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Baltimore's Emerging Technology Centers Unveils Accelerate Baltimore

Monday, December 19, 2011 10:21 AM

New Venture Aims to Bring Tech Companies to Market in Three Months

To help technology companies get to market quickly, Baltimore's Emerging Technology Centers (ETC) is launching Accelerate Baltimore with the help of $110,000 in seed funding and other financial support from The Abell Foundation.

Modeled after successful accelerator programs such as Y Combinator, Betaworks, and IdeaLab, Accelerate Baltimore will target companies that are creating pioneering technologies and ensure that they are ready to go to market with a minimally viable product within three months of entering the program by attracting the necessary human and financial capital.

"Unlike the ETC, which is designed to help early-stage companies grow and prosper, Accelerate Baltimore is really geared to infuse companies that are developing truly ground-breaking technology products and services with the support they need to get to market in three months," says ETC President Ann Lansinger.

Noting that Accelerate Baltimore will require participating companies to remain in Baltimore for at least five years, Baltimore Mayor Stephanie Rawlings-Blake adds, "By capitalizing on the City's strengths, these companies will not only succeed in their own right, but will become a magnet to draw other technology companies to the City while simultaneously providing jobs and expanding the City's tax base." Mayor Rawlings-Blake has been a strong supporter of the ETC and increased its funding in the most recent budget.

"Accelerate Baltimore will add great energy to Baltimore's growing IT community, which will create jobs for Baltimore's economy," says M.J. "Jay" Brodie, President of the Baltimore Development Corporation (BDC), of which the ETC is a venture.

In addition to physical space at the ETC @ Canton and accompanying office services, Accelerate Baltimore companies will benefit from the counsel of a high-level advisory team assembled by the ETC to provide support through the product development phase and eventual launch.

Specific services offered by the program potentially could include product design, marketing and branding, competitive research, financial, legal, and accounting advice, and business development support.

In return, the ETC and The Abell Foundation will take an eight percent equity stake in the company and a royalty of 2.5 percent, capped at $150,000.

Initially, Accelerate Baltimore will seek five participating companies. The ETC currently is conducting a national search for suitable applicants, promoting the program via traditional and social media as well as through direct outreach to university engineering and science departments. Companies applying for the program will be required to have a founder or co-founder with a technical background for whom the company is a full-time endeavor.

Applications are now available online at www.acceleratebaltimore.com. Companies will have until January 31 to apply. The ETC plans to announce the first five Accelerate Baltimore companies in mid-March, with the program set to begin operation April 2.

For more information about Accelerate Baltimore, contact the Emerging Technology Center at 443-451-7001.

(Source: Business Wire )
(Source: Quotemedia)


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