Issue link: https://nebusinessmedia.uberflip.com/i/992084
67 | DOING BUSINESS IN CONNECTICUT | 2018 2018 | DOING BUSINESS IN CONNECTICUT | 67 Adding Partners Manufacturing accelerator attracts startups f rom around the world By Cara Rosner Entrepreneurs leading 10 start-up companies – likely from around the world, and each focused on additive manufacturing – will make Hartford their home for three months this summer to learn how to take their businesses to the next level. The Stanley+Techstars Additive Manufacturing Accelerator will begin July 16 and run for 90 days. Subsequent cohorts are planned for 2019 and 2020, for a total of 30 companies participating over the three-year span of the program. While they are here, the business leaders will gain access to mentors, capital and other resources that will help them grow their additive manufacturing businesses. Additive manufacturing includes technologies that build 3D objects, such as 3D printing, rapid prototyping, direct digital manufacturing, layered manufacturing and additive fabrication. "We will help companies wherever they are today," said Claudia Reuter, Techstars' managing director of the Hartford accelerator. Some companies may arrive with nothing more than a prototype and a solid business plan, while others may have already raised a couple of million dollars and need help taking the next step. "It's a huge opportunity, from a business side and an investment side, to help these companies," said Reuter. For the duration of the accelerator, accepted companies will co- locate at Manufactory 4.0, Stanley Black & Decker's new Advanced Manufacturing Center of Excellence in Hartford. Stanley Black & Decker is a great partner for the program, Reuter said, because the company values innovation, and is forward thinking and eager to invest in promising young companies. "Stanley Black & Decker is partnering with Techstars to support our drive to create world-class innovation and entrepreneurship in manufacturing technologies," said Marty Guay, vice president of business development at Stanley Black & Decker. "We chose Techstars based on their expertise and their worldwide network. Their proven ability to help entrepreneurs succeed in accelerator environments differentiated them for us." The Hartford accelerator is one of nearly 40 accelerator programs Techstars runs worldwide, each of which has a specific industry focus. There are multiple perks for companies that are accepted to participate. Startups not only gain mentorship, but also access to financial capital. Each company accepted to a Techstars accelerator is offered a $100,000 convertible note, a form of short-term debt popular with seed investors that typically converts into equity during a future financing round. Techstars also gives companies $20,000, which typically is used to support living expenses during the program. In return, Techstars receives 6 percent common stock from each company that participates. Companies also get lifetime access to Techstars' global network, which includes more than 10,000 mentors, 2,700 investors, 1,200 alumni companies and 180 staff members. They also benefit from accounting and legal support and other resources. Once they arrive in Hartford, entrepreneurs will spend the first month of the program meeting and learning from mentors, said Reuter. The second month will be devoted to helping companies focus on Stanley Black & Decker, which is launching a new Advanced Manufacturing Center of Excellence in Hartford this year, is a hugely successful and highly recognized manufacturer of industrial tools and household hardware, and provider of security products and locks, based in New Britain. MANUFACTURING