Funded by the City of Reno and managed by Newbean Capital and EDAWN, the Reno Accelerator Fund is a pilot project that makes investments in Reno’s most promising early stage startups. The program will invest $20,000 in each of 8 startups by June 30, 2014, through convertible notes.
Research shows that startups that have access to mentoring and co-working space, along with funding, produce far better results than those who just get help in one area or go it alone. For this reason, the Reno Accelerator Fund invests only in companies that are associated with an accelerator program in the City. For each startup that’s funded, the accelerator program that’s aiding them will receive a $2,000 operational grant.
Here’s the process by which the Reno Accelerator Fund will evaluate and make investments.
Startups that are eligible for the program have:
-been associated with a Reno accelerator program within the past year
-raised less than $500,000 in external equity or grant funding
-a company with a Reno business license
-EITHER a primary applicant (the contact name in the application form) whose household had low or medium income in the past year, as verified by their last tax return
-OR the company intends to use the funding to hire at least one new low or medium income employee, and at least 51% of the new employees hired will be low or medium income
The City of Reno has selected the following accelerator programs to participate in the pilot project. They have each provided a profile of their organization:
C4CUBE consists of two dynamic, customer driven companies focused at creating jobs, increasing fundable deal flows, and building new companies into sustainable business entities. The Center for Unique Business Enterprises (CUBE) is a 501(c)3 non-profit, privately funded business incubator located at 300 East 2nd Street, Suite 1405, Reno, Nevada. The CUBE assists in the development of early stage businesses by providing a broad range of support and services, enabling the client companies to become successful, self-sustaining enterprises. C4CUBE Venture Accelerator (C4) delivers an investment-driven solution for building sustainable businesses that empowers local entrepreneurial communities, integrates the strength of nation-wide investor interests, and reaches world-wide for joint product and market developments.
C4CUBE accelerates new ideas into tomorrow while serving two customer bases – investors and entrepreneurs. Clients of the CUBE receive pro-active, value-added support, access to critical resources, and valuable contacts. Investors in C4CUBE have access to world-class technologies and entrepreneurs, proven mentoring and advice, and opportunities to have first investment access to incubating companies. The CUBE…
…provides a center to advance entrepreneurship for the development of cutting-edge businesses.
…fosters development interactions between the local business community, the local investor community, and academic researchers.
…enables a start-up company to turn an idea into reality.
…generates interest from the investment community with increased fundable deal flow.
…establishes a strong focus on women entrepreneurs.
…offers access to world-wide connections for potential joint product and business development efforts.
…generates additional high-wage employment opportunities.
…provides opportunities to leverage technical developments in academia and industries to bridge the gap into successful businesses.
…leverages the benefits of operating in Nevada – no State income tax, corporate-friendly tax environment, no inventory tax, unique live/work/play environment, extensive local investor network – with a disciplined milestone process that will accelerate business development.
Services of the CUBE are negotiated on an individual basis and can be a combination of cash and equity. Space is available in the CUBE at a negotiated monthly rate. Services provided include: Receptionist, Mail Delivery, Phone System, Use of Kitchen facilities, WiFi Internet Access, Free Garage Parking, Copier/printer/fax machine, Free Admission to CUBE facilitated events, Furniture package, Use of Conference Room when available. For an additional negotiated fee, the CUBE will provide professional mentoring and consulting on a regular basis by CUBE personnel, including access to reliable advisors & service providers, introductions to potential investors & industry leaders, discipline & general business assistance.
After lengthy discussions with potential investor groups and local organizations, C4CUBE has identified four primary technology areas (as illustrated below) to focus investment opportunities in related industries. As with any startup, focus is the key to success. Therefore, the technology QUAD represents prime sectors for business development; Biotech, Renewable Energy, Security and Entertainment & Gaming. Unlike many incubator and investment organizations, C4CUBE is implementing a proactive approach to identifying new investment opportunities and incubating them to success.
Girlmade is a startup accelerator program with the sole mission to “help women play big.” Startups that are accepted into the 12-week Girlmade program are provided with co-working space, seed money, training, and hurdle-based mentorship. Launched in September 2013, Girlmade is the link between having a brilliant game-changing idea, and bringing that product to market. We accelerate teams that have at least one female co-founder. We look for teams that are high-growth, high-risk, have a scaleable business model and who know the “why” behind the problem that their startup is solving. In addition to the flagship 12 week program, Girlmade creates a number of other events, and programming to help women to play big.
The flagship 12-week program provides co-working space, seed money, training, and hurdle-based mentorship in exchange for between 3-6% equity. Other trainings, conferences and programming are charged in the form of cash and vary in price due to the length and intensity of each event. Our residential program which is 12 weeks in Reno, NV,
We charge in the form of equity, taking between 4-6% in each company that goes through the program. Our other programs and events we charge cash for and the price depends on the services.
Reno Collective is a collaborative workspace for designers, creatives, technologists, entrepreneurs, freelancers and startups. Reno Collective also offers classes and workshops to further talent in the areas of business, technology and design.
Reno Collective is a membership based organization, membership options are available here. Only full members, not day pass members, are eligible to apply to the Reno Accelerator Fund.
If you’d like to suggest a Reno-based accelerator program to be included in future iterations of the program, email us.
Item Announcement of Recipients Due Date April 25th (Target)
Applications Close Due Diligence Interviews Investment Committee Meets Term Sheets Offered
Mar 23rd Apr 2, Apr 4 April 8th April 9th
Announcement of Recipients
April 25th (Target)