Ashland, VA – The Dominion Energy Innovation Center (“DEIC”) announced today that online applications are open for the 2021 DEIC Accelerate program that will run from mid-May through September.
The 2021 program follows on the heels of a successful 2020 program that saw seven Virginia companies work with Dominion Energy and other partners on business development. Changes for 2021 include a longer program to give startups more time to work with corporate mentors and the accepting of applications from outside of Virginia. DEIC anticipates selecting five to eight companies for the 2021 group, with a focus on startups offering innovative solutions for an evolving energy grid.
The DEIC Accelerate program is different from many other accelerator programs in a few ways, starting with the focus on connecting cohort companies to Dominion Energy. Each cohort company gets a mentor from Dominion who will help them identify potential use cases and connect with the relevant business units. The program is also meant to be less intensive than business plan-focused accelerators, with cohort members spending 2-3 hours a week with the program on average. The goal is to take on companies that already have some initial traction and are ready to capitalize on new customer or funder connections.
“Energy technology innovations often require more patience and resources than other startups because the grid is such critical infrastructure. Connecting companies with potential partners like Dominion Energy, Hanover County, and Virginia Community Capital is one of the best ways we can help these young companies move along their path towards success,” said Adam Sledd, DEIC’s Director.
One of last year’s success stories is Linebird, a startup out of Richmond that developed tools to use drones to replace some of the more dangerous and costly transmission line maintenance operations. According to Linebird’s CEO, Michael Beiro, "DEIC Accelerate was incredibly helpful as we prepped our business for launch. We got lots of help refining our business and financial models, made fantastic connections, and the extra bandwidth with Dominion personnel gained through the program helped us coordinate our first live field test on real high voltage transmission lines.”
The program will run for eighteen weeks between May 17th and September 17th and will involve weekly meetings with mentors, funders, or potential customers. More than a dozen Virginia companies are on board as program partners, offering a wealth of assistance including digital marketing, financial planning, fundraising, and product development. Each company has the opportunity to identify specific focus areas before the program starts, so that the DEIC team can make relevant introductions as soon as the program begins.
“DEIC Accelerate represents a great opportunity to engage with innovative companies through mentorship and collaboration,” said Mark Webb, senior vice president and chief innovation officer, Dominion Energy. “We are truly excited to work with the Dominion Energy Innovation Center and regional entrepreneurs in developing innovative energy and sustainability solutions.”
To learn more about the program, please visit http://www.dominnovation.com/deicaccelerate . The application process will remain open through March 17th.
About Dominion Energy Innovation Center
The Dominion Energy Innovation Center, located in Ashland, is an affiliated innovation center of Activation Capital that supports early-stage advanced technology companies by providing them with the collaborative space, guidance, and resources needed to accelerate their growth. Founded in November 2009, the Dominion Energy Innovation Center supports great ideas across a wide spectrum of industry sectors in addition to its focus on building the alternative, renewable energy sector in Central Virginia. Founding partners of this program include the signature sponsor, Dominion Energy, as well as Activation Capital, the Town of Ashland and Hanover County.
DEIC’s main programs include the annual Center Street Pitch Competition co-hosted with Randolph-Macon College, the DEIC Accelerate program for energy-focused startups, and the DEIC Greentech Network, a virtual incubator providing opportunities for startups around the United States. DEIC is proud of our partnerships with several other leading entrepreneurial resource organizations, including the Virginia Capital Region SBDC, the Virginia Accelerator Network, the American Made Challenge Connector Program, and the Wells Fargo-NREL IN2 Incubator program.