Programme is tailored for start-ups that have raised no more than $500,000 in equity-based funding
Central Houston and the City of Houston have announced that MassChallenge, a global network of zero-equity start-up accelerators, will introduce its latest programme in Downtown Houston.
The city, along with business and innovation leaders, has recognised the need to bolster the local innovation ecosystem by helping to build a concentration of innovation activities and attracting talent to the region.
MassChallenge Texas in Houston will be located at GreenStreet and is expected to support up to 25 early-stage start-ups through a zero-equity, six-week bootcamp in the summer of 2019.
“Houston is one of the most innovative cities in the world because of its high density of entrepreneurs, international access, corporate excellence, and top universities,” said Mike Millard, managing director of MassChallenge Texas.
“I am excited to make Houston the first expansion destination for MassChallenge Texas. Through the MassChallenge model, our region will support early stage start-ups from across the Lone Star State and from around the world in two Texas cities this year.”
The six-week bootcamp includes a range of intensive in-person training, mentoring, community connectivity, and virtual classes from the Austin-based programme – all at zero cost and for zero equity.
“Houston is one of the most innovative cities in the world because of its high density of entrepreneurs, international access, corporate excellence, and top universities”
The programme is tailored for start-ups that have raised no more than $500,000 in equity-based funding and generated less than $1m in revenue in the last 12 months.
“MassChallenge is an opportunity that we pursued in earnest,” added Bob Eury, president of Central Houston and the Downtown Redevelopment Authority.
“The Downtown Redevelopment Authority has approved an agreement with MassChallenge for an economic development grant to operate this programme within Downtown, an investment that we believe will garner long-term results for the GreenStreet development, Downtown and the Houston region.”
MassChallenge Texas, which launched in Austin in 2018, is the second domestic and seventh international location in the MassChallenge’s network.
With the support of corporate partners, innovation leaders and local government, MassChallenge Texas accelerated 84 companies that have raised more than $30M in funding, generated $20M in revenue and created 524 jobs.
In its inaugural year, the Texas accelerator awarded $500,000 in equity free cash to leading start-ups from its programme. By expanding to Houston, MassChallenge Texas said it is continuing its commitment to strengthening and growing the innovation ecosystem across the state.
MassChallenge Texas in Houston is supported by a public-private partnership that includes founding corporate partners Southwest Airlines, TMAC, WeWork, Upstream, USAA and new diamond partner Central Houston.
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