A new business accelerator program is set to kick off in Richmond in June and will focus on helping start-ups develop the best technology tools for their businesses.
Covintus, a software development and consulting firm in Richmond, said it is committing $1 million to create a new accelerator for tech startups called Covintus Tech Tank.
Applications are being accepted until the end of April for the first 10-week cohort, which is scheduled to start on June 10.
Unlike other business accelerators in Virginia such as the Richmond-based Lighthouse Labs program that provides mentorship to startups on a wide range of issues, the Covintus Tech Tank will focus intensely on one particular topic: helping startups meet technological challenges.
“A lot of [business accelerators] are great programs that cover a wide range of topics, from putting together a pitch deck, to legal aspects of a business, to finance and human resources,” said Logan Ryan, delivery manager for Covintus and program coordinator for the Covintus Tech Tank. “Ours is very focused on the technology itself.”
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In particular, the accelerator will help startups identify the right software tools early on, helping them avoid making mistakes that can prove costly as the business grows, Ryan said.
“We want people to come away really confident about how to ask and what to look for in a technical partner, how to create a great product,” Ryan said.
“It’s really about understanding where they are today with their technology, where they need to be and how to get there,” she said.
Applications are accepted online through April 30 on the Tech Tank website at covintus.com/techtank2021.
The accelerator will be held virtually, and Ryan said he’s accepting applications from companies across the United States.
Accepted businesses will receive $10,000 of in-kind services from Covintus. A business pitch contest is planned for the end of the program with an additional $25,000 in services as prizes.