BALTIMORE, Oct. 5, 2016 /PRNewswire-USNewswire/ -- Today the ETC (Emerging Technology Centers), Baltimore City's award-winning technology and innovation centers, announced that the Accelerate Baltimore (AB) program will run for its sixth consecutive year. The Abell Foundation has awarded ETC $250,000 in funding for this seed accelerator for the second year in a row. Based on the model of last year's successful program, each of this year's AB winners will be awarded $25,000 in seed stage funding, but one company will be awarded an additional $100,000 in follow on funding at the end of the program.
"ETC is aware of the significant impact on the economy of Baltimore that startup companies can have and is committed to providing the best services, most impactful programs, the critical collaboration and ultimately the access to capital that is needed for success," said ETC President, Deborah Tillett. "We have seen the importance of Accelerate Baltimore and its seed stage funding to the success of startups in the city."
Accelerate Baltimore 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, mentors and connections to potential investors, partners and resources.
"Baltimore is becoming noticed nationally for its ability to attract talent and capital and the ETC's Accelerate Baltimore is one of the premier programs fueling that growth," said Robert C. Embry, Jr., president of the Abell Foundation.
"The growth of the AB program over the past six years demonstrates the strength of the entrepreneurial and startup climate in Baltimore," said William H. Cole, president & CEO of the Baltimore Development Corporation (BDC). "As BDC's key mission is to retain and expand City businesses, initiatives like the ETC are critical to our success. We work closely with all of our ventures to provide the necessary support and resources to help businesses grow and thrive in Baltimore."
To date, 28 companies have gone through the AB program and successfully launched their products. The AB program ends with Demo Day, attended by angel investors, venture capitalists and media. Last year, judges awarded the additional $100,000 to MyBestBox, a consumer products and data analytics platform, which helps people maintain healthier lifestyles in a convenient and affordable way. Other AB graduates include Fusiform, Loople, Brinkbit, Allovue, Survey Snap, and NewsUp. Of the $800,000 awarded from the Abell Foundation to Accelerate Baltimore companies to date, AB graduates have raised an additional $11.9 million in following on funding.
Applications will be available (at www.acceleratebaltimore.com) starting October 12th and will close on December 1, 2016.
About ETC (www.etcbaltimore.com)
The ETC, a venture of the Baltimore Development Corporation, is a 501(c) (3) technology and innovation center focused on growing early-stage companies. The ETC provides four programs for entrepreneurs: a tech focused incubator, Incubate Baltimore, a seed accelerator program, Accelerate Baltimore, a coworking space open to innovative individuals and teams, Beehive Baltimore and now their newest pre-accelerator program, Pioneer Baltimore. The ETC promotes economic development, providing business, technical, and networking connections to help these companies grow. Since 1999, the ETC has provided assistance to over 350 companies, 85% of which are still in business, creating more than 2,500 jobs and raising more than $2.2 Billion in outside funding.
Media Contact: Jackie Albright
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SOURCE ETC (Emerging Technology Centers)