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University Park, Pa. – This fall, Happy Valley LaunchBox, powered by PNC Bank, will offer two no-cost startup programs, providing community and Penn State entrepreneurs with resources and guidance to help them turn their business ideas into scalable businesses. The FastTrack Accelerator is accepting applications now through September 1st. Idea TestLab applications will open on August 29.
“Both FastTrack Accelerator and Idea TestLab help entrepreneurs scale startups faster and protect them from risk,” said Elizabeth Hay, Jack White Family Director of Happy Valley LaunchBox. “Idea TestLab helps early-stage entrepreneurs develop, validate and test their first business ideas. Building on this, FastTrack Accelerator is ideal for startups who have gone through this validation process and are now ready to test the market and take the next steps to launch their company.”
Applications for both the FastTrack Accelerator and Idea TestLab are open to community entrepreneurs and Penn State students, faculty and staff.
FastTrack Accelerator – Apply by September 1
The FastTrack Accelerator is a 10-week program that helps early-stage startups better refine their target market, research the market, and develop an actionable plan to acquire customers or expand their business. At the end of the program, participants will compete in a pitch competition for a chance to win up to $5,000 for their business.
No Penn State affiliation is required to apply. The founders retain all rights to their ideas, and there is no cost to participate in the program. The program runs from mid-September to mid-November.
As part of the FastTrack Accelerator, participants also have:
- One on one mentor
- Financial support for an intern for one semester in the SEDTAPP ENtern program
- One year subscription for SolidWorks and POWr.io plug-ins
- Access to more than 60 consultants and experts
- 24/7 access to LaunchBox with a place in the group room
“FastTrack Accelerator helps founders avoid common startup mistakes by testing assumptions and building solutions based on real customer feedback,” Hay said. “At the end of the program, the teams will establish a formal business organization, develop a unique value proposition, define an effective business model, and create a marketing and sales plan.”
Idea TestLab – Applications open on August 29
Idea TestLab is a four-week program designed to help teams evaluate the feasibility of their business idea. Teams are trained in customer discovery and problem analysis techniques to identify the problems their customers have and the value others cannot provide.
The Idea TestLab application window opens on August 29 and closes on September 19. No Penn State affiliation is required to apply. Teams meet as a group once a week for four weeks in October.
As part of Idea TestLab, participants will receive:
- Access to a one-on-one mentor
- “Mother Test” and a copy of the program materials
- Up to $500 for customer discovery
“The only thing you need to apply for Idea TestLab is an idea,” said Ben Nason, Happy Valley LaunchBox Idea Catalyst. “During the program, we help you discover the real value of your idea and connect with customers to further define their needs and define their problem to be solved.”
About Happy Valley LaunchBox Powered by PNC Bank
Happy Valley LaunchBox, powered by PNC Bank, provides startups with the support and resources they need to build a sustainable and scalable business and a viable plan for growth. No-cost programs and services include co-working space, accelerated programs, legal and intellectual property advice and professional advice from Penn State’s extensive network. LaunchBox is open to everyone – community members and those connected to Penn State. Happy Valley LaunchBox is a signature program of the Invent Penn State initiative powered by PNC Bank and is one of 21 innovation spaces located in Penn State campus communities across Pennsylvania.
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