How we operate a University Startup Accelerator at MIT
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The Global Founders' Skills Accelerator (GFSA) is a 3-month summer program that provides funding, mentoring, and skills training to top student startups from MIT and other international schools. It is housed at MIT's Martin Trust Center for Entrepreneurship and aims to scale the impact of student ventures. The unstructured predecessor helped startups like Locu, while GFSA has expanded globally to work with teams from China, Germany, and more. The 2014 program aimed to support even bigger ideas with 12 MIT teams and 4 international teams participating in customer development training, mentorship, and pitching opportunities.
How we operate a University Startup Accelerator at MIT
- 1. Kyle Judah Program Director & Entrepreneur in Residence at
- 2. What is the Global Foundersâ Skills Accelerator? âą 3 month summer Accelerator program for the top student startups from across MIT âą Housed in Martin Trust Center for MIT Entrepreneurship âą Funded by private donations âą Global perspective for new venture
- 4. History of GFSA Unstructured program created teams like Locu (acq. for $75M) â what could structure & rigor do? Foundersâ Skills Accelerator in 2012 Social Impact (WiCare, WeCyclers, SasaAfrica)
- 5. History of GFSA GFSA goes Global in 2013 China, Germany, Canada, Scotland, Russia, Turkey
- 6. Future of GFSA GFSA shoots for the moon in 2014 The market wants big ideas, weâll give them big ideas Scaling impact at MIT, refining impact abroad 12 MIT Teams, 4 International More structure allows for earlier
- 7. Benefits of GFSA Monthly Stipend of $2,000/founder Up to $20,000 EQUITY FREE Personalized mentors Finishing School & Launchpad Pathway into Techstars, YC, Lemnos Labs
- 8. Recruiting Teams âą Done from feeder programs (classes, competitions) âą Promoted for 2 months across campus âą Reach out to entrepreneurial faculty âą Getting off our side of campus âą Multiple info sessions, different times of the day, different locations
- 9. Application Process Application Process: 1 month long 1st Round: Over 50 faculty, alums, entrepreneurs review & vote on applications. No Trust Center Staff 2nd Round (40): Get to know the teams off paper. 30 min interviews Final Round(20): 30 min pitch and Q&A in front of Selection Committee (GFSA team, rotating faculty, rotating GFSA
- 10. Accelerator Structure Bill Auletâs Disciplined Entrepreneurship âą June â Customer/Market Dev & Team âą July â Build it, Biz Model & Financials âą August â Iterate, Pilot, Sell it âą September â Pitch it 2 Speaker Sessions a week 1 hr âPartner Meetingâ every 2 weeks
- 11. Mentors Selecting Speakers for Mon/Thurs sessions: -Depending on topic, vary experience (Peer to Peer, Venture Coach, EIR) -Make sure lessons are practical & valuable, not just stories. Get feedback after every speaker -75/25 ratio in entrepreneurs to faculty speakers Selecting Board Members:
- 12. Kyle Judah Program Director & EIR KJudah@mit.edu Slideshare.net/KyleJudah KyleJudah EshipMIT