Northeastern’s venture accelerator hits major $500k milestone
BostInno - 04/12/2014
Northeastern University’s IDEA hit a major milestone. The venture accelerator has awarded $500,000 in gap funding to 35 student- and alumni-founded startups, helping them pave a path to future success.
Over the past five years, IDEA’s portfolio has grown to include 150 companies, 14 of which have “launched,” or graduated, from the program. IDEA ventures have collectively raised $6.4 million in external funding, according to news@Northeastern, serving as proof the model is working.
Every two months, IDEA awards up to $10,000 in gap funding to qualified ventures. To be eligible, startups are required to go through a month-long review of their plans, milestones and capital needs. Ventures are allowed to reapply for funding after they receive a round but, by only granting smaller sums, IDEA is more effectively able to help startups hit specific milestones and better decipher when they need to pivot or reiterate.
Gap funding is only one resource IDEA provides ventures with, however. The accelerator also offers mentoring, networking opportunities and coaching from fellow students.