In an effort to support new businesses and innovative ideas, Philadelphia created a startup accelerator composed of two initiatives.
A new $6.5 million startup accelerator program in Philadelphia, Pa., was announced by the Mayor's office on Oct. 26. Called “Startup PHL,” the program will provide funding for innovative new ideas and new businesses in the early stages of formation in order to promote economic growth in the city.
“Philadelphia is increasingly home to a dynamic, innovative startup and entrepreneurial community who are putting this city on the map as the place to be if you’re an entrepreneur,” said Mayor Michael A. Nutter. “The goal of Startup PHL is to build upon and support so much of the good work that is already being done, building more businesses, creating more jobs, and expanding entrepreneurial opportunities to even more Philadelphians.”
The program consists of two initiatives. The Startup PHL Seed Fund will begin as a $3 million fund provided by the Philadelphia Industrial Development Corp., matched by a private investment firm. This fund will be used to assist new businesses get off the ground.
The second initiative is a $500,000 fund to support project ideas that would help entrepreneurs and startups in the city. The funds are intended to “foster networks for entrepreneurs to collaborate with each other ... and ultimately lead to more business and job creation in Philadelphia,” according to a press release.
More information about the program can be found in a press release (pdf) online.