccelerateBaltimore (AB) program will run for its fifth consecutive year. This lean startup accelerator, in following industry trends, has secured additional funding from the Abell Foundation. This year, AB winners will be awarded the usual $25,000 in seed funding but one company will be awarded an additional $100,000 in follow on funding to be determined at the end of the program.
“As companies continue to successfully graduate and grow from the AccelerateBaltimore program the ETC has recognized that providing additional funding is absolutely key to their future success and long term growth” says ETC President, Deborah Tillett. “We are looking forward to the impact this will have on Baltimore startups in the coming years.”
An initiative of ETC with the funding supplied by the Abell Foundation, AccelerateBaltimore aims to close the gap between innovative ideas and the ability to get to market quickly. In addition to the seed funding, these companies will receive free office space, access to a high-level advisory team, a “hands-on” instructional program and connections to potential investors, partners, and resources.
“The Abell Foundation has seen the success of AccelerateBaltimore and continues to support the competition as it attracts top entrepreneurial talent to the city,” said Robert C. Embry, Jr., President. “When ETC shared with us a recent report of the changes and trends in early stage financing in our region it was important that we acknowledge the need for additional funding.”
To date, 22 Companies have gone through the AB program and successfully launched their products. The AB program ends with Demo Day, an event at the ETC attended by angel investors, venture capitalists, the press, and other entrepreneurs. Graduates include Brinkbit, Allovue, Survey Snap, NewsUp and PrintLess Plans to name a few. Of the $550K awarded from the Abell Foundation, AccelerateBaltimore graduates have raised an additional $4.8M in following on funding to date.
ETC will begin accepting applications October 5, 2015, and applications will close on December 1, 2015. For more information visit http://www.acceleratebaltimore.com.