There are a number of educational resources available to idea-stage entrepreneurs or programs for startups looking to grow from seed to Series A.
But there's not much available to those in the middle — the entrepreneurs that have a solid idea, but haven't taken it to market or sought venture funding yet.
That's where Launch Blue's Pre-Seed Accelerator comes in, says Laura Halligan, executive director of the Lexington, Kentucky-based organization.
"We focus on working with startups in the pivotal pre-seed stage," she said of the 12-week program. "There are few resources for those tech startups that are in that difficult in-between phase where they are looking to scale and raise their first serious round of funding. Also, unlike other accelerator programs of our caliber, our program is fully virtual so startups can easily participate from anywhere in the U.S."
Applications are open for the spring 2022 pre-seed accelerator program. You have until Dec. 3 to apply, so check out the application here. You can also read more about the fall 2021 cohort here.
Halligan answered a handful of questions for KY Inno on what you need to know before you apply:
What is the goal of Launch Blue’s pre-seed accelerator program?
Launch Blue nurtures promising founders of scalable tech startups. The goal for our pre-seed accelerator is to prepare tech startups to be successful at raising their seed stage round of funding from investors and scale their business to gain traction with early adopter customers in the market.
What will startup founders experience and/or learn during the program?
Our program helps startup founders work through each part of the business model and refine that model to be ready to scale. We also focus on product-market fit, creating a long-term strategy for growth, go-to-market strategy and preparing the startup for launching an investment round.
Who is eligible? What are you looking for in an applicant?
We currently accept applications from U.S. startups with a focus on the Midwest and Southeast regions. Our program is ideal for tech startups who have gained early traction and are looking to take it to the next level.
At this early-stage, the founding team is incredibly important. Those candidates who stand out will be those who have shown their ability in gaining early traction, demonstrate resourcefulness, and a deep commitment to solving the problem for the customer.
Can you point out a couple of recent program milestones?
While Launch Blue is still fairly young, we're proud of the progress that's been made by the startups we've worked with. In the past year, our startups have raised more than $1.3 million in investment and have been awarded more than $6.3 million in grants.
This pre-seed accelerator program creates a pipeline for Launch Blue’s incubator program, right? Could you share a few details about that?
Startups who successfully complete our pre-seed accelerator may be invited to apply to the Launch Blue Incubator. Startups in our incubator spend six months continuing their pursuit of a repeatable, scalable, profitable business model, and developing their investor pipeline.
These startups continue to receive dedicated coaching and mentoring, continued training and access to co-working space.
This story is a part of the KY Inno Ecosystem series designed to help founders and aspiring entrepreneurs understand the resources available to them in Kentucky. Is there a program or another opportunity you want to learn more about or to share news about? Send requests to reporter Haley Cawthon at hcawthon@bizjournals.com.
