AFTER THE ACCELERATOR: WHAT’S NEXT FOR THE FIRST TECHLAUNCH CLASS?
By Esther Surden/NJ Tech Weekly
November 27, 2012
On November 14, 2012, TechLaunch — the first tech accelerator supported by the state of New Jersey — graduated its first class of companies during a Demo Day that clearly showed how an intensive education and mentoring program can help entrepreneurs turn an idea into a business.
It goes without saying that the 10 teams enrolled in TechLaunch have come a long way since they presented their ideas, hoping to be accepted, to Mario Casabona and his group at the accelerator.
Some background: in the summer of 2011, the New Jersey Economic Development Authority (EDA), in conjunction with the New Jersey tech and angel investment communities, devised the idea for the Edison Innovation Tech Accelerator Initiative. Under the plan, the state would contribute $150,000 per year for three years to partially finance a program through which innovative tech start-ups could be nurtured and receive funding. An industry partner would contribute equity and administer the program.