The Lansing Economic Area Partnership (LEAP) has started a business accelerator that will help entrepreneurs develop their products and market them.
According to the director of the New Economy Division of LEAP, Tony Willis, there is a trend in new businesses toward physical products. He adds there are almost 10 business accelerators in Michigan, but none deal only with product development.
Business incubators and accelerators are relatively new concepts, both of which have the goal of working with startups to help them launch their businesses. The difference is that in most accelerators, the people involved also invest in the start-up company.
In this case, LEAP is searching for two businesses that want to apply to its pilot program, known as Lansing Proto, which begins in February and runs for eight months. Lansing Proto will guide the new ventures from concept to putting their product on the market. LEAP is also going to invest $15,000 in each startup, with the idea of helping the business to succeed. If they do so, the return on LEAP's investment will be put back into the accelerator.
The deadline for companies to apply for consideration for the program is December 31, 2015.
LEAP might consider creating Brochures for distribution in the Lansing business community that explains what an accelerator does, and reminding them of the deadline. They could also mention plans for further projects being considered by the accelerator.
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