In this city’s heavy regulatory market, scores of startups need help navigating the government and lobbying organizations as they get off the ground.
That’s why incubator network 1776 is launching its first standalone accelerator, based at its campus here in D.C.
The three-month program is focused on tech-enabled companies working in regulated market space, including healthcare, education, energy, transportation and cybersecurity. Its first cohort will accept 10 startups, which are given an additional six months of workspace and incubation support at any of its locations.
Chief Incubation Officer Anthony Maher said the accelerator is an “evolution” of 1776’s business plan.
“In the last 10 months we learned a tremendous amount from our member companies; we see a very important regulatory conversation heating up nationally and globally,” Maher said. “Our founders are looking for three pillar needs – capital, customers and strategy – and we want to make sure we’re looking at every road map for their success.”
1776 is looking for early stage companies that are post-concept and looking to prepare for their first seed round. Applicants need less than $500,000 in revenue and less than $2 million in fundraising.
“If they’re in a marketplace where they’ll have to penetrate some government leadership and are ready to scale, we want to help them,” Maher said.
Applications are open now, and run until Aug. 24. The first cohort will start Sept. 18 at 1776’s space on 15th Street NW.
The 1776 leadership team and its “entrepreneurs in residence” will meet weekly with the startups, and also pair them with strategic mentors from its network. It is working with its network of corporate partners, angel investors and VC firms to help guide the program, and the incubator plans to encourage those investors to participate in a seed round during or after the nine months.
In a move that’s becoming more popular for startup accelerators, 1776 is not taking equity in participating companies, nor is it charging a fee to participants.
1776 was founded in 2013 and has since gone through a slew of structural changes.
It launched a venture capital firm, the 1776 Seed Fund, which has invested in about 35 startups in the last three years, including locally based MPOWER, Babyscripts and Aquicore. Last year, it merged with Benjamin’s Desk, another incubator network based in Philadelphia. Around the same time, it spun off its software platform UNION as a separate company.
1776 and Benjamin’s Desk in May held their fourth annual Challenge Cup pitch competition, where they and Revolution hosted 20 startups competing for a $100,000 investment.
