Consumer products resource nonprofit Built Oregon has expanded its Bridges program to include an accelerator.
The Bridges Accelerator not only builds on the existing program that supports Black, Indigenous and people of color founders but augments the group’s existing Built Accelerator.
Six companies are in the first cohort. The program technically lasts four months, but Built Oregon Director Mitch Daugherty notes the group never stops supporting the entrepreneurs in its programs. This cohort consists of:
- Chocolatier CloudForest
- Coffee roaster Tostado
- Beauty product maker Essance Skincare
- Hair care product maker Ella Dean
- Ice cream maker Nico’s Ice Cream
- Confectioner How Sweet It Is
Unlike Built’s existing accelerator, the Bridge’s Accelerator is limited to Portland based companies. The companies were selected based on prior work with the Bridges program and suggestion from retailers on brands they work with and believe are poised for growth, said Daugherty.
The Bridges Accelerator is being funded by a grant from Prosper Portland. The first year is $150,000 and the second year is $200,000, with potential for another three years of funding.
“We got funding from Prosper to build capacity. Are there five companies we could bring into an accelerator and dig deeper and help them scale? These companies are ready to do that,” said Daugherty.
The Bridges program has worked with 85 companies over the last four years. That work consisted of introductions and meet and greet events that put founders in front of retail buyers. With the accelerator, Built Oregon wants to help founders have a better grasp on what it takes to be successful at scaling retail and the skills to do it.
This includes coaching on logistics, financial forecasting and understanding sales velocity, said Daugherty.
The Bridges Accelerator will tap into the 225 mentors that Built has cultivated over the years.
Built’s existing accelerator — called the Built Accelerator — is open to founders across the state. Applications for the four-month program open this week. Forty companies have participated in the accelerator. Past participants include include snack maker Pan’s Mushroom Jerky, beverage maker Altitude Functional Beverage, apparel company Trew and baby shoe maker Woolybubs.
Daugherty expects the Built Accelerator to accept 10 to 12 companies. Applications that catch Daugherty’s attention usually have unique positioning in the market and knowledge around sales channels. The group also looks for baseline sales of $75,000 but that isn’t a hard and fast requirement and can be discussed in the interview process, said Daugherty.
Built Accelerator applications close May 22.
