NewSchools Venture Fund (NSVF)—a non-profit venture capital firm focused on education technology, funded in part by donations and led by former Gates Foundation executive Stacey Childress—is splashing $1.5M in equity-fee/grant investments for a cohort of startups that are pioneering math education technologies.
The announcement, originally made public earlier this month, fits in line with the firm's expansive, 6 month long, web-based accelerator program called NewSchools Ignite, which provides guiding materials, educational information and a line of contact back to NSVF, among other things.
"NewSchools Ignite catalyzes product growth in areas important to teachers and students"
Development of these technologies, and the companies creating them, is expected, according to the firm, to be especially beneficial for middle and high school students in underserved communities; where a lack of resources sometimes inhibits learning.
"NewSchools Ignite catalyzes product growth in areas important to teachers and students, and where innovation is lagging. Through national challenges, NewSchools Ignite mobilizes entrepreneurs to bring their best ideas forward, offering funding and guidance from researchers, educators, investors and other experts," NewSchools Ignite's website reads.
Tonika Cheek Clayton, a managing partner at NewSchools Ignite and Harvard alum, told DC Inno that "while the math edtech market has no shortage of products, there is still a great need for the right products."
She went on to say that after extensive market research and industry interviews with teachers and school representatives, a definitive demand appeared for "math tools that provide rich conceptual learning experiences, enable peer-to-peer and student-to-teacher social interactions, and apply math knowledge to the real world."
Applications to the program are currently open for up to 15 companies—both for-profit businesses and nonprofit organizations in the early and growth stages are encouraged to apply. The amount each company will receive, individually, is unclear. In addition, NSVF does not require equity from participants for entry to the program.
Regarding whether the virtual accelerator program anticipates that its new members will hail from one given area—as is the case with other industry-specific accelerators, like Virginia's Mach37 cybersecurity shop—Clayton said "we will not know for sure until we have received all applications, but, generally speaking, there could possibly be more applicants based in the Bay area since this area has one of the highest concentrations of tech companies in the U.S."
Originally launched in July 2015, NewSchool Ignite's first cohort of startups were focused on a Science Learning Challenge that hoped to support K-12 students’ "mastery of science and engineering skills." In this competition/challenge each company in the first cohort was competing for grants (recognized as prizes) ranging from $50,000 to $150,000 (depending on product stage). The aforementioned edtech math initiative, officially called the NewSchools Ignite: Middle & High School Math Learning Challenge, is similarly structured.
For reference, NewSchools Ignite is largely funded by the same group of investors that help support NSVF; a mix of foundations, individual donors and institutional investors. Walton Family Foundation, John Doerr, AT&T, Target and Ernst & Young are some of the more high profile and public examples of NSVF donors.
