Two Richmond startups are part of the second virtual business accelerator cohort for Covintus Tech Tank, which runs through April 1.
Short Pump's Covintus Inc. is a software development company that builds programs for its customers using on-demand teams, with the ability to pull in people from every stage of the software development lifecycle. It began planning its accelerator in 2020 in response to the technology-related challenges it saw startups experiencing.
“This accelerator is really about, we use the word 'savvy-fying,' to help founders navigate that journey and creating their software in a way that's lean and of the best value, giving their customers really what they need,” Logan Ryan, director of community engagement with Covintus, said in an interview.
Five startups in total were selected for the 10-week program: EDai and Lulus Local Food, both of Richmond, as well as Norfolk's Frontline GIG, Chicago's ezClinic and Baltimore's Touchbase (Touchbase ultimately bowed out because of scheduling conflicts).
Each of the participating startups will receive $5,000. At the end of the accelerator, the companies will run through the Covintus Tech Tank Pitch Competition. The winner will leave with $25,000 and a runner-up with $10,000. All compensation is matching credit with Covintus, and the company doesn't take equity in the participating startups.
EDai uses artificial intelligence and analytics in its platform for site selection for businesses and economic development projects.
“We knew about [EDai founder Sean Brazier’s] business and his work ethic and knew that he would be a great contributor to the group and would be able to get a lot from it,” said Ryan.
Covintus identified Lulus Local Food founder Molly Harris as “being in a good place where the accelerator would provide a good springboard for her business,” said Ryan. The business is an ecommerce platform for farms, farmers markets, food hubs and CSAs.
Ryan said EDai and Lulus Local Food are both generating revenue, have developed a minimum viable product and are at a point where they need to build on that or update their use case.
The two Richmond companies "were selected because of the stage they’re both in as well as because they have a big tech challenge ahead of them,” said Ryan. “We just felt like we would be very valuable for them, as they're going through changes in their business, to get our guidance and go through the program at the same time.”
Ryan said the diverse accelerator group represents businesses at various levels.
“They're in similar stages with their businesses, but they're all completely different industries and founders with different backgrounds," she said. "That's one of the things we look for when we're putting a cohort together, because we find out, like in the collaboration, that it brings so much value.”