Funded by University of Virginia and its government partners, the Catalyst Accelerator Program hopes to progress 20 early-stage business proposals by spring 2021.
A new startup accelerator backed by University of Virginia is to launch in autumn 2019, with the aim of graduating 20 early-stage businesses anchored in the central Virginia region by spring 2021.
Applications for the inaugural nine-month program, dubbed the Catalyst Accelerator Program, will open on August 1, with entries for a second intake anticipated in autumn 2019. Catalyst is open to startups regardless of their ties to University of Virginia.
The scheme is funded by a two-year, $475,000 grant from the Virginia state government’s Growth and Opportunity Initiative for Region 9, matched collectively by contributions from University of Virginia, the county government for Albemarle and the municipal administration for Charlottesville.
University of Virginia’s Batten Institute for Entrepreneurship and Innovation, part of the Darden School of Business, will oversee the initiative.
The move is regarded as supportive of the university’s “Great and Good” strategic plan, which recommends forging new links with government or private-sector partners in order to ease the path for innovators looking to commercialise their ideas.
Catalyst Accelerator Program will draw upon resources from the university’s tech transfer office, Licensing and Ventures Group (LVG), and its UVA LVG Seed Fund.
Local initiatives such as Community Investment Collaborative, Small Business Development Center and the Charlottesville Business and Innovation Council will also play a role, as will University of Virginia-allied biotech industry forum Cville BioHub and syndicate Charlottesville Angel Network.
Catalyst portfolio companies are eligible for $20,000 of grant money and $50,000 of in-kind resources – including staff, workspace and educational programming – though certain events will also be open to the wider Charlottesville community.
Catalyst Accelerator Program will also aim to connect students with placements at its portfolio companies, working with University of Virginia’s career centre to promote skills which are in high demand, such as data analytics, software development or design.
