There’s no denying the success of DreamIt Ventures, the intensive, three-month business accelerator that includes tech stalwarts like scvngr and Notehall in its portfolio, which now numbers nearly 50 successful early-stage-and-beyond companies.
But the impact of the wildly successful (and growing) program in Greater Philadelphia is another story. scvngr settled up in Boston almost as quickly as it left Princeton, N.J., in 2008 to do its interactive mobile gaming thing with DreamIt. And Notehall, which was acquired just last week by soon-to-go-public Chegg, bolted its Manyaunk digs for San Francisco a year or so after DreamIt worked over its online marketplace for college students.
That could change thanks to a new partnership between DreamIt and Ben Franklin Technology Partners of Southeastern PA, announced in a news release earlier this month. DreamIt Plus is a program that will partner BFTP/SEP with area angel investors to keep DreamIt’s most successful graduates in Greater Philadelphia.
In addition to mentorship, office space, donated legal and financial services, and various educational worskhops, companies participating in DreamIt’s accelerator will have increased access to additional funding and support services once the three-month program is over. According to Gigaom, those companies could receive up to $60,000 apiece thanks to the new partnership.
“The startups coming out of the DreamIt program have great momentum,” says RoseAnn B. Rosenthal, BFTP/SEP’s president and CEO. “However, since the entrepreneurs come from around the world, the lack of quick follow-on capital can cause them to leave the area.
Kerry Rupp, DreamIt’s managing partner, says: “DreamIt Plus extends the path startups participating in our accelerator to continue to take advantage of the Pennsylvania connections they ahve already made to build their business.”
DreamIt will wind down its current session in New York next month. Its fall program in Philly will accept 15 startups and runs from September through December.
Joe Petrucci is managing editor of Keystone Edge. Send feedback here.