9 April 2015 | By Lee Banville
One of the country’s leading seed-stage investment programs announced this week they are creating a new accelerator program aimed at education technology companies.
BoomStartup, named the number 12 accelerator by TechCrunch, said they see the education technology market as on the cusp of big things and want to be a major force in the new technologies.
“We’re launching the EdTech accelerator now because the education market is poised for change like never before, and we believe that innovative startups will play a huge role in that transformation. BoomStartup is also expanding into vertical industries where we have core competencies and expertise, first-hand experience with companies in past cohorts, and local industry strength,” Jessica Bleak, managing director of the new EdTech Accelerator program, told gamesandlearning.org.
Both Bleak and managing partner Steve Curtis worked for educational publisher Pearson before joining BoomStartup and they are confident their expertise will help them thrive in the sector.
“Technology driven innovations are about to change the face of education forever,” Curtis said in a release. “Our startup companies will help drive and accelerate this disruption and transformation.”
The Utah-based accelerator is now accepting applications to be a part of the first group of companies. The application closes June 1 and the 12-week accelerator is scheduled to begin in July.
Bleak said the accelerator is focused on all aspects of education technology, but that firms developing games with major assessment components are of particular interest to BoomStartup.
Gamification in education is definitely a hot topic as it often increases engagement. If the game product can create a feedback loop between the student and teacher to help constantly improve instruction, and ultimately learning and outcomes, then that is formative assessment. We are definitely interested in startups in that niche!
Unlike most accelerators, the EdTech accelerator will accept companies from anywhere in the country.
“We’re accepting startups from across the country because we recognize that great teams and innovative ideas could come from anywhere – and we want to attract the very best EdTech startups. We recommend that the companies are onsite, but we understand that relocating to Utah for 12-weeks may not be feasible for all teams,” Bleak said, adding that the companies could be “as early stage as those that are validating their product and close to beginning revenue generation, to those that are generating up to $2 million in revenue.”
Each startup will receive $20,000 in seed funding and over $100,000 of in-kind services, in exchange for six percent equity in common stock.
Deadline to apply to the EdTech accelerator is June 1. Visit BoomStartup.com