A new investment group is taking applications from product-based startups for an accelerator program to begin in December.
Called Start100, the program is being run by entrepreneur and former private equity executive Tom Ryan. He’s brought together a group of a dozen limited partners to invest in 12 companies over the course of the next year.
The team includes Louis Foreman, the founder and chief executive of product design firm Enventys Partners. The program will be held at the Enventys Partners headquarters Uptown.
It’s the latest example of private investors looking to inject capital in early-stage Charlotte companies.
Start100 is looking for companies they can propel to a successful crowdfunding campaign, and then build a true business around the product.
This will primarily be tech products and hardware that do well on Kickstarter and IndieGoGo. But Start100 will also look at food, apparel and other categories, Ryan says.
In the accelerator program, companies will go through a week-long bootcamp before being guided through a crowdfunding campaign by expert Roy Morejon of Enventys Partners.
If products do well, Start100 could decide to double down on their investment. The fund will generally take a 10 percent preferred equity position in the company and a royalty until the $50,000 investment is repaid.
“We’re trying to keep this as founder-friendly as possible,” Ryan said.
Applications for the first round are due November 12.
Companies don’t have to be from Charlotte, but they do have to be willing to come here and establish a lasting presence in the city.