INTRODUCING FIRST ACCELERATOR FOR WOMEN-FOUNDED MOBILE BUSINESSES: WOMEN INNOVATE MOBILE
Leading technology and business experts band together to launch first tech incubator for women
NEW YORK – Dec. 21, 2011 – Although the rate of startups is at a 15 year-high, women represent only 35% of startup business owners.* Women oversee approximately 80% of household income, nearly $5 Trillion Dollars annually – and high-tech companies built and run by women are significantly more capital efficient vs. the average.** Yet despite all of this, very few resources are dedicated to female entrepreneurs and women are under-represented in existing accelerator programs [http://womeninnovatemobile.com/news/]. As a result, Veronika Sonsev, co-founder of inSparq and Women in Wireless, a non-profit that promotes and develops female leaders across the mobile and digital media communities, Deborah Jackson, founder of JumpThru, a company that accelerates the founding and success of women-owned companies that use the internet to offer new products and services to women, and Business Strategist, Kelly Hoey, today announced the launch of the Women Innovate Mobile (WIM) Accelerator. WIM marks the first effort to accelerate best-in-class innovation and growth for women-run mobile companies.
“Accelerators are dominated by men and Women Innovate Mobile is the first dedicated to cultivating female founders,” said Kelly Hoey, WIM’s Managing Director. “No one disputes the talent and capabilities of female entrepreneurs, yet they remain severely under-represented among mentor-driven accelerator programs. That’s why we developed an accelerator program just for women-led mobile ventures.”
Participating entrepreneurs benefit from a seed funding of $18,000 USD, $10,000 worth of product development and design support, $10,000 worth of mobile marketing promotions and free office space. Additionally participants receive:
- • Focused educational and training program for early stage companies
- • Mentorship and coaching from experience entrepreneurs and investors
- • Introductions and assistance with capital raising
“Applications are going out, and we’ll be selecting our first 10 semi-finalist entrepreneurs in early February, with our advisory board selecting 2-5 finalists by March 1st,” said Hoey. “We are raising $100,000 from sponsors who share our vision of fostering a more diverse entrepreneurial ecosystem, one that is co-led by the smartest women on the planet.”
The accelerator program, slated to launch in late March 2012, has already attracted Mentors and Instructors like Gilt Groupe’s Alexandra Wilkis Wilson, Klout’s co-founder Binh Tran and Starvest’s Jeanne Sullivan, along with experts from AppNexus, Forbes, Formula Capital, Bank of America, Sequoia Lab, GoldenSeeds, Tapjoy and Women 2.0 (just to name a few).
"I’m thrilled that Women Innovate Mobile is seeking a paradigm shift in entrepreneurism – infusing the C-suite and startup community with female founders and game changers. This is why I’ve chosen to be a mentor in the program,” said Alexandra Wilkis Wilson, Co-Founder, Gilt.
The WIM Accelerator offers Mentors three different ways to get involved:
- • Dedicated Mentors – Each company participating in WIM Accelerator will be assigned a unique group of mentors (investors, founders, experts and specialists) to advise them throughout the program.
- • Guest Mentors – During the course of the three-month program, high-profile individuals will be available for consultation by all participating companies.
- • Speakers & Instructors – WIM Accelerator invites selected individuals to speak, participate on a panel discussion or conduct a workshop for participating companies.
Investing in Women
Many of the leading Angel, Seed and VC investors have already embraced the program including First Round Capital, Starvest, Lerer Ventures, TriplePoint, Zig Capital, Golden Seeds and we invite others to participate and provide feedback to participating companies at demo sessions and the pitch day. Investors are also invited to become involved in the WIM Accelerator program as Mentors.
“We are so excited about Women Innovate Mobile as we see the proven success of women in the start-up community,” said Chris Fralic, Partner, First Round Capital. “First Round has many women founders in our portfolio, and we’re looking forward to working with the WIM Accelerator program.”
Applications to participate in Women Innovate Mobile (WIM) Accelerator will be accepted until February 1, 2012. Companies selected to participate in the inaugural program will be announced March 1, 2012.
About Women Innovate Mobile
WIM is the first startup accelerator and mentorship-driven program designed for women-founded companies in mobile technology. WIM was founded by Kelly Hoey, Deborah Jackson and Veronika Sonsev to provide women entrepreneurs with the guidance, feedback and connections needed to make their startups best in class companies. Participating companies will receive $18,000 in funding, free office space, product development and design support, mobile-marketing promotions, and access to an incredible network of mentors, funders and advisors.
*Ewing Marion Kaufman Foundation Report “Over Coming the Gender Gap: Women Entrepreneurs As Economic Drivers,” September 2011.
**Illuminate Ventures, 2010.
Contacts:
Jennifer Schenberg
PenVine for Women in Wireless
917-445-4454
jennifer@penvine.com
or
Melanie Berger
850-567-0082
Melanie@penvine.com
Tags: