A Charlotte accelerator program went all virtual this year to accommodate the unexpected pandemic.
RevTech Labs welcomed five startups for its 13th cohort last week. The 12-week, bi-annual program includes curriculum, mentorship and custom advisory boards for each participant. The now-virtual program culminates in a demo day at the Venture 135 conference, scheduled for Nov. 16-19.
Dan Roselli, founder and managing director at RevTech Labs, said the transition to virtual was mostly smooth. Covid-19 hit as RevTech welcomed its 12th class in March. Those were some of the last in-person events, Roselli said. Startup founders were asked to return home and continue via video calls.
This time, selection day and the welcome party were virtual for the first time. However, the core of the program is the same, Roselli said.
"That ability to move quickly and pivot, I think, is the hallmark of having an accelerator program run by an entrepreneur," he said. "We tend to be pretty scrappy and nimble just like our companies."
Roselli and his fellow organizers hosted an all-virtual Fintech Generations conference in June. He has high hopes for the upcoming Venture 135 event.
One of the latest participants is Cornelius-based Isogriv, which offers machine learning tools to help financial companies use data science. It launched in July. The startup is already working with Fortune 500 and asset management companies, founder Nils Tracy said. He declined to give names.
Tracy said the accelerator fits well with the company's timeline. It has a product and a sales channel but needs to ramp up to be fully operational. He is looking forward to the mentorship and connections with other startups. Tracy sees potential for more growth within consumer and middle-market banking.
Isogriv has a team of about 10 across multiple states. Tracy said it will move its headquarters to Packard Place in uptown once the pandemic subsides.
Roselli recently launched the RevTech brand — an umbrella brand that encompasses financial technology, insurance tech and health tech. The original brand, QC Fintech, was no longer indicative of the accelerator's span. Organizers are planning to roll out the first health-tech class in the spring.
Roselli thinks the switch to virtual opened the accelerator to startups that were unable to move to Charlotte.
"We've picked up a couple of companies that I think we might not have without being in a virtual situation," Roselli said. "I think people and companies have realized that this normal is going to stay around for a little bit, and they have to figure out how to do business in it."
Class 13's other participants are: Los Angeles-based Cher, a marketplace for prospective homeowners; San Francisco-based Lenme, a mobile platform for loan requests; Pittsburgh-based Sabius, which helps freelancers with tax payments; and TRATO of Mexico, which helps companies manage contracts.
