Friday March 30, 2018 0 comments
FORT COLLINS -- Innosphere, Colorado’s leading technology incubator, has announced 10 startup and scaleup companies selected to join the first Innosphere cohort of 2018.
Innosphere’s program focuses on ensuring companies are investor-ready, connecting entrepreneurs with experienced advisors, making introductions to corporate partners, exit planning, and accelerating top-line revenue growth.
Once accepted into the program, companies receive ongoing support from experienced advisors, peer groups, and an Innosphere liaison to ensure they’re getting the know-how to raise the right kind of capital and all the resources to grow.
The 10 companies selected for the program include three bioscience, two hardware, and five enterprise software companies.
Two companies are Fort Collins-based, three companies are based in the Boulder area, one in Castle Rock, three in the Denver area, and one company from Tel Aviv, Israel, which is being supported through Innosphere’s partnership with the Israel – Colorado Innovation Fund.
The first cohort of 2018 includes AllSource Analysis Inc., BUILD1x Inc., Career Solutions Group, cycuro, Janika Systems, Respirogen, Inc., SoftRay, Inc., Timberline Instruments, Inc., Velóce, and Zoptic.
Seven of the companies joined the incubator’s Startup Program, while three joined the recently formed Scaleup Program.
“For a startup company, a common goal is to become investor-ready to secure the company’s first round of funding,” said Scott Sampl, Innosphere operations director
“But for a scaleup company, a common goal is to accelerate growth in sales. While this goal can be simple, it often becomes more complex when considering hiring sales talent, investing in product development, and raising the capital needed to scale.”
Nationwide, it is estimated that only 4% of companies that are launched reach startup phase ($1M in annual sales), and only 10% of startups ever reach scaleup phase ($10M in annual sales).
Modest improvements in these metrics have a significant economic impact. To address this, Innosphere recently launched a Scaleup Program for companies who have achieved a run rate of more than $500k a year in sales but are seeking to sustain a growth rate in sales of 2-3x per year.
“The issues of a startup company and scaleup company are similar but the complexities are different,” said Mike Freeman, Innosphere CEO.
“Scaleup companies in our program are starting to think about a dedicated CFO and sales team, and exit strategies are just a few years away. The Scaleup Program focuses heavily on how to grow their top line.”
For more information, contact Freeman at [email protected] or 970. 818.7736.