The StartUpNV Accelerator
10 Companies | 13 Weeks | $50k in funding | 6 Demo Days for additional funding
The Accelerator focuses on companies in the VIABILITY and SCALABILITY stages and the related phases
Companies pitch to be invited into the StartUpNV Accelerator – or they “graduate” from our incubator program.
Our accelerator is unconventional – following a non-cohort, AGILE “sprint” methodology. We work no more than 10 companies concurrently – as and when we find each other – through 4 AGILE-like “sprints” with 13 weeks of effort: a.) One Week of diligence & deal room prep – immediately followed by our initial investment; b.) Four Weeks of go to market prospect development; c.) Six Weeks of sales and customer development; d.) Two Weeks of (15-25) investor meetings – followed by additional diligence & investment. The accelerator is designed to produce the initial growth, traction, and path to product-market fit required by A-Round venture capital providers. We push to complete the 13 weeks of planned work (a thru d) over a 4-6 month calendar timeline, with limited time between sprints. With solid progress, we will add 3 months to meet development, sales growth, and venture funding objectives
We look for “scalable” companies at or within 60 days of revenue (or a live beta) with founder(s) working full time.
“Scalable” means a coachable, capable founding team / founder focused on an exit in less than 10 years in a business that can realistically achieve a minimum mid-eight-figure ($30M+) valuation within 5-7 years. We do NOT focus on specific industries or technologies. Our program involves education, mentorship, along with plenty of pitching and due diligence prep to make easier close on funding opportunities as they arise.
Our focus on making startups fundable involves pushing companies into their market – with real customers, as quickly as possible, given the solutions / technology / products involved. We emphasize establishing a clear path to product-market fit and/or the identifying the pivots required to get there. Whether that initial “push” is with a beta or in a live market, we believe that answers about growth and ongoing “fundability” are only provided by genuine customer interactions… to prove you’ve built something that people want.
Our non-profit accelerator follows a pay-it-forward business model – to help us grow a robust, inclusive ecosystem.
Member companies pay a monthly fee of $200*, which includes a co-working membership at our Las Vegas or Reno location. Founders pledge 1% of their company’s equity to our 501(c)3 non-profit, StartUpNV – following the same dilution protocol as the founder(s). While the 1% equity donations by the startup companies aren’t worth much in the short term, our goal is to build a non-profit foundation that will support our Nevada ecosystem over the long term – by helping our startups succeed, employ people in our local communities, attract early investment from local investors, and exit successfully.
StartUpNV is run primarily by volunteers, but do have operating costs and seek corporate sponsors, donors, and government grants to fund our operations until our equity positions become liquid.
*$100/mo while covid restrictions limit use of facilities – fees billed quarterly.
Raising Capital is a top goal of most accelerator companies – and ours too.
Member companies are eligible* for $50k of pre-seed funding from FundNV, our affiliated venture fund, within 1 week of starting the accelerator. FundNV invests via a convertible note on the following terms: 2 year note at 8% simple interest. 20% discount to a priced round @$350 – or – a pre-negotiated valuation cap – typically in low to mid 7 figures. Companies should expect to enter due diligence immediately (for week #1 of “deal room prep”) – with funding upon successful completion of that first “sprint”.
StartUpNV promotes and sponsors “demo days” for outside funding partners to attend once every 60 days. The goal of “demo days” (in addition to planned investor meetings) is to provide additional interest and leads to plan follow-on investor meetings – and recruitment of lead investor(s).
*members must be current on all obligations to StartUpNV – and in meeting or exceeding agreed go to market goals.