This summer a handful of Western Michigan University students are trying out a venture accelerator program that will get under way officially in the fall. It's called
Starting Gate.
As part of the program students will have a working space that is open 24/7, access to resources provided by the university, and the opportunity to work with mentors and to seek funding from investors to keep their company growing.
Five companies are in the accelerator this summer and it will likely take as many as 10 when it officially opens its doors in the fall. Most of those participating this summer were in an earlier pitch competition at WMU. Those participating in the fall program will go through an application process that will open up in August, with companies being selected from the applicant pool in early September. Applications will be open to any student that wants to start a business. They enter the accelerator Sept. 15.
The business-building steps to be taken throughout the summer evoke the image of a racetrack: participating companies start "On the Break" (where they decide what needs to be done to move the company ahead, discuss business model design and meet mentors), proceed "On the Back Stretch" (when they show their prototypes and present prototype updates) and go "Down the Homestretch" (practicing their demo and pitch).
Despite the horse race lingo, Starting Gate, is not a competitive endeavor. Instead, the idea is that the company founders pick a milestone to reach in 60 to 90 days in the hope that at they will be on their way to demonstrating a minimum viable product that addresses a real problem for users or customers, a product that will interest investors on Investor Day (at the end of the process) so that they decide provide funding to take each company to the next level--outside of the accelerator.
Over the next two months, the companies will be working to get a viable product to show to the media, the community, and investors.
Those participating in the summer program and what they are working on are:
• FindersKeepers (Matt Rumora): A Smartphone app that can be used to create new friendships via virtual-world game-like experiences. By creating a profile, users will be able to make their very own playable avatar and access a database of potential friends.
• Fish Ninja (Nate Norman, Mike Roussin, and Charles Washburn): A total aquarium management system that greatly reduces tank maintenance. Some primary features include monitoring and maintaining tank temperature and verifying water circulation, monitoring water levels, and much more. The product includes a small device that sits on the back of the tank.
• Hypurractive (Erik Chmelar): A unique toy that includes a soft, freely spinning roller with dangling ribbons that cats endlessly chase and attack--modeled after that forbidden roll of toilet paper cats love to unravel.
• Rgroup (John Fry, Ryan McNally, Pawel Majkowski, and Ashley Agler): A phone app used to re-group with your friends when you’re out and about. It’s perfect for music festivals, theme parks, the mall, or any large event where you need to stay in contact with your group.
• XCheapSkate (Daniel May and David Selden-Treiman): As a personal price tracker, Xcheapskate takes the stress out of bargain hunting, saving individuals time and money. A web and a mobile app uses geo-location to find the best prices on individual menu items from multiple restaurants within the user’s proximity.
The accelerator follows the format of
TechStars, developed in Boulder by those who wanted to build the startup community there.
Writer: Kathy Jennings, Second Wave Media
Source: John Mueller, Western Michigan University
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.