In January, the San Francisco-based Alchemist Accelerator announced it would establish the Memphis Hub Accelerator Program, its first U.S. location outside of Silicon Valley and third location overall.
Launched in partnership with Epicenter, the program is set to streamline local startups’ admission to Alchemist’s high-profile, six-month accelerator — which could give them access to the vast funding and resources of Silicon Valley that have often seemed out of reach.
But gaining acceptance to Alchemist’ equity-based accelerator — considered one of the nation’s best — isn’t easy. As Ido Sarig, managing director of the Memphis Hub, said in a press release, it “requires careful preparation.”
So Alchemist and Epicenter are launching Memphis Crucible, a pre-accelerator program designed to prepare early stage startups to successfully apply to Alchemist’s Memphis Hub, and therefore, its prestigious accelerator. More broadly, it also expands the offerings of the groups to a wider range of startups at different stages of development.
"Alchemist Accelerator seeks later-stage startups," Sarig said, in the release. "So this program is designed to help early stage founders make progress in such areas so their chances of acceptance significantly improve."
Added Epicenter president and CEO Jessica Taveau: “This pipeline program is designed to intentionally provide founders of startups that are in earlier stages with access to experienced coaches, giving them the best chance of success when they apply to the Alchemist Accelerator and beyond.”
Memphis Crucible is available to qualified startups founded in, located in, or doing business in the greater Memphis region. The participating organizations are set to receive biweekly 90-minute sessions with a designated coach during the eight-week program.
These coaches are seasoned entrepreneurs, investors, and operators with a track record of advising and operating successful startups and technology businesses, and they’ll come from both the Bluff City and other areas. Local coaches are set to be available to provide in-person mentoring sessions, which will be complimented by online sessions with coaches from Alchemist’s wider network of experts in Silicon Valley and other technology hubs.
No tuition fee or equity grant is expected to be required from participating startups and preference is set to be given to qualified startups with underrepresented founders.
One of the first startups in the program is Youdle, which was founded by former Action News 5 anchor Kontji Anthony. Her company looks to help shoppers quickly find products they need in stores, while also providing a boon for brick-and-mortar businesses.
"Our startup is scaling, and we're making a lot of critical decisions throughout the process," Anthony said, in the release. “We believe the coaching provided by Alchemist in partnership with Epicenter will help us make those decisions in a more informed, supported, and efficient way."
Startups interested in applying can contact Alchemist at crucible@alchemistaccelerator.com
