SHAKER HEIGHTS, Ohio, Feb. 27, 2013 /PRNewswire/ -- Shaker LaunchHouse, a lean business accelerator based in Northeast Ohio, is seeking early stage, broad-based technology startups focused on technology, Internet, mobile and hardware/robotics to apply for the LaunchHouse Accelerator (LHX) program. Applications for the LHX 2013 program open March 8, with the program kicking off August 12.
With the $200,000 ONEFund grant, LHX will invest in 10 tech companies consisting of two or more co-founders, to participate in the LHX program. The startups are required to remain in Cleveland for the duration of the 12-week, boot camp-style accelerator program.
From its inception in 2008, LaunchHouse has invested in 40 diverse companies that have raised more than $5.5 million in follow on funding. Since the conclusion of the inaugural LHX 2012 program, the companies have been able to create more than 20 jobs, a majority of which are in Northeast Ohio.LaunchHouse's adaptations of the customer development model popularized by Steve Blank, and the business model canvas framework of Alexander Osterwalder have proven to quickly help startups to reach validation. Teams are required to "get out of the building" in order to talk with potential customers to validate elements of their business – the problem/need and the solution – while generating early adapters. The strong LaunchHouse mentor network is another asset of the LHX program. It consists of a fusion of business leaders, academics and entrepreneurs in Northeast Ohio and beyond. The network includes more than 60 experienced individuals, from over 20 industries, with experiences that range from technical experts to seasoned CEOs. As part of the selection process, LaunchHouse will host a "2DAYdiscovery" in which the top 30 teams will have a "taste" of the LHX methodology, and will speak to potential customers, analyze the data and report back to the LHX mentors. LaunchHouse, with the help of its mentors, will select the 10 teams to participate in the LHX program. During the 12-week program these companies will have an opportunity to grow their business, achieve validation and ultimately be one step closer to market entry.