The Conquer EdTech Accelerator will connect early-stage ed-tech businesses with funding, training, mentorships and workspaces necessary to build and scale innovative ed-tech tools, according to a news release today. The program website said applications open in June for companies that have "a groundbreaking technology or service that addresses an unmet need in education" but need more guidance and resources to grow their impact.
The program is a hybrid model, with virtual programming throughout the 10 weeks and in-person sessions every week at Michigan Virtual’s office in Lansing. Both in-person and virtual trainings will be led by experts and cover topics such as company formation, product development and market strategy.
Red Cedar Ventures, an investment arm of MSU’s Research Foundation, will provide up to $20,000 in milestone-based investments to back the burgeoning companies. Additionally, Red Cedar Ventures offers rental office and lab spaces to startups it works with.
“Michigan has a strong foundation in both education and innovation, and this accelerator will connect promising ed-tech startups with the resources, expertise and support needed to drive meaningful impact in classrooms,” Michigan Virtual President and CEO Jamey Fitzpatrick said in a public statement. “Through this partnership with MSU Research Foundation, we are strengthening Michigan’s position as a leader in education technology and supporting the next generation of ed-tech entrepreneurs.”
Michigan Virtual works with 700 school districts across the state to provide online learning for students and professional development for educators, according to its website. The organization also conducts research and compiles resources on online learning.
The MSU Research Foundation is home to a number of entrepreneurial assistance programs, called Conquer Accelerators, in fields such as health technology; finance and insurance technology; and tech research. Across disciplines, Conquer Accelerators offer an industry-tailored curriculum, guidance from expert mentors, opportunities to pitch ideas to MSU’s network of investors, industry partnerships and legal assistance. According to MSU, 78 percent of participating companies are still in business today, and companies raise an average of $45 for every $1 they get from an investor.
Tom Stewart, director of venture programming at the MSU Research Foundation, said in a public statement that Michigan Virtual’s experience in K-12 education will complement MSU’s business focus.
“The Conquer Accelerator program has a proven track record of developing high-growth startups, and expanding into the education technology sector is a natural next step,” Stewart said. “By leveraging Michigan Virtual’s deep expertise in K-12 education and our experience supporting emerging businesses, we are creating a program that will drive real innovation in ed tech."
