Lexington, KY - The Kentucky Science and Technology Corporation announced today that five student-led startups have been selected as participants in the inaugural FoundersLab business accelerator program. The thirteen week program will assist each enterprise to take an initial product or concept and create a complete business model around it.
FoundersLab follows the Lean Startup process, which emphasizes early interaction with customers and other stakeholders as a way to reduce the risk inherent in all new businesses. The Lean Startup approach has rapidly gained adherents in both commercial and academic settings and is used in business schools and business accelerator programs around the country.
Student-led startups from across Kentucky applied to FoundersLab, and five of the most promising applicants were selected to begin the program this month. The startups chosen for FoundersLab are:
Control My ADHD – A subscription-based program that provides interactive, web-based coaching modules for those with ADHD.
LocalBride – A web portal where recent brides and brides-to-be can connect and exchange advice on local vendors and bridal experiences.
ShareLab – A product that allows wireless sharing of information to mobile devices without requiring an Internet connection.
TallyRally – A mobile application that combines social gaming among friends with a viral marketing component for corporate advertisers.
UrbanCombat – A system that expands laser tag gaming into a city-wide outdoor activity.
FoundersLab is managed by KSTC working in partnership with a group of mentors from the entrepreneurial community throughout Kentucky and elsewhere. Each startup has a mentor dedicated to their business and is offered assistance with legal and accounting matters as needed. The startups selected for FoundersLab also receive an investment of seed funding from KSTC.
Meagan Hennig, Venture Finance Fund Director at KSTC said, “We were very impressed with the quality of the applicants – with this being our inaugural year, we weren’t sure what to expect. We received proposals from across Kentucky, and narrowing those down to just the five participants was tough. Now we’re ready to make rapid progress with these companies, working closely with them to focus in on the most fundamental issues of starting a company.”
The FoundersLab program will operate from June through August, 2013, and culminates in a Demo Day in mid-August where each of the businesses will present the results of their work.
Additional support for the FoundersLab comes from the Kentucky Council on Postsecondary Education and the Kentucky Cabinet for Economic Development.