Young Enterprising Society (YES) of Milwaukee is taking its successful startup accelerator model and applying it in Green Bay.
Meanwhile its Milwaukee accelerator program, which was run virtually during the pandemic, has attracted participation from companies in Nigeria and Venezuela, according to YES co-founder Khalif El-Amin.
The Blueprint, an accelerator that invests in startups and provides training and mentorship, is launching a program based at the Urban Hub co-working space in downtown Green Bay, according to a Monday announcement.
Like The Blueprint-Milwaukee, which was founded in 2018, The Blueprint-Green Bay will be a 12-week program designed for startups in the technology, e-commerce and advanced manufacturing fields — particularly those that are owned by people of color, women and veterans. Participants can receive up to $25,000 in grant funding. Applications for the program's first cohort open Tuesday.
The Wisconsin Economic Development Corp. (WEDC) is funding The Blueprint-Green Bay with a $150,000 grant to New North Inc., an economic development agency in northeastern Wisconsin. YES, New North and the Greater Green Bay Chamber are running the program.
“This program is a first for the Green Bay area and it’s a wonderful opportunity for the community to help entrepreneurs of all backgrounds succeed,” WEDC deputy secretary and chief operating officer Sam Rikkers said in a statement.
YES was founded by Khalif and his brother Que El-Amin.
The Blueprint-Green Bay will be run similarly to the way in which The Blueprint-Milwaukee is run, Que El-Amin said. The program looks for startups with high growth potential that have been in business for less than five years with annual revenue of $1 million or less.
Each city's accelerator will include two 12-week cohorts per year: idea validation and market validation. Many startups have participated in both cohorts but that may not be necessary for all companies, Que El-Amin said.
The Blueprint: Idea validation
Very early-stage startups are a good fit for The Blueprint's idea validation cohort, which helps companies solidify a business model and target customers, said Khalif El-Amin.
Applications for The Blueprint-Green Bay's idea validation cohort open Tuesday and are due by July 11. Founders can apply on the YES website.
Selected applicants will participate in a bootcamp program on July 19, and then 10 to 12 startup founders will move on to the idea validation program, which begins in August. Participants can receive up to $5,000 in grant funding, but the average idea validation company receives $2,500, the El-Amins said.
The Blueprint: Market validation
Startups that have gained some traction are a fit for The Blueprint's market validation cohort, which focuses on helping companies find product-market fit, launch and attract additional investment.
Applications for The Blueprint-Green Bay's market validation cohort will open in January 2022, and eight companies will be selected to participate. Companies in the market validation cohort can receive up to $25,000 in grant funding but the average company receives $7,500.
Worldwide reach
Since its inception, The Blueprint-Milwaukee has run six cohorts, with participating startups including Tip a ScRxipt, Carvd N Stone and Washbnb. Applications for the next cohort will open in January 2022 and the program will begin in March 2022, Khalif El-Amin said.
Although The Blueprint is focused on local startups, it's open to admitting startups from other states and even other countries. However, the WEDC funding will only go to Wisconsin-based companies, the El-Amins said.
YES has sought private donations to fund companies from outside of Wisconsin. The fifth and sixth cohorts of The Blueprint-Milwaukee were held virtually in 2020 and early 2021, allowing for participation from startups from around the world, said Khalif El-Amin.
Participating companies in recent cohorts of The Blueprint-Milwaukee have included CutStruct Technology Limited, based in Lagos, Nigeria; and Kratos Experiences LLC, founded in Caracas, Venezuela, he said.
