Late last year, we posted an article about the Cherokee-McDonough Challenge – a Raleigh-based accelerator working to provide innovative new sustainable business ideas with the tools they need to scale up and go to market. Applications are now being accepted for a new round of entrepreneurs to rise up to the challenge. The deadline for applications is April 15th. Below are details from the press release:
(Raleigh, NC) – January 30, 2014 – The Cherokee-McDonough Challenge, an accelerator designed to identify, fund and develop high impact environmental startups, has kicked off its fourth year of the program. The Challenge is seeking to support entrepreneurs who are addressing significant environmental challenges using viable, scalable business models. The application period is open now through April 15th. Information on the Challenge and how to apply can be found at www.cherokeechallenge.com.
The group will select up to five ventures for the 2014 class. Entrepreneurs will participate in the three month accelerator program, which includes one-on-one and group advisory services, co-working space, start-up business services, and $20,000 in seed funding.
Participants that complete the program are typically well positioned for additional funding, have a working proto-type, are adept at communicating with potential investors, and have access to a strong network of investors, entrepreneurs, and advisors. Past participants have gone on to raise over $2 million in venture funding, including grants, debt and equity funding.
“We believe the environmental challenges that confront our society today will be solved by creative, determined entrepreneurs. Time has proven that a private sector, market-based approach is the best way to address such challenges,” said JT Vaughn, Director, Cherokee-McDonough Challenge. “Our role is to help develop and connect high quality start-ups so they can attract capital and get their ideas to market.”
In addition to facilitating the accelerator program, the Cherokee-McDonough Challenge will serve as a commercialization advisor for the recently announced Next Generation Power Electronics Innovation Institute that is being led by NC State University.