A new startup incubation program is launching in St. Louis with the goal of helping early stage companies advance operations and position themselves to move on to local accelerators and funding programs.
The program, Velocity Saint Louis, is described as a “pre-accelerator” designed to help companies solidify their business models and operations, with a goal to connect them to local startup resources, funding and mentors.
Velocity is being spearheaded by local tech council TechSTL, with more than 35 local entrepreneur support groups helping to get the program launched. It is being funded through a federal grant that was used to create TechSTL.
“We were given a unique opportunity with our federal grant to make adjustments to the original project to meet the current needs of St. Louis and offer something transformative for the region,” said Emily Hemingway, executive director of TechSTL. “After hearing from the network of partners, it became clear what the best course of action was for Velocity to meet the needs of area entrepreneurs. This program evidently should be face-to-face, hands-on, and in collaboration with as many partners as we can get. Luckily, the community agrees with us.”
The new incubator program aims to admit up to 50 St. Louis-based companies to participate in its first cohort. Applications for the program close Sept. 7. Velocity says it's seeking applications from entrepreneurs and businesses poised to expand operations that are in tech-based and product-based industries. The program costs $150 for companies.
Through the program, selected startups receive resources, mentorship and training around financial operations, customer discovery, marketing, sales and growth strategy, and pitching their companies to investors. The organizers behind Velocity said the goal of the program is to help early stage companies advance operations and graduate to later-stage support programs, such as Arch Grants, the UMSL Diversity, Equity and Inclusion Accelerator and Capital Innovators.
Velocity’s’ first cohort runs from Sept. 16 to Dec. 7. It begins with a half-day session Sept. 16 at the Amplify Innovation Summit at Lindenwood University and will also include six three-hour sessions and a graduation ceremony, with those events to be hosted at the Old Post Office in downtown St. Louis.
