A new Accelerator program that prioritizes entrepreneurs in the state of Washington has selected the first team of 10 technology startups and founders from an unattended and historically marginalized community.
Find Ventures and the Washington State Department of Commerce announced plans last fall for the first equitable innovation accelerator. Startups will receive up to $ 100,000 for generously funded grants, programming and mentorship access.
On Thursday, Find Ventures announced the names of the participating companies and the various breakups of the founders from all the states of Washington: 20% of the founders identified as LGBTQ; 45% located outside of Seattle; 60% female; 60% first time founder; And 70% identified as Black, Middle Eastern, Asian, and / or LatinX.
“The success of these first founders is key to overcoming the obstacles faced by the founders in the Washington technological landscape, supporting the continued ability of Find Ventures to replicate this program and creating a new resource for the community of these founders,” said Elizabeth Scallen And the Board Chair, said in a press release.
Scallon, formerly head of WeWork Labs in Northern California and the Pacific Northwest who now works at Amazon, founded Find Ventures in 2020 with Justin Brotman, son of Costco co-founder Jeffrey Brotman. The fund offers “non-dilutive” rewards that do not require startups to relinquish equity or ownership. Founders are encouraged to sign a non-binding pledge that they will support the fund when it comes to sustainable revenue or Series B funding.
The Accelerator is part of the Commerce Department’s focus and investment in a fair economic recovery, and is a safe start project, supported by a grant from the U.S. Economic Development Administration.
Here are the 10 companies mentioned in the Find Ventures News Release:
- Bio Fiber Industries Creates products that reduce the effects of carbon while improving energy efficiency for homes, people and the environment.
- Circling in Gen-Z is a young professionals network platform for young people to showcase their accomplishments, academics and beyond and connect with their best-fitting colleges and employers. Circled In has created a department that defines the student information highway that connects employers, both college and employer, with the most suitable candidates, reducing their recruitment costs and creating win-win.
- Clear brief Attorneys and judges use AI to help them find and see the best evidence to support their argument.
- Coltrain Healthcare is innovating through a free, easy and secure mobile communication platform focusing on team-based collaboration for healthcare professionals anywhere, anytime. Growth is peer-to-peer, connecting and using the latest digital resources
- Goldensherpa Older living communities and people looking for availability in older lifestyles find it frustrating and difficult to connect; GoldenSHERPA makes it easy.
- Purposeful Daily business decisions about where we eat, drink and shop make it easier for small businesses and the people behind them to explore and support.
- Litesprite, An award-winning digital health entertainment company, has developed a therapeutic gaming platform that provides data insights and improves clinical outcomes. It has created the first clinically-validated mental health mobile game with multiple reimbursement pathways and is the only one recommended by clinics and municipalities across the country.
- Niftmint Provides NFT commerce infrastructure for brands to mint, sell and store NFTs directly to themselves and their customers on their existing e-commerce platform.
- Spritz An all-in-one SaaS platform for home cleaners. Helps leverage business-in-the-box technology and third parties to simplify operations and offload back-office, logistics, and admin tasks.
- Why Labs AI is on a mission to create an interface between applications and human operators. WhyLabs AI Observability Platform helps prevent AI failures and enables AI manufacturers to make their systems robust and accountable.
Applicants were reviewed and selected by an Accelerator Advisory Committee and Department of Commerce staff who, among others, considered four qualifications: potential enterprise-scale tech startup business founder with various executive leadership; A company with a minimum effective product or a product representing the transfer of technology from a Washington-based research institution; Companies with annual revenues below $ 1 million; And the company is headquartered in Washington.
The Equitable Innovation Accelerator starts this month and will run until 2022.