TechrloT XLR8 is a best-in-class business accelerator targeting emerging “Internet of Things” (loT) companies.
Name of Accelerator: TechrloT XLR8 (Tech Riot Accelerate)
Location: Centennial, Colorado
Website: www.techriot.org
Managing Director:, Suzy Gutierrez, MBA
This article is part of our Startup Accelerator Spotlight Series featuring accelerators from around the world. We hope these spotlights will assist the entrepreneur should they consider attending an accelerator.
In two sentences or less, tell us about your accelerator and its objectives.
TechrloT XLR8 is a best-in-class business accelerator targeting emerging “Internet of Things” (loT) companies. TechrloT XLR8 is delivered in annual cohorts through monthly sprints emphasizing access to capital, supply chain resources, introduction to key customers and business plan optimization.
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Why is your accelerator program unique?
TechrloT XLR8 is part of a larger, hyper-collaborative loT ecosystem called TechrloT. TechrloT by design is an entrepreneurial ecosystem that aims to accelerate loT innovation. TechrloT offers an Executive Advisory Board made up of F500 representatives, a Supply Chain Preferred Service Provider Network and a carefully documented inventory of loT companies.
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TechrloT also facilitates ongoing community events such as Monthly MeetUps and Business Plan competitions to facilitate collaboration amongst corporations, entrepreneurs, investors, executives, manufacturers, policy makers, educators and anyone else interested in learning about loT innovation.
TechrloT XLR8 is an accelerator that leverages the assets of theTechrloT community to offer a best-in-class accelerator emphasizing topics hypercritical to entrepreneurs who are growing emerging loT companies. TechrloT XLR8 is designed especially for loT companies who have a prototype and/or product and at least one customer.
Benefits include:
- Access to Investors
- Key Customer Acquisition and Channel Partnership
- Access to Supply chain infrastructure and financing
- Business Plan Optimization
TechrloT XLR8 graduates participate in Demo Day events in Silicon Valley and Denver to an audience of angel investors, VC’s , corporate executives and other curated stakeholders in B2C and B2B markets.
TechrloT XLR8 offers the following benefits to participating Cohort Companies:
- $20K in cash
- $100K Convertible Note
- $500K In-Kind value
- Equity Back Guarantee
- Work space for in-person Sprints
- Colorado Demo Day and Silicon Valley Demo Day
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What is the most difficult part of working with startups?
Have you ever tried to herd cats? Each company has specific needs, no two are exactly alike. The Techrlot XLR8 model considers an Advocate Advisor to ensure each company stays on track and focused on solving business challenges specific to their needs.
What do you enjoy the most? What do you find most appealing about working with the entrepreneurial startups?
The “A-Ha!” Moments when there is progress with iteration, connections and innovation. I call this an “intervention from the Universe” aka when things fall into place unexpectedly. This happens a lot within the TechrloT ecosystem.
Tell us about your success stories; which are the most interesting companies to have participated in your program?
The 2016 Cohort Class Graduates are:
- Envio Systems: (Calgary, Canada) SMART commercial building management systems
- GoFire: (Boulder, CO) Precise dosage control
- Knocki: (Houston, TX) SMART device that turns any surface into a control
- LockState: (Denver, CO) Wifi Enabled remote lock
- Ombitron: (Seattle, WA) Business Intelligence for the Internet of Things
- Pet Wireless: (San Diego, CA) Health and wellness monitoring for pets
- Place Global: (Denver, CO) Content Platform of Things
- UGroklt: (Steamboat Springs, CO) Affordable RFID read/write device for smartphones
All of the companies have raised seed funding and some are in Series A funding rounds. Demo Day highlights from the 2016 graduating class include a $1.2M Kickstarter raise from Knocki garnering support from 8,897 backers. This capital raise will enable Knocki to produce sensors to deliver to the consumer market in 2017.
Place Global is participating in several pilot projects: CDoT I-70 Central Project, Onerva School for Visually Impaired, Imagine Colorado, University of South Australia, Deloitte Innovation Centers, Socket Mobile: RFID point of sales system.
Envio is currently collaborating with Vinci, RWE on pilot projects and has already secured customer purchase orders for it’s loT solution with Vinci, RWE Daimler, Mercedes and BMW group. Reza Alaghehband (CEO of Envio Systems) said, “The TechrloT program has been helpful by providing industry contacts and an opportunity to present to VC’s in the USA. This fits well into pursuing growth in North America along with our European contingent.”
What are the three most important factors startup entrepreneurs should consider when contemplating attending an accelerator?
Ideation, Integration and Iteration.
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What else would you like to share?
The real value of participating in an accelerator is to leverage the network affiliated with it. TechrloT is a fantastic example of how we can accomplish more if we work together.
Interested in Startup Stories? See related Business Startup Spotlights.
Are you familiar with other accelerators you believe should be spotlighted? If so, we would like to hear from you. Tell us about them, sharing your comments below.
Pam Goforth
Pam Goforth is Research Manager for FundingSage, which provides valuable information, tools and resources to entrepreneurs seeking to start, grow and fund a business.
