Like most accelerators, LI Tech Comets follows the usual process of…
- Submit application
- A round of interviews to narrow the pool to a final class
- Free office space, legal, account and marketing assistance
- 3 months of mentoring
- Additional 3 months of mentoring/office space if applicable
There are however, some notable omissions. Most importantly there is no explicit initial investment of capital for companies entering the program and no “demo” day on the calendar for the class to show off what they have accomplished to a definitive list of equally vetted investors.
It is these “book ends of capital” that really define an accelerator but more importantly draw a competitive level of entrepreneurial talent to apply and intern a competitive level of mentors and investors to get involved. So as it stands today, LI Tech Comets smells more like a structured incubator with an eviction date than a typical accelerator the likes of Y Combinator in CA or Tech Stars in NYC.
The phase “Walk before you fly.” is displayed prominently on the LI Tech Comets website and by speaking with those involved, LI Tech Comets as an organization is doing just that. I look forward to seeing the fruits of their labor when the first class is released into the wild. Regardless of their survival rate, if LITC can rapidly evolve based on what they learned running the first class, they have an opportunity to become a keystone contributor to the Long Island startup ecosystem.