Richmond consultancy Covintus is launching an accelerator program with a unique goal: to “savify” startup founders.
The first Covintus Tech Tank will kick off in June, inviting five to seven startup founders to take part in a 10-week virtual program that Logan Ryan, Covintus delivery manager and Tech Tank program coordinator, described as, “not your typical accelerator program.”
“It’s really a deep dive into the technology strategy of the business,” she said. “It’s really honing in on that particular need and providing those skills to founders.”
The accelerator will cover topics including the product development lifecycle and technology planning. It will wrap up with a pitch competition.
Startups selected for the Covintus Tech Tank will receive a $10,000 matching credit toward software development, design or support once they complete the program. The winner of the Tech Tank pitch competition will receive an additional $25,000 matching credit, with second place getting an extra $10,000.
Founded in 2010, Covintus provides consulting services and builds custom software for companies ranging from Fortune 500s to startups. The company’s team members have provided mentoring and advising support to startups and accelerator programs, including Startup Virginia.
Covintus began planning for its own accelerator last fall in response to the technology-related challenges they saw startups experiencing.
“We have a lot of folks that come to us with projects in the startup community where they have spent thousands of dollars on a piece of software that they call 80% or 90% there, and just need the last little bit,” Ryan said. “And we’ll look at the code, and it’s pretty much a waste.”
Covintus Tech Tank was designed to “get in front of that,” she said. In a news release, the company said it is pledging $1 million in development and support for startups through the initiative.
Covintus is looking for early-stage technology or software companies with high-growth potential that have a significant technology challenge. Applications are due April 30.
Interested founders can learn more at two remaining information sessions, scheduled for 5 p.m. on April 20 and noon on April 26. More information on the program, plus access to the online application and registration for the virtual information sessions, is available here.