Vermont Business Magazine LaunchVT, an early stage business accelerator, has been awarded $10,000 under the ThinkVermont Innovation Grant Program, an initiative that responds to the growth needs of Vermont small businesses with 20 or fewer employees by funding innovative strategies that accelerate small business growth.
Working with startups for over six years, the accelerator has helped grow 43 companies, who have created over 150 jobs, earned annual revenues in 2017 over $5 million, and received more than $9 million in follow-on funding.
With the ThinkVermont Innovation funding, LaunchVT will develop and implement a curated professional peer network for LaunchVT alumni and qualified startups across Vermont. LaunchVT recognizes that there’s a mid-stage support system missing for start-ups. The accelerator has identified this as a common problem in the business ecosystem, believing this peer network to be a viable solution. The network will ultimately connect entrepreneurs through in-person networking events across Vermont and a digital space for members to communicate.
In a recent survey, 80% of LaunchVT alumni indicated that they would like to participate in this professional peer network. Additionally, over 60 applications each year are sent into the accelerator, showing a need for assisting businesses in moving from mid-stage to growth-stage. The LaunchVT Peer Network will provide the assistance necessary to facilitate growth by allowing businesses to get strategic support and build their connections.
“The Think Vermont Innovation grant will provide critical funding needed to build and manage the LaunchVT Peer Network,” said John Antonucci, Executive Director at LaunchVT. “Through this network, LaunchVT Alumni and entrepreneurs from across the state will be able to scale their businesses with virtual and in-person support from their fellow founders and LaunchVT advisors.”
Creating this peer network is a catalyst for future growth of participating companies. LaunchVT estimates that within two years, the number of growth stage companies will have increased with support from the Peer Network. From this point, these companies can be referred to other growth stage programs such as BTV’s Ignite Growth Acceleration Program (GAP) and Accel-VT.
LaunchVT will measure and analyze the success of the program utilizing growth indicators including revenue, jobs, and additional funding received. The business accelerator will also analyze the number of growth stage startups in the network, as well as the number of growth stage startups participating in partner Entrepreneurial Support Organizations (ESO) growth stage programs.
“I am happy to announce that LaunchVT has received a ThinkVermont Innovation grant,” said Nick Grimley, Director of Entrepreneurship & Tech Commercialization at the Agency of Commerce and Community Development. “With the success of programs such as JUMP/START, LaunchVT is continuing to provide start-ups with the training and technical assistance they need to go from start-up to scale-up”
About the ThinkVermont Innovation Grant Program
The ThinkVermont Innovation Grant Program, proposed by the Scott Administration and passed in partnership with the Legislature, was created to respond to the growth needs of Vermont small businesses with 20 or fewer employees by funding innovative strategies that accelerate small business growth. The grant program allows the State to invest in projects with grants that can be accessed more quickly and with fewer restrictions than traditional federal initiatives. The overarching goal is to support innovative strategies that grow the economy and support vibrant communities while facilitating “testbed” approaches to create reproducible results throughout Vermont. For more information on the ThinkVermont Innovation Grant Program, visit https://www.thinkvermont.com/2018/10/25/innovation-grant-program/
About the Vermont Agency of Commerce and Community Development
The Vermont Agency of Commerce and Community Development’s (ACCD) mission is to help Vermonters improve their quality of life and build strong communities. ACCD accomplishes this mission by providing grants, technical assistance, and advocacy through three divisions: The Department of Economic Development, the Department of Tourism and Marketing, and the Department of Housing and Community Development. For more information on ACCD please visit: https://accd.vermont.gov/.
Source: MONTPELIER, Vt. – ACCD