Accelerate Long Island’s mission is to foster a unique collaboration among Long Island’s world class research institutions and its business community to commercialize research and create an entrepreneurial ecosystem.
I’ve had the pleasure to attend both Accelerate LI events as well as spend some time with Mark and his team and their actions speak louder than my praise could. In a short amount of (for Long Island) time, they have connected with the Lords of all the local fiefdoms and is actively fostering not just communication but a sense of common purpose.
Aside from the less tangible progress, Accelerate LI has architected 3 core programs to further move the needle for entrepreneurs, inventors, scientists and those looking to support their growth here on the island.
Accelerate Long Island has a $500,000 Seed Fund that invests up to $50,000 in early stage high technology startup companies in the form of grants. The Accelerate Long Island Seed Fund co-invests with the $750,000 Long Island Emerging Technologies Fund (LIETF), which was created by three venture capitalists and typically invests up to $50,000 in early stage startups.
Accelerate Funding is also working closely with the Long Island Angel Network and other early stage funding sources to provide one-stop-shopping for startups companies seeking capital.
Accelerate Assist kicks off with a brainstorming session with a team of entrepreneurs-in-residence. The startup company is then paired with an entrepreneur-in-residence and develops a set of milestones for the over a three to sixth month period. Completion of the Accelerate Assist program may result in an opportunity to pitch to the Accelerate Long Island Seed Fund or connections with other early stage funding sources.
Typical coaching topics include:
- Developing or refining the market for the technology.
- Determining the pain in the market and determining the best economic model for the company.
- Navigating intellectual property issues.
- Polishing the pitch for funding.
- Assistance with company formation and management.
Long Island’s startup scene is blossoming – and Accelerate Long Island is supporting entrepreneurs and building’s Long Island entrepreneurial ecosystem. Accelerate Long Island’s networking and instructional events are part of the ecosystem. (editor’s note – this the collection of events Accelerate hosts for various groups that make up the Long Island startup ecosystem)