The 2019 Flywheel New Ventures Accelerator startup challenge is accepting applications from formative inception and early-stage entrepreneurial companies with web and mobile software, hardware or device innovation ideas.
Student teams from accredited higher education institutions are also encouraged to apply.
Deadline for applications is March 31 at 11:50 p.m. (EDT). Click here to apply for the Flywheel New Ventures Accelerator startup challenge.
The challenge will consider any ideas in the categories of business or consumer software development and applications, IT and informatics, high technology, and device innovation. The Flywheel New Ventures Accelerator startup challenge is particularly interested in ideas that intersect with the following domains:
- Digital Health
- Medical Devices
- 3-D Printing
- Wellness Tech
- FinTech and InsurTech
- Advanced Textiles
- Wearable Tech
- Logistics and Supply Chain
- Arts Entrepreneurship
- Social Innovation
New Ventures is an equity based accelerator that invests an average of $50,000 in inception-stage startups that are typically pre-revenue. Our focus is in-state NC startups, but we also invest throughout the Southeast and beyond. We primarily invest in software applications (Saas, B2B, and B2C) and device startups that intersect with our regional market verticals. We will look at any great idea that has a committed team and the ability to execute.
Selected from the pool of applicants, up to eight winning teams will be accepted into the Flywheel New Ventures Accelerator, which is 12 weeks of focused growth. New Ventures will be selecting the finalist companies in late April, and the accelerator will run from June 1 through August 31, with Demo Day on September 6. Following the accelerator, the program includes a residency at Flywheel locations for three months.
In addition, winners will be awarded the following cash prizes as the first tranche of an average $50,000 investment per team: $35,000 1st prize, $15,000 2nd prize, $10,000 3rd prize, and $5,000 for up to five runners-up. Additional investments will be based on milestone achievement as teams progress through the accelerator.
About Flywheel New Ventures Accelerator
The accelerator is an intense three-month program through which startups develop ideas into investor-ready functional business models. Teams are taken through a lean-startup method with weekly workshops and agreed upon milestones.
This is our fourth year of investing in companies selected by our 60+ investors. Typically New Ventures accepts five-eight companies per year.
Results so far after after years:
- Invested in 14 total companies over three years
- Value of our combined portfolio companies has grown from $0 to $26,602,000 based on priced rounds
- Companies have raised a total of $5,371,500.00
- Seven companies have raised more than $250,000 in follow-on financing (average round $500,000)
- Three companies raised more than $1,000,000 in seed rounds
- Many companies are now in a growth hiring mode.
- Take a look at the portfolio companies
Flywheel Coworking administers the challenge on behalf of the New Ventures, provides workspace for selected challenge teams during the finalists briefing and final pitch weekend, runs the accelerator, and organizes the resources and mentors for development of teams’ concepts and commercialization plans.