Launch : Alaska accelerator: increasing the 'deal-flow' of startups.

• Author: Foltz, Gianna
• Position: ENTREPRENEURS

Alaskans have always had a knack for self-sufficiency, and that includes launching their own business ventures. Economists agree, however, that diversifying the state's economy will be a heavy lift. New businesses with the potential to scale up quickly could be at least part of the solution, creating new jobs and spurring new industries in fields like energy and unmanned aircraft. The entrepreneurship cause in Alaska received a huge boost when the Municipality of Anchorage launched the 49th State Angel Fund (49SAF) in 2012 to invest in promising startups. This fund and its spinoffs have vastly increased the availability of risk capital in Alaska, but thought leaders in this space have identified the need to increase the "deal-flow" of startups that are good investment candidates with a likelihood of success. Enter Launch: Alaska.

What is Launch : Alaska?

Launch : Alaska (L:A) is a three-month, mentor-driven accelerator program that helps early-stage businesses grow into fundable, scalable ventures. Through comprehensive mentoring, a robust network, and seed capital, L:A's mission is to help founders build great companies, raising the bar for entrepreneurship throughout Alaska. L:A is modeled after highly regarded accelerators in the Lower 48 such as Techstars in Boulder, Colorado, which has been instrumental in launching such high-profile successes as Uber, the ride-sharing service.

Applicants will face a series of vetting rounds including a competitive application process and a pre-accelerator program before they will be admitted into the L:A cohort. The pilot kicks off this summer with a cohort of five startup teams, which will each receive $25,000 in exchange for a 6 percent equity in their company. Once accepted, ninety days of immersion, educational workshops, and co-located office space at The Boardroom in Downtown Anchorage will position startup teams for growth, culminating in Demo Day when graduating teams pitch their refined business plans to investors for follow-on investment.

The L:A accelerator is not a business incubator, although it offers physical workspace to its participants. The average length of an incubator program is one year and is focused on product development; however, L:A strongly prefers companies that have achieved a degree of customer validation or another form of traction such as contracts or strategic partnerships. The intense program will not allow for extensive research and development.

L:A formed in late...