A new startup accelerator is seeking Richmond applicants with a specific focus on CleanTech to participate in its first cohort.
Pax Momentum is the creation of founder Matthew Hanson, who has been involved with angel investing for more than 10 years. Now, he is paving the way for under-the-radar companies around the country to receive early-stage funding.
"I've had great success working with state-funded and university-funded accelerators, but we think it's really important that [Pax] is not associated with any funding source," Hanson said. "Our interests are very closely aligned with the interest of the entrepreneur. We're not trying to create jobs or help our alumni; We're trying to help the companies be successful and really take off."
Participants of the eight-week accelerator that begins in the fall will have access to a network of mentors like program headliners Chris Spanos, of the Virginia company Urgently; and Adam Rogas, creator of an Arizona-based fraud detection company started in Virginia. Startups in the program also receive a $50,000 equity investment.
Pax Momentum is accepting applications for the Fall 2020 cohort through Monday.
"The program really focuses on training, mentorship and guidance," Hanson said. "All of our mentors started with a blank sheet of paper and created something massive and important and exciting. These are the kind of people who the participants in our program will get to work with."
Hanson hopes Pax Momentum will be able to host future events and summits in person at cities around the eastern part of the country, but because of Covid-19, the fall sessions will be virtual.
Accelerator organizers anticipate a schedule of two cohorts per year made up of eight-to-ten companies per cohort. Of those companies, three spots each session will go to CleanTech companies.
Hanson said his son, Pax co-founder and senior at the University of Maryland studying environmental science, suggested the focus.
"It turned out to be a really brilliant decision so far," he said. "It's opened up our community a ton. So many great supporters want to focus on sustainability.
"It shows that we're looking at the big picture. I think our applicants, and even the mentors, have been more interested and more willing to help out because of this particular angle."
The accelerator has already attracted a range of sustainability-focused startups, including a company that uses AI to curate a monthly list of sustainably-produced clothing within the fashion industry and a PhD-holding entrepreneur who is exploring ways to use clean hydrogen to cool large commercial buildings.
However, Pax is accepting applicants from all industries. More specifically, the mentors and team members running the program have experience in business-to-business technology in the categories of cybersecurity, financial tech, e-commerce, telecommunications and enterprise SaaS.
In addition to sessions with industry mentors, participants will have access to one-on-one and small work sessions with other startup founders and MBA-style classroom lessons on market strategy, value propositions and refining business plans.
Pax Angels will provided the equity investment for each participating company. Hanson described Pax Angels as a network of "seasoned and experienced early-stage investors." In his mission to offer startup funding outside of the Silicon Valley bubble, Hanson hopes to specifically attract entrepreneurs from the eastern United States, including the Richmond region.
"I really hope that [Pax] can play a role in decreasing the friction for entrepreneurs to find early-stage funding," he said. "I think that's the bottleneck for getting startups off the ground."
