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