The saying is everything is bigger in Texas, so it’s fitting the state should play host to one of the largest cohorts in Founder Institute’s global network.
For its upcoming pre-seed accelerator, the entrepreneurial training and support organization is combining its three Texas chapters into one hybrid-model statewide cohort, in an effort to foster more connections and collaboration between founders and mentors across the Lone Star state.
“Over the last four or five years, we have built a community not just in Austin, but collectively we have mentors all across the state… so were really able to pull in the best of the best mentors,” said Martín Martinez, Founder Institute Texas executive director and entrepreneur in residence. “Let’s pool our resources together, let’s pool our powers that be together and let’s have our lead directors really show not just each city what we do, but what we do collectively as a state together.”
Since August, Founder Institute has been taking applications for its latest cohorts in Dallas, Houston and Austin. When the four-month program kicks off on Oct. 27, it will operate with a hybrid approach, with virtual statewide training sessions, along with smaller in-person networking sessions taking place in individual cities. Previously, the organization's chapters operated relatively autonomously.
Martinez said the move comes as the organization has seen increased engagement from mentors virtually during the pandemic, adding that he hopes it helps remove geographic barriers to founders in far corners of the state connecting with each other.
“We want to open that up some more, make that even more accessible, but also bring in the best of the best,” Martinez said.
For the cohort, Founder Institute is looking for up to 60 applicants. Martinez said the accelerator is industry agnostic, noting that companies going through the program share the fact that they are scalable through technology and structured in a way that’s “attractive to venture capital. He also said the organization looks for founders who are coachable and open to change.
“The process lets the aspiring entrepreneur really figure out 'is this worth doing?'” Martinez said. “What we try to provide at the very beginning is a community of not only aspiring entrepreneurs that inevitably become really close every cohort, but also a community of mentors that are former founders, CEOs, investors, enthusiasts and evangelists… so that they don’t feel so alone.”
Based in Silicon Valley, the Founder Institute was launched by Adeo Ressi and Jonathan Greechan 12 years ago with the aim of propelling business ideas into startup companies. According to its website, the organization’s alumni have raised more than $1 billion, including notable portfolio companies Udemy, Appota and Gridblaze. In Texas, the organization has graduated close to 100 founders, and Martinez said he expects the top state grads to begin raising Series A funding rounds in the next 18 months.
Martinez said he hopes to open a San Antonio chapter by 2022.
Founder Institute opened its Dallas chapter last year, with the region playing host to about 20% of the around 350 mentors it has statewide. Locally, Molly Walsh, former director of operations for Venture X’s coworking space in Uptown and founder of management consulting firm MW.Consults, and former Zirtue investor and Javannah Capital International Co-founder Javier Martinez co-lead the Dallas chapter. In August, Founder Institute named Martinez, who helped launch all three Texas chapters, to the executive director position – a first-of-its-kind role for the organization – in a move to further bring the chapters closer together.
“The next generation of innovation is going to come out of the Lone Star state,” Martinez said. “Economically speaking, what benefits one city should benefit us all. And, if there’s innovation, brilliant ideas and amazing VCs funding these companies regardless of geography, that’s great for Texas. As a Texan, I see that as worthwhile.”
