It’s fair to say that tech accelerator programs are launching, well, frequently now, all with the same basic template. Between Blueprint Health, DreamIt Ventures and Entrepreneurs Roundtable, Betabeat can barely keep up with the demo days just here in New York. It’s difficult to say who started the craze; Y Combinator may have pioneered the form, but TechStars put its version on TV and open-sourced the term sheets. Either way, everyone wants to launch or join a 12-week program that offers a seed investment and features meetings with mentors and a demo day with investors. Everyone including the state of New Jersey.
Applications are now open for a new accelerator called TechLaunch, funded in part by the New Jersey Economic Development Authority. Why? Because entrepreneurs were leaving the state to go to cities with tech accelerators. Now entrepreneurs from 10 to 12 startups can receive between $18,000 and $20,000 of seed investment and stay at Montclair State University “following a vigorous selection process,” according to a press release. “TechLaunch provides a select group of emerging portfolio companies early seed-stage funding, mentorship, key services and exposure to qualified investors, most notably during Demo Day.” AUGH MAKE IT STOP.