Today, Excelerate Labs announced they have partnered with TechStars to rename the program TechStars Chicago. This is the first time that TechStars has partnered with an existing program in a new market as they usually create their own program from scratch as seen in New York, Boston, Seattle and San Antonio. The addition of TechStars Chicago will expand their reach into the Midwest for the first time.
Excelerate Labs startup accelerator took only three years to become one of the top accelerators in the country by producing thirty portfolio companies that have raised $30 million in funding. Led by entrepreneurs Troy Henikoff (Surepayroll), Sam Yagan (OKCupid, SparkNotes & Match.com), Nick Rosa (Sandbox Industries), and Adam Koopersmith (New World Ventures), the program was modeled and inspired after the TechStars Boulder program.
Troy Henikoff had this to say of partnership:
“We have worked closely with TechStars since the very beginning and are excited to bring their national platform to Chicago to put a spotlight on what is already happening here. We will take the momentum we already have, add their best practices and network and make it all that much more powerful. 2013 will be the best year yet.”
David Cohen of TechStars shared his take on the partnership:
“Brad Feld and I have been close to the Excelerate Labs program since day one in 2010, acting as both advisors and mentors. I have personally invested in SpotHero, GiveForward and Tap.me (acquired by Media Math), all of which are Excelerate Labs alumni.”
It seems like a win-win for both organizations as Excelerate Labs, turned TechStars Chicago, will gain access to the TechStars global network of mentors and the broader TechStars network (including the StarPower fund) to make it even stronger than it was before. Applications are currently open for the program apply here.
Editor's Note: If you are trying to figure out which startup accelerator program is right for you, you might want to check out Tech Cocktail's free startup accelerator report.