Impact Report: Spring 2022 Accelerator Programs
About Founded In Philly
Philly Startup Leaders launched Startup Bootcamp, which evolved into the Founded in Philly Accelerator Program you see today, to provide resources, education, impactful connections, and funding to early-stage entrepreneurs, and grow the number of entrepreneurs in Philadelphia.
In 2021, we announced that Spring’s programs would run a bit differently: This time, instead of one, 12-week program focused on tech-enabled startups in general, we decided to run two concurrent 10-week programs which were industry-focused; Cannabiz, focused on non-plant touching, ancillary cannabusinesses, and Ethical Entrepreneurship, which focused on impact-based, for-profit businesses.
Each week, founders, mentors, and keynote speakers met for a 2-hour virtual session. Each session would begin with founder introductions, which are a great snapshot of the milestones achieved during the cohort’s time together. Each week, we were eager to see the evolution of their businesses as they selected their missions, visions, value propositions, ideal customers, and more. Next, founders watched weekly presentations by at least one expert from the PSL Community - founders, executives, intrapreneurs, service providers, enterprise companies and more.
This Spring, we were able to put together a mix of panel discussions, keynote speakers and workshop-style sessions to give the founders even more exposure to the community and industry as a whole.
Both of these cohorts were extremely energetic and eager to learn, make connections, and grow their businesses and their professional brands. We are proud to share the milestones achieved, wins celebrated, and opportunities created by the founders during their time in the program.
“This was an amazing program. THANK YOU.”
Meet the Founders
PSL hand-selected 18 companies across both cohorts. with passion, drive and innovative solutions for the final cohort. Out of those selected, 11 of the founders are striving to establish their own companies while still working full-time jobs, while others are in a position to dive head-first into their entrepreneurship journey.
Of our program graduates, 66% consider themselves solo founders, and about 64% are pre-revenue. In addition to the responsibility of the accelerator, 65% of the founders balance full-time jobs, as well as responsibilities of community, family life, and caretaking, yet 68% spend 15 or more hours per week working in their business.
Founders & CEOs include:
If interested in learning more about the founders and their startups, please reach out to the PSL Team at engage@phillystartupleaders.org.
“Since participating in the accelerator I’ve gained access to an amazing network of mentors, collaborators, and peers. I believe each of the relationships has offered a level of mentorship through a variety of experiences. ”
Curriculum
During the 10-week programs, the founders were challenged to immerse themselves in each week’s lesson, and to put their businesses under the microscope.
The program began with a welcome session, where founders introduced themselves to one another and the PSL team, as well as honed in on their purpose and value proposition. Next, the founders learned how to discover new customers; find product-market fit; hone in on their revenue and business model, build a product roadmap and more.
Each week, the founders had the chance to advance their businesses by participating in the educational sessions, live Q&A breakout sessions, and accountability partnerships.
A cohort favorite, PSL Board Member Rick Genzer led the group through a workshop on how to pitch investors, and gave them the confidence they needed to craft their final pitches.
When it was time for the lightning pitch night, the founders and investors gathered virtually for 2-minute pitches, followed by 3 minutes of feedback from the judges. For many of our founders, this session represented their first time pitching in front of investors, and the feedback received led to breakthroughs, pivots and renewed confidence.
After the Lightning Pitch, it was time to show the founders how to expand upon what they built. PSL’s community experts led the cohort through sessions on growth mode and organizational development, before the founders took the exhibit floor ‘stage’ at Entrepreneur Expo.
Along the way, PSL Partners Royer Cooper Cohen and Braunfeld, GrowthX and Morgan Lewis hosted extracurricular activities and office hours, to expand upon the lessons learned each week.
We are always grateful for the ways our curriculum is shaped by our speakers, mentors and partners, and their willingness to share their expertise and lived experiences so that our cohort is confident moving their business forward. With emerging industries, it was even more important to us to bring together experts in these fields to guide our cohorts.
“The accelerator helped me look at my business in new ways. Putting together the pitch got me really clear on how we could grow in BIG ways just by getting a big chunk of money behind us. The feedback throughout the weeks from both mentors, investors, and fellow participants was invaluable!”
SPEAKERS & MENTORS
At PSL, support from our community means the world. For this program, 40 well-established business leaders from across concentrations supported the weekly sessions, in addition to the 18 dedicated mentors who helped our founders each week, for the second half of the program. Truly, it is their vast knowledge and experience which provided invaluable insight and lessons for the founders, and brought the curriculum into real-life action items.
About 35% of participants stated that they gained 6-10 mentors during the program, while the remaining said they gained anywhere from 5-15 mentors. We know that our program would not be the same if it was not for the time and effort of our community members. Thank you so much!
If you would like to volunteer as a speaker or mentor for any upcoming accelerator session, program or event, please fill out this form and we’ll be in touch:
“Very grateful for the direction and insight received from the mentors I was able to connect with.”
Key Takeaways
Here’s a peek at just some of the data that was collected over the course of the program:
95% of graduates say the accelerator is responsible for a key relationship (mentor, co-founder, or investor) for their startup.
95% of graduates say the accelerator has made them feel more confident as an entrepreneur.
88% of graduates say they are more confident in building a scaleable business, post-accelerator.
95% of graduates consider PSL to be one of the most important resources for their company during this time.
100% of graduates see value in having a long term relationship with Philly Startup Leaders organization and community.
“I am 2 years down this path, and if I would have participated in this program a year ago, and I would be a year further than I am.
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After The Program
On Wednesday, May 11th, the cohort was invited to exhibit and/or participate in the Entrepreneur Expo.
We’re so proud of the businesses that we added to the #FoundedinPhilly Alumni family, especially in an emerging industry like cannabiz, and providing space where impact-focused businesses can obtain the resources they need to scale and grow. We cannot wait to see them use what they learned throughout this accelerator to take their businesses, grow, scale, and create success for themselves and others. Make sure to follow all of these founders on their journeys ahead!
Interested in being a part of Founded in Philly?
Founders, Apply Here. Speakers & Mentors, Apply Here.
“Our initial goal was to try to understand our market, understand the Philly startup scene, and gain a better handle on our roadmap. This program has definitely helped us understand all of those aspects of our business. ”
What We Learned
At PSL, we pride ourselves on being agile and innovative, and trying new things. As with the founders we work with, we always learn lessons along the way.
We learned:
Condensing the 12-week accelerator to 10 weeks truly does make a difference! With the unique responsibilities of remote work, pandemic life and a virtual program, having the additional two weeks to connect, learn and provide resources was invaluable.
The accountability partnerships are critical to help founders get to know one another better, form a long-lasting community and navigate through challenges.
Weekly Office Hours with PSL Staff help the founders to clarify any questions from the previous session.
Changing up the curriculum style (keynote speakers, fireside chats, workshops and panel discussions) spark new ideas and invite more participants into the fold.
Moving forward, we’ll be moving the accelerators back to 12 week programs.