“Our hope was to bolster the entrepreneurial spirit within the Oklahoma City community and provide a place for startups to thrive,” Hunter said, “A combination of the program's time-intensive nature and lower-than-anticipated investment community support forced us to make the difficult decision to close.”
Having only one main investor in Blueprint for Business proved to be too much of a challenge for the accelerator program to overcome, something Madison hopes to remedy with Accelerate Genius.
When an accelerator invests in a number of startups, it typically won't see a return on its investment in the fledgling companies for three to five years — typically when a startup sells itself, Hunter said.
“A business accelerator is kind of a weird business model,” Madison said. One of the benefits of investing in a business accelerator is that investors can invest in multiple startups that have been vetted before they enter the program — thereby reducing risk, Madison said.
As part of Accelerate Genius, Madison eventually hopes to launch a business accelerator within the company.
Madison is actively seeking investors who want to help fund the Accelerate Genius accelerator program.
“Even if it turns out that the investment community in Oklahoma City isn't ready for this, I still have something that fosters the entrepreneurial culture in Oklahoma City,” he said.
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For more information about Accelerate Genius, visit accelerategenius.