For the third straight year the Abell Foundation is funding Accelerate Baltimore (AB), a 13-week intense training program for tech startups that are given $25,000 in seed funding. In addition, one of the six tech startups selected for the program will receive $100,000 in follow-on funding at program’s end.
Applications are now being accepted through February 18th and the program is scheduled to begin in mid-March. It culminates with an Investor Pitch Night attended by angel investors, venture capitalists and media.
The Emerging Technology Centers (ETC), a non-profit 501(c)3 venture of the Baltimore Development Corporation, runs Accelerate Baltimore, receiving $250,000 from the Abell Foundation in each of the past three years. The support for AB is part of the non-profit’s mission to promote the quality of life in Maryland by addressing systemic social, economic and environmental problems. The hope is that these funded startups will remain in Baltimore and contribute to the local economy by creating jobs for the local residents.
So far 34 companies have graduated from the AB program, creating 95 jobs. The program has also been successful in attracting capital, another key goal, with the $1,025,000 awarded from the Abell Foundation to date being matched by an additional $15.7 million in follow-on funding for the AB graduates.
“Baltimore is gaining increased recognition as a hub for technology and the ETC plays an important role in nurturing and supporting small business development growth in the tech sector,” said William H. Cole, president & CEO of the Baltimore Development Corporation.
