The Venture Accelerator will help you turn your early stage technology startup into a sustainable, market-ready business. You’ll gain a powerful connection to a broad network of resources and an ally who can help you navigate the path to commercialization. Upon graduation from the 12-week program, select startups may be invited to enter full-time incubation at TechTown.
The program covers
- Developing and testing your value proposition
- Identifying customer segments; differences between customers, users and payers; defining product/market fit
- Exploring distribution channels, such as physical versus virtual; direct, indirect and OEM; multi-sided markets; B-to-B versus B-to-C
- Developing customer relationships and creating end-user demand
- Understanding revenue streams; developing your pricing strategy and revenue model
- Understanding how and why to establish partnerships; determining benefits, costs and risks
- Determining resources and activities needed to build your business; how to handle the associated costs
How it works
The curriculum behind the Labs Venture Accelerator is based on The Startup Owner’s Manual, a step-by-step business development guide written by famed serial entrepreneurs Steve Blank and Bob Dorf. The program also uses the Business Model Canvas to help each startup develop its unique business strategies.
Startups accepted into the program will generally meet for facilitated classes on Mondays from 6 to 9 p.m., and on one or two Saturdays. Webinars on Wednesdays will require an additional hour of time. Outside of scheduled sessions, startups will focus on pursuing customer validation and acceptance by speaking to 100 target customers to gain a keen understanding of the problems they face and what drives their purchasing decisions.
The program culminates with a showcase, where each startup pitches to industry experts, local stakeholders, and potential partners and investors.
Upon program completion, select startups will enter incubation at TechTown. Incubation includes:
- Workspace at TechTown, surrounded by entrepreneurs also launching technology-based startups
- Regular coaching focused on:
- Further development of business model and revenue streams
- Access to first customer
- Funding strategies and sources
- Team development
Depending on timing, some startups may be able to incubate prior to participation in the Labs Venture Accelerator.
- Startups seeking to launch or accelerate their technology-based business (see target technologies)
- Located or willing to locate in Southeast Michigan
- Teams of at least two are encouraged, but individuals will be considered
- Ability to commit an average of 20 hours per week outside of the class on customer discovery and other assignments
- Clean technologies, alternative energy
- Electronic devices
- Information technology
- Medical devices
The Labs Venture Accelerator runs twice a year. Applications for the session launching April 5 are now closed. Stay tuned for future dates.
There is a non-refundable application fee of $50.
For more information
Questions? Please email firstname.lastname@example.org.