Startup Accelerator Spotlight: The Works

The Works is designed to support early-mid stage media and technology brands develop scalable business models to support focused customer segments.

Name of Accelerator: The Works

Jim Biggs, Executive Director

Jonathan Sexton, Program Director

Location: Knoxville, TN

Website: theworks2016.com

Executive Director: Jim Biggs

Program Director: Jonathan Sexton

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 program.

In two sentences or less, tell us about your accelerator and its objectives.

The Works is designed to support early-mid stage media and technology brands develop scalable business models to support focused customer segments. Our program runs from June 1-August 15^th in Knoxville, TN.

Why is your accelerator program unique? Please describe the benefits of participation in your program.

The Works is an intensive 12-week accelerator that offers two tracks – Media and Technology. The Media Track is supported by Scripps Networks (Food, HGTV, Travel and more) both financially and with internal media expertise. You will work side by side with the producers and media professionals that create some of America’s favorite shows and entertainment brands. The mission is to grow your audience and monetize your influence.

The CodeWorks Track is for locally based growth stage companies looking to scale. It is designed for software developers, programmers, hackers (aka you write code) and will likely receive an investment from Angel Capital Group. CodeWorks teams will execute a prototype, and iterate on their software throughout the summer to create traction and kick start their journey toward success. The goal of the program is to build a product, get early adopters and be ready to take on investment capital by the end of The Works.

Screening Meeting with the Angel Group: Are You Prepared?

What is the most difficult part of working with startups?

Lack of time and funding. Existing in a small market without a wide base of customers is a challenge.

What do you enjoy the most? What do you find most appealing about working with entrepreneurial startups?

New ideas, fresh energy and limitless opportunity all around.

Tell us about your success stories. Which are the most interesting companies to have participated in your program?

BaracksDubs is a YouTube Channel with 250M views. AirFlare is the first startup in the country using NASA licensed technology. There are many more, but those come to mind.

What are the three most important factors startup entrepreneurs should consider when contemplating attending an accelerator?

Have you talked to enough customers to determine if there is a need?
Do you have the skills or industry expertise needed to get the job done?
Do you have team and funding options?

Key to Startup Success: Customer Discovery

What else would you like to share?

Our region supports a broad array of organizations who seek to provide entrepreneurs with advice, guidance and financing to support their efforts. Those include Knoxville Entrepreneur Center, the Knoxville Area Chamber, the Knoxville Area Urban League, Innovation Valley Partnership, the UT Research Foundation, the UT Anderson Center for Entrepreneurship and Innovation, TVA, the Regional Small Business Development Centers, Entrepreneurs of Knoxville and Score.

Moreover, this region is also home to several world-class institutions that both create and support entrepreneurs in East Tennessee. Oak Ridge National Laboratory, the Y-12 National Security Complex, the University of Tennessee-Knoxville, Pellissippi State Technical Community College and Roane State Community College produce some of the most revolutionary ideas and technologies imaginable, and have added greatly to the abundance of opportunities for entrepreneurs to start new businesses here. Our collective efforts reflect a vibrant and resurgent community that is inspiring a new generation of entrepreneurs here.

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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.

Definitioner

Website

An organized property made up of a group of connected pages on the World Wide Web, (Internet) that are considered a single entity.⁶

Entrepreneur

A person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so. Entrepreneurs are the founders of startups and are the people angel investors support.⁷

Funding

This term is used synonymously with the words “financing” and “capital.” It refers to the amount of money that is needed for a business endeavor. For example, a new business owner may seek a certain amount of funding for their startup company. This “raised” capital can be used to launch their endeavor as well as to sustain their company until monetary profit can be generated.⁴

Startup

A startup is a new business venture / enterprise in its initial or early stages of development. These stages include the concept, seed, early, growth and mezzanine stages.⁶

Director

Person elected by shareholders to serve on the board of directors. The directors appoint the president, vice president and all other operating officers, and decide when dividends should be paid (among other matters).³

Partnership

A nontaxable entity in which each partner shares in the profits, losses, and liabilities of the partnership. Each partner is responsible for the taxes on its share of profits and losses.³

Market

Based on supply and demand, this term refers to the societal arrangement whereby consumers purchase goods and services from businesses and individual sellers in exchange for currency. In economic relevance, the “market” can be divided into different industries, such as biotechnology, food, etc. The exchange between the consumer and seller contribute to a society’s market economy which greatly depends on these transactions for economic viability.⁴

Capital

Financial capital is a term that can refer to the money exchanged between entrepreneurs and investors during a business deal. Entrepreneurs need to raise capital for their startups while investors can provide them with the needed capital (or funding). Financial capital usually comes with interest, and new business owners can use their financial capital in purchasing real capital (or machinery or equipment) for their new business.⁴

Accelerator

In an Accelerator, a Seed investment is made in return for equity and usually between $15K - $50K. Startups are admitted in classes and work in groups. They are generally given a deadline to complete intensive training and iteration (typically 1 week to 6 months). Startups end an accelerator program with a Demo Day in which they pitch to investors.²

INFOGRAPHICS