The institute has joined forces with Kasim Reed, mayor of Atlanta, and 10 local corporations to launch Engage, an accelerator program supported by a $15m fund.
Georgia Institute of Technology (Georgia Tech) yesterday helped launch Engage, an accelerator and venture fund that is also supported by Atlanta mayor Kasim Reed and 10 corporations headquartered in the state.
The companies are telecoms firm AT&T, fast food chain Chick-fil-a, conglomerate Cox Enterprises, airline Delta Air Lines, pulp and paper company Georgia-Pacific, financial services firm Intercontinental Exchange, investment management company Invesco, home improvement supplies retailer Home Depot, logistics provider UPS and utility Georgia Power’s philanthropic arm Georgia Power Foundation.
The corporations have each committed $1.5m to the fund, for a total of $15m, while their respective chief executives will offer their expertise to participating startups. The fund will be managed by Tech Square Ventures.
The fund is based on a proposal first made by Kasim Reed when he visited Silicon Valley in 2013. He asked for the support of Atlanta Committee for Progress (ACP), a coalition of university presidents and CEOs who support mayoral initiatives.
ACP’s involvement means startups joining Engage will benefit from increased access to more than 30 businesses that are members of the committee.
Georgia Tech, through its incubator Advanced Technology Development Center, will offer educational programs, mentoring and follow-on services to Engage’s cohorts.
The accelerator will accept applications from startups across the US, with the program set to begin in the spring and expected to welcome up to 48 teams in the first three years. It will particularly focus on mentoring and market access strategies.
GP Peterson, president of Georgia Tech, said: “Georgia Tech is committed to continue working with both large corporations and startups to grow the entrepreneurial ecosystem in Atlanta and throughout the southeast.
“By engaging the business community to maximize our collective strengths, we can attract and grow new companies, foster economic development and retain talent in Georgia.”
