The start-up process is messy and unpredictable. And student start-ups are certainly no exception. When teams that wow judges and win competitions move to the real world, the sheer enormity of the transition can be overwhelming. Licensing intellectual property, producing a manufacture-ready prototype, lining up customers, raising money—all critical and all daunting. The Foster Accelerator helps early-stage, student-led companies through those decisive first six months.
At CIE, we believe it’s possible to create a TechStars-like program within a public university environment. True, we can’t pay a modest living wage to the founders. But we do look at the broad range of start-ups—and we don’t take equity. In the Foster Accelerator, we provide six months of mentoring, a framework for achieving “reasonable but measureable” milestones, much-needed connections, and an incentive—as much as $25,000 in follow-on funding. May not sound like much, but $25,000 can represent another three months of runway for a young company.
This year there are 10 start-ups in the Foster Accelerator. There’s everything from consumer products (JoeyBra, Strideline, MyPartsYard) to cleantech (SuperCritical Technologies, LumiSands, Green Innovation Safety Technologies) to service companies (PatientStream, Urban Harvest) and socially responsible companies (Haiti Babi and Microryza).
Does this work? It does! In the last two years, we’ve worked with 10 companies—6 of which are still making progress. Cadence Biomedical, which makes a medical device that helps people with mobility impairments walk, has raised $1.2M and is now selling a commercial product. Wander, formerly YonogPal , morphed from helping Korean students learn English via the web to a cultural exchange mobile app. And they were one of the top three 2011 “stand-outs” in Dave McClure’s 500 Startups. Stockbox Grocers just opened their first store-front location in the South Park neighborhood of Seattle, selling fresh food in a “food desert.”
The Foster Accelerator started with a three-year grant of $240,000 from the Herbert B. Jones Foundation to create the Jones Milestone Achievement Awards. Since then, other donors have come on board to provide additional financial support. You can follow this year’s Foster Accelerator teams on the Foster Unplugged Blog. They’ll be writing about their experiences over the next six month.