The Global Entrepreneurship Collective, Inc., a 501(c)(3) non-profit organization, is pleased to announce the launch of Revolution Labs (revolutionlabs.co). Revolution Labs is a 12-week mentor-driven seen accelerator connecting entrepreneurs with mentors, capital, and resources necessary to start a business. Revolution Labs will implement a curriculum designed around the Lean Startup methodology developed by entrepreneur, Steve Blank. The program teaches best practices in launching a business and emphasizes performance milestones throughout the program. Founders will have occasional opportunities to present their startups to potential investors, including a “Demo Day” event near the conclusion of the program.
WEDC and WHDEA are each providing $50,000 to launch the initial program. The Global Entrepreneurship Collective, which founded Vetransfer, a nationally recognized mentor-driven accelerator for U.S. Military Veterans will apply the same methods and practices is has developed to those participating in Revolution Labs as well as connect the participants to the same entrepreneurial network.
The seed accelerator model for entrepreneurial development is designed to increase the outcomes for sustainability and growth of startup companies. In a seed accelerator, classes of entrepreneurial teams enroll in a defined program over a certain period of time. Participants are provided with small amounts of financing, experienced hands-on mentorship, educational programming, visibility to investors and other resources, along with processes for market and customer validation, and for developing and testing the commercial viability of an idea.
Entrepreneurs are invited to submit applications on Revolution Labs website (link to application). The deadline for submissions is June 14, 2013. Applications from those entrepreneurs and startups located in the Transform Milwaukee Neighborhood will receive priority (Transform Milwaukee Map). The programs FAQs are available on the organization’s website (http://www.revolutionlabs.co/faqs).
Following the June 14, 2013 application deadline, Revolution Labs and an outside selection committee will interview and choose five startups to participate in the first cohort. Participants who successfully complete the program will be eligible for a grant from Revolution Labs. The first Revolution Labs cohort is expected to launch July 8 and run through October 4, 2013.