DreamIt Ventures taking Austin applications

Sep 16, 2013
Austin Business Journal

Business accelerator DreamIt Ventures has opened the application process for its second program in Austin


DreamIt will be accepting applications through AngelList until Nov. 8, officials said Thursday


Managing Partner Kerry Rupp will manage the program with DreamIt co-founder Steve Welch, who has relocated to Austin


The three-month program is scheduled to start in January but officials haven't selected an Austin location. DreamIt plans to accept 10 companies into the program that provides a $25,000 stipend and access to services


Philadelphia-based DreamIt, which has launched 127 companies since it was established in 2008, in just one of several incubators and accelerators operating in Austin. Most of them operate with a business model similar to California-based Y Combinator, which mentors startups and invests small amounts of seed capital in exchange for small equity stakes


In May, Colorado-based TechStars, a business incubator established in 2006 by four entrepreneurs, disclosed plans to launch an Austin program. The incubator, which received 850 applications for its Austin program, selects 10 companies per city to receive $18,000 in seed funding for a 6 percent stake


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