Charlotte has long been identified as a major banking and financial hub of the South. But one accelerator is helping the quickly changing Queen City’s one-trick reputation by attracting entrepreneurial talent from all over the world.
Meet Joules Accelerator, a program that is helping energy adjacent or energy-focused startups realize their true potential through its robust catalyst program and mentorship committee.
Creating the Silicon of the South
Duke Energy, one of the largest energy holding companies in the United States, realized the need for a program that would help promote startup growth within Charlotte.
“We kept thinking, ‘How can we keep being more innovative and adventurous? How can we create an energy hub and attract talent to let them know Charlotte is a great place to be to develop new opportunities?’” explains Joules Accelerator executive director, Bob Irvin. The former vice president of strategy at Duke, Irvin was eager to answer the need for local startup resources by leveraging those available through the company.
“I got to work a little bit with the startup Austin Incubator in the 80’s, and people would come to that community and realize it was a great place to be,” says Irvin. “When I came to Joules as executive director, I thought it was an easy sell because Charlotte has a lot of great things, too.”
Empowering Entrepreneurs & Inspiring Innovation
To date, Joules Accelerator has helped create more than 90 jobs, generate $15 million in investments, and create seven pilot projects. The best part? It’s able to achieve all this at no cost to the startups who apply to be in their bi-annual cohort.
Twice a year, Joules Accelerator seeks out startups that are looking to make a positive change in the world. A selection committee composed of top leaders from Duke Energy, UNCC, Rocky Mountain Institute, and others narrows down dozens of applicants to just 25 companies. The committee then meets again, reviewing an executive summary of each company to determine which have the most potential. Of these, only six or seven are selected for the cohort.
Celebrating Queen City Success
The program lasts 90 days, providing entrepreneurs with personalized mentorship and resources from the area’s top innovators. While companies aren’t required to stay in Charlotte for the full duration of the program, many opt to do so. In fact, ZapGo — a company originating in Oxford, England — relocated to the Queen City after being accepted into Joules Accelerator’s third cohort.
The accelerator program targets companies that aim to make a difference in the world and their communities. Whether through energy efficiency or artificial intelligence, Joules Accelerator matches each company to an advisor for one-on-one support throughout the 90-day program.
“We’ve really become kind of a club in that we don’t really go away,” says Irvin. “They get their advisors and long-term relationships which they can always go back to beyond the 90 days.”
Startups interested in joining the Joules Accelerator program may submit their applications online for consideration. The next cohort will be selected in spring of 2020.
