The Emerging Technology Centers (ETC) of Baltimore’s seed accelerator program for tech startups began in 2012 and has seen considerable success since that time. The program, Accelerate Baltimore (AB), has seen nearly 30 companies complete the four-month-long training, which also offers six fledgling firms $25,000 to launch their projects.
“ETC has found that the AB program has contributed significantly to its prospect pipeline and kept ETC on the cutting edge of business-to-business incubation best practices,” said Jacqueline Albright, ETC’s assistant director.
In 2015, sensing a change in the early stage funding landscape, ETC decided to request an additional $100,000 in foundation money to award to one AB participant, she said. The change was designed to attract more participants, help companies sustain funding post-program and free up entrepreneurs to focus more on developing their products instead of searching for financing.
“The ETC believes that with the additional injection of capital, companies can achieve key milestones faster,” she said. And indeed, five of the six companies this year remain ETC incubator companies that have collectively raised some $940,000, including computer security firm Point3 Security.
“The Accelerate Baltimore companies are on their way, but the startups road to success is long,” Albright said. “Capital is key, post AB, and we hope to continue to connect them to these resources.”