Companies from every sector and state are starting to resemble tech startups, and the door has opened for founders without technical backgrounds — and who aren’t from San Francisco — to get in on the action.
PHOENIX (PRWEB) March 06, 2018
AZ Crown Ventures merges with Coplex to expand both reach and impact of the Phoenix-headquartered Startup Accelerator. The merger will fuel aggressive growth to support non-coding startup founders outside of traditional technology hubs like San Francisco to start new technology companies.
“Tech is no longer an industry unto itself,” said Zach Ferres, CEO of Coplex. “Companies from every sector and state are starting to resemble tech startups, and the door has opened for founders without technical backgrounds — and who aren’t from San Francisco — to get in on the action. Investors are also more open than ever to backing nontraditional founders who can navigate industry-specific challenges, and they’re looking outside of SF.”
Coplex works with non-coding, industry experts to start successful tech companies using their proven Startup Accelerator program. Designed to take ventures from idea to seed-ready in 9 months, Coplex helped launch 48 startups last year and was named one of the Top 7 Startup Accelerators in America by Entrepreneur Magazine in 2017. A recent success story from the Coplex program includes Pluto TV, which was recently valued at over $140M. With the new partnership, Coplex is looking to build more companies and expand its investment arm which invests in Coplex graduates.
“We want to play a part in helping the Coplex companies grow,” said Tim Crown. “By leveraging our experience in scaling global businesses in a variety of industries and combining it with the proven program that Coplex brings its ventures through, we’re setting our sights on bringing this to an industrial scale of 500 companies per year globally.”
Crown Venture Investments injected an undisclosed amount of growth capital as part of the merger. Tim Crown, Co-Founder and Chairman of the Board at Insight Enterprises, a Fortune 500 company, took Insight from idea to a $6.7B (in revenue) global company. Tim will be stepping in as Chairman of the Board for Coplex, driving its aggressive growth plans. Tim will be joining the board alongside Stan Laybourne, former CFO of Insight, and Jim Prendergast, former CEO of HealthiestYou.
“As a non-coding, industry expert entrepreneur, the Coplex business model has always made perfect sense to me. The subject matter expert brings years of experience and intel that can only be gathered through long-term, intimate interactions with all the players in the market. This gives any startup a significant head start by more accurately and quickly defining the real problem, creating a solution that the market will adopt and distribute through existing industry relationships.” said Coplex board member and investor, Jim Prendergast.
Coplex will be expanding beyond its current locations in Phoenix, Los Angeles, and Seattle to spark more tech hubs outside of San Francisco. The company is actively identifying new markets for expansion.
“This new partnership will elevate the growth of the entrepreneurial ecosystem unfolding in Greater Phoenix,” said Chris Camacho, president of the Greater Phoenix Economic Council. “High-quality accelerators, like Coplex, give entrepreneurs the support and backing to take their ideas to scale, and Ferres has been successful in building that model in one of the fastest growing tech markets in the United States.”
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