Stanford Students Launch $2M National Startup Accelerator
ā¼ Summary
– Two Stanford students have raised $2 million for Breakthrough Ventures, an accelerator program funding student and recent graduate founders nationwide.
– The program, built “for student founders by student founders,” evolved from popular Stanford Demo Days and aims to fill a funding and opportunity gap for young entrepreneurs.
– Breakthrough offers a hybrid model with in-person meetups, a Stanford Demo Day, and resources including grants, compute credits, legal support, and mentorship.
– The founders plan to deploy the fund over three years to incubate at least 100 companies, aspiring to become a hub for Gen Z entrepreneurship.
– Applications for the new cohort are now open, with the goal of inspiring and providing economic stability for young entrepreneurs globally.
A new national startup accelerator, backed by a significant $2 million fund, has been launched by two Stanford students to empower the next generation of young entrepreneurs. The program, named Breakthrough Ventures, specifically targets college students and recent graduates across the country, aiming to bridge a critical funding and network gap. Founders Roman Scott and Itbaan Nafi developed the initiative after organizing successful demo events at Stanford, recognizing a strong demand for structured support among their peers.
The $2 million fundraise transforms Breakthrough from a seasonal accelerator into a lifelong partnership with our founders, explained Nafi, who is currently a master’s candidate. Scott, who completed both his undergraduate and master’s degrees at Stanford, emphasized that their model is distinct because it is built for student founders by student founders. This insider perspective is central to their approach, ensuring the resources and program structure directly address the unique challenges faced by young entrepreneurs.
While university-affiliated programs like UC Berkeley’s Free Ventures, MIT’s Sandbox Innovation Fund, and Stanford’s own StartX exist, Breakthrough Ventures sets itself apart with a national scope and a hybrid operational model. The program will facilitate in-person gatherings at leading venture capital firms, culminating in a flagship Demo Day held at Stanford. Participants gain access to a comprehensive suite of resources designed to launch their ventures.
Those accepted into the program receive grant funding up to $100,000, along with the opportunity to receive a $50,000 follow-on investment at the conclusion of the program, Nafi stated. The support package extends beyond capital to include practical tools like cloud compute credits via Microsoft and NVIDIA, legal assistance, mentorship from industry leaders such as Waymo’s CEO, and even ride credits from Waymo.
The founders see their deep understanding of the student experience as a key advantage. We’ve nailed the student-founder experience to a T, Nafi remarked. Students really feel like we get them, and that’s because we are students. This ethos is reflected in their goal to cultivate a central hub for Gen Z entrepreneurship and thought leadership, particularly at a time when many young people are concerned about economic prospects.
With plans to deploy the fund over a three-year period and incubate at least 100 companies, Breakthrough Ventures is now accepting applications for its first cohort. The ultimate vision is to inspire a wider wave of entrepreneurship by providing the necessary tools, knowledge, and financial stability for young innovators to transform their communities and their own futures.
(Source: TechCrunch)