After a successful first year that saw six of 10 startups land pilots with The Nature Conservancy, applications are once again open for the Techstars Sustainability Accelerator.
Techstars and The Nature Conservancy are seeking for-profit startups that can rapidly scale to address some of the most pressing global conservation issues.
In a video conference on Feb. 26, Brian McPeek of The Nature Conservancy and Brad Feld of Techstars discussed what went right in year one and goals for the accelerator’s second go-around.
“The first year of the accelerator was a raging success and we couldn’t be happier,” McPeek said. “It’s a match made in heaven to drive tech into sustainability.”
Applications for the program remain open until April 7, with the program beginning on July 29 and culminating with a demo day on October 30.
Reflecting on the first year, Feld said each of the company’s purposes extended far past monetary gains and prioritized conservation over all.
“What really stood out to me was the clarity of purpose of companies that went through the program,” he said. “The reason they were working on their business lined up nicely with the goals of The Nature Conservancy. The aspirational vision most of them had went far beyond just building their business but actually making a significant positive impact on the planet, conservation and society as a whole.”
In the first cohort, companies built solutions for sustainable fisheries or oceans, water conservation or water data science, environmental monitoring and clean energy technology, among others.
For example, Denver's Nikola Power is building software and energy storage solutions that allow customers to optimize their energy usage, saving them money in the long run. The company was also named one of Colorado Inno's 19 Startups to Watch in 2019.
In year two, Techstars will focus on a core group of themes. Themes range from climate change and healthy cities to energy and infrastructure.
Despite a core group of themes, McPeek said the team will keep an open mind during the selection process.
“We found a number of companies make pivots [last year] that become very relevant to our work, which may not have been evident in the selection process,” he said.
As part of the 90-day accelerator, every company is offered a $100,000 convertible note. Techstars contributes $20,000, which is commonly used as a stipend to support living expenses during the program, and in return receives 6% common stock from each company.
However, in 2014, Techstars introduced an ‘Equity Back Guarantee,’ allowing graduate companies to lower or eliminate the accelerator’s equity position if the startup is unhappy with the value it received.
Despite the global focus and reach of the startups accepted into the program, the accelerator will bring founders to Denver for 90 days in a move that Feld said is key to the Techstars model.
“We believe the deep immersion for the 90-day period is a critical part of it,” he said.
For more information, check out the Techstars Sustainability Accelerator in partnership with The Nature Conservancy.
