A Valley-based group of young and innovative entrepreneurs is launching an accelerator program to help startups grow and stay in Arizona.
JamPad recently announced plans to create a startup accelerator that it describes as the first “true zero to one on-ramp for founders building tier one, venture-backed startups" in the state.
The accelerator program will have a model similar as that of California-based startup fund and program Y Combinator along with the flexibility of the Thiel Fellowship, said Adam Laor, founder of JamPad.
The Thiel Fellowship is a program for young startup founders created in 2011 by Peter Thiel through the Thiel Foundation. Y Combinator, founded in 2005, has invested in companies including Airbnb, DoorDash, Instacart and Dropbox.
JamPad’s accelerator will consist of two cohorts of Arizona-based startups in the summer and fall. At the end of each 90-day program, founders will showcase their companies at a demo day event in front of investors for a chance to land funding in potential five- to six-figure checks, Laor said.
“It will be a three-month sprint with coastal investors from New York and the Bay Area as well as local investors, who will get the first bite,” he said.
The accelerator will likely host one to two dozen early-stage companies in each cohort, depending upon applications, Laor said.
To participate in the accelerator, startups must apply for JamPad, whose team will review applications. From there, startups will meet with JamPad’s partners before gaining acceptance into the program.
“We are looking for founders that show traction, pattern matching and access,” Laor said.
The location for JamPad’s accelerator program has not yet been determined, although it will likely be between Tempe and Phoenix's Arcadia neighborhood, Laor said.
The program is slated to launch in the fall or winter, he added.
JamPad to gain new leadership
JamPad was born out of a text thread and meetup with other startup founders, Laor said.
Laor initially started JamPad as a talent pipeline for Sinatra, a company he cofounded with Brian Pierce that developed an all-in-one workforce safety, compliance and training app hospitality training app.
The JamPad group quickly evolved into a community of young startup founders that banded together to build a tech ecosystem in the state. As JamPad’s companies gained traction, people took notice and wanted to know more about the group, Laor said.
“We’ve been around formally for a year now, and we’ve had 3,000 people apply, but only let in 10 to 12 companies, Laor said, referring to JamPad.
While Laor will still be involved with JamPad, he’s stepping down from a leadership role to focus on Sinatra, which is experiencing significant growth and looking to raise additional funds to scale, he said.
AZ Inno highlighted Sinatra as a company poised for growth in 2023 in its annual Startups to Watch list.
JamPad will be led by Ilene Smith and Mat Sherman, who is founder and CEO of Seedscout.
To date, JamPad’s companies have raised more than $17 million in total funding, Laor said.
“I think there’s probably between two to four JamPad companies now on a steep slope and trajectory to build two-to-one, venture-backed unicorns,” he said.
