Blue Startups is getting back to the basics for its upcoming 13th cohort for burgeoning local tech companies.
After going to an all-virtual cohort last year, the accelerator is expecting to be entirely in person once again for its 13-week program from from Aug. 16 to Nov. 12, including demo days scheduled for Honolulu and San Francisco.
"Cohort 12 was entirely virtual, and while we were pleasantly surprised with the outcome, it still does not compare to in-person," Chenoa Farnsworth, managing partner for Blue Startups, recently told Pacific Business News. "The in-person demo days and San Francisco trip were probably the components that were hardest to replicate virtually, so we really look forward to bringing those back in this next cohort. We may bring some of the virtual features to Cohort 13 such as connecting via Zoom with all our global mentors, not just the mentors that are here in Hawaii."
Startups chosen can receive up to $100,000 in capital and be exposed to a mentor network of more than 160.
Last year, Blue Startups selected eight companies out of 494 applicants for Cohort 12.
Eight is the typical number selected, Farnsworth said, although up to 10 can be chosen. Five-hundred applicants is typical; applications for this year are due June 1.
"It is highly competitive," Farnsworth said.
This year, Blue Startups is looking for four specific areas, although each is not necessarily a requirement:
- Scalable technology companies in the go-to-market phase
- Software-as-a-service, travel and tourism, and sustainability sectors
- Companies addressing both Asia and U.S. markets — East Meets West
- Indigenous, female, and cross-border founders
"We have always had a focus on Hawaii first, at least half of each cohort is Hawaii-based," Farnsworth told PBN. "The addition of founder targets was put in place in the last cohort. We value diversity as a core value at Blue Startups, and we also think that diversity is a great investment strategy. We have a lot of confidence in our diverse founders and have seen a strong pattern over time of them out-performing teams which lack diversity."
Farnsworth said that economic diversity in Hawaii is now more critical than at any point, given the significant impact the pandemic has had on the state's economy due to its over-dependence on the tourism sector.
"We are actively seeking corporate partners for this cohort that share our vision of Hawaii and will benefit from having a first look at innovation coming out of Hawaii," she said.
