It admits 8-12 companies per cohort, and invests out of a $3.5 million pre-seed fund anchored by Employ Insight CEO Sean Glass.
During its program, Acceleprise helps startups hone their apps and business models, strike relationships with early pilot or paying customers and officially launch a product.
After they leave the nest, partners at Acceleprise work in an advisory capacity with startups in their portfolio to help them become seed- or even Series A-ready.
Venture investors with institutional firms that do early-stage deals now want to see software-as-a-service startups making $1.5 million in annual recurring revenue with significant traction in their respective markets before they will sign a term sheet, Cardamone said.
That means SaaS companies can t offer something that s only a slightly better tool than what s out there and expect to win customers over, even for a limited trial run.
Companies in Acceleprise s latest batch were equally split between those focused on a particular industry, from agriculture Skycision to mobile telecoms MobilePhire , and those offering horizontal solutions that could help businesses in any industry manage travel and expenses TripCloud or deliver customer service via popular messaging platforms from SMS to Facebook Messenger or Slack Lifecycle.io .