Suffolk Tech, the technology investment arm of construction giant Suffolk, has launched a new, four-week accelerator specifically tailored to startups working in the built environment.
"The built environment is a vast industry," said Jit Kee Chin, chief data and innovation officer at Suffolk. "And it is one that impacts every day of our lives. The spaces in which we work, we play, we live—these are things that, either consciously or unconsciously, impact us on a daily basis. It's a tremendously important category that we almost take for granted in the urban environments in which we live."
Boost was designed as a mini-accelerator, meant to help startups with a particular idea or challenge. Entrepreneurs at any product development stage are encouraged to apply, though Boost will focus especially on companies in design, supply chain, fintech and the environment.
Originally conceived of at the beginning of 2020, Suffolk Tech, which developed Boost in collaboration with the MIT Center for Real Estate, Bain Capital Ventures and a new fund to be launched jointly by Romulus Capital and EquipmentShare, had to pivot when the coronavirus pandemic hit. The program will be held virtually for its first iteration, which will kick off in October.
With people more aware of their environments than ever, Chin believes that the pandemic presents a critical opportunity for startups to come in.
"Our conversation became, 'What do we believe the long-term impacts of Covid will be?'" Chin said. "The conclusion we came to was: Covid should drive a lot of innovation. People are more aware of certain aspects of the environment than they were. The need to do things differently is stronger than ever."
Startups that are selected for Boost's first cohort will get access to lectures and discussions from Boost's founding organizations, one-on-one advice from Suffolk CoLab Construction's solution director, showcases and a demo day at the end of November. They will also receive a small cash grant and have the option to sell equity to venture partners via Suffolk, Chin said.
Applications opened on Sept. 8. Suffolk will announce the selected startups on Oct. 23, three days before the program begins.
