A new startup accelerator at ASU SkySong help turn research by ASU professors and students into new companies.
The Furnace Accelerator does not yet have an official launch date, but is expected to begin later this year, spokeswoman Meagan Garrett said.
The program aims to build startup companies based on research from ASU.
Similar to other SkySong programs, the Furnace Accelerator will provide funding, mentors and office space in the Scottsdale facility.
Between five and seven individuals or groups with business plans will be chosen for each six-month segment of the program, called a cohort.
“At the end of six months, they’ll be a viable company,” Garrett said.
Each company will receive between $20,000 and $25,000 in initial funding and can earn more at a demonstration day at the end of the program.
Garrett said the accelerator emphasizes using ideas from ASU’s research laboratories. The five to seven startups chosen for each cohort will have to demonstrate high potential based on research from the University.
To ensure an ASU connection, Garrett said the Furnace Accelerator will reach out to alumni in the Phoenix area, who would work out of SkySong and focus on using their project to promote the local economy.
Mentors will come from ASU, local businesses and from outside Arizona.
The accelerator is a joint effort between ASU Venture Catalyst and Arizona Technology Enterprises, which manages ASU’s intellectual property.
Reach the reporter at julia.shumway@asu.edu or follow @JMShumway on Twitter.
Like The State Press on Facebook and follow @statepress on Twitter.
