Techstars—an investment organization that calls itself a “global ecosystem” of founders, mentors, investors, and partners “that helps entrepreneurs build great businesses”—is expanding its reach to Kansas City.
They’ll be looking for investment opportunities in the region through an application process that will begin in January 2017.; that application process is expected to yield 10 startups that will begin the Techstars acceleration program in July 2017.
The group funds mostly technology oriented companies—web-based or software companies. While other types of companies are considered, Techstars specifically excludes biotechnology companies, restaurants, consultancies, or other local service oriented companies from consideration.
According to Techstars, a $100 thousand convertible note is automatically offered to all accepted companies, along with $20 thousand in exchange for 6% common stock. Accepted companies are provided a 90-day intensive acceleration program with hands-on mentorship and access to a variety of resources.
Tech Stars Kansas City will be headed up by managing director Lesa Mitchell, former VP of Innovation and Networks at the Kauffman Foundation