A good accelerator program helps founders better understand their opportunity and connect them with trusted, interested resources like mentors, advisors, investors, potential customers and organizations and tools that can help you grow your company.  

These programs are important to the entrepreneurs that use them, and they’re also vital to organizations that want to keep tech founders in the state and bring new ones in.  

Plenty has happened in the world of accelerators since I last wrote about the rise of accelerators in Indiana more than two years ago. The state has been fortunate to have several solid programs that have grown roots here by offering their services for well more than five years and running.  

The three most active accelerators from 2022 — gener8tor, Techstars and The Heritage Group Accelerator — are even more entrenched and impactful today, while other accelerators have emerged. The key to success for all of the programs is the same key to success that builds and strengthens our entire digital innovation ecosystem: collaboration.  

Every accelerator leader and participant I talked to for this update emphasized the importance of working with other organizations and leaders at every level. They also talked about the importance of larger and strategic organizations, both public and private, that have given their time and resources to help grow the ecosystem. The following is a living list. Let me know if I missed anything and I’ll add it. (And likely reach out to get better acquainted.)   

The Heritage Group Accelerator 

The Heritage Group Accelerator (started in 2019) is a 13-week intensive program designed to propel early-stage hardtech startups from concept to commerce. The program is tailored for startups in sectors like specialty chemicals, environmental services, transportation infrastructure, renewable energy, advanced materials, and circularity, as well as novel software solutions addressing global challenges. The program offers $150,000 in the form of a convertible note to support product development and cover travel and living expenses. Participants gain access to world-class corporate labs for product testing, validation, and research and development (R&D) as well as dedicated mentorship from industry experts and seasoned entrepreneurs from within and outside of The Heritage Group. Founders will have networking opportunities with the organization’s 30+ operating companies that include Envita (Environmental Consulting and Services), Asphalt Materials Inc, Milestone Contractors, Cirba Solutions, Monument Chemical, and others. As of today, the Heritage Group has welcomed 52 companies into its six yearly cohorts. Eight of those are currently participating today. Nearly all of the companies that have participated have been from outside Indiana. At least three of these companies have set up a permanent headquarters in the state including MITO Material Solutions (Indianapolis) and Ateios Systems (Newberry.) 

Arvind Murthy serves as General Manager for The Heritage Group Accelerator. He joined the team in December of 2022. Prior to that, he served as a program director for FoundersBoost in Southern California, a pre-accelerator for startups.  

“A lot of people want to be entrepreneurs,” notes Murthy, “which means accelerators are popping up more often than not. There are training pipelines for entrepreneurs, training pipelines for VCs, but that redheaded stepchild in the in the middle, between being an entrepreneur and being an investor, is the accelerator ecosystem—the people who are here to move the needle.” 

Murthy notes how important collaboration and partnerships are to a growing and thriving tech ecosystem and that partners like the Indiana Economic Development Corporation (IEDC) have made this kind of cooperation thrive in Indiana.  

“A lot of people just fail to understand why Silicon Valley is Silicon Valley. It’s not because the weather is nice and there’s nice restaurants and great food trucks. It’s because of the original Rockwell, Intel, Stanford, Berkeley, etc… and organic development over decades. Instead of trying to recreate that, look at what we have: We have hard tech, right? We have companies in the Midwest like Caterpillar and Rolls Royce. We have heavy hitters like Corteva. There is definitely a critical mass of innovation and engineering talent and creative talent that can foster something. We have the ingredients.” 

gener8tor 

gener8tor is a nationally-ranked accelerator and venture capital (VC) firm that brings together startup founders, investors, corporations, job seekers, universities, musicians and artists. The gener8tor platform includes more than 75 programs spanning startup accelerators, corporate programming, speaker series, conferences, skills accelerators and fellowships throughout the world. gener8tor believes that everyone deserves opportunities, regardless of race, place or gender. 

In Indiana, gener8tor has held 33, free gBETA pre-accelerators (sponsored by, or in-part sponsored by IEDC) and one Investment Accelerator—The Butler Accelerator for Education & Workforce Innovation. This new program includes participation from TechPoint and is sponsored by Butler University, which invested $100,000 into the selected founders. By the end of 2024, gener8tor will have completed seven, free gBETA Pre-Accelerators, and two Investment Accelerator programs. 

gBETA runs multiple times every year across the U.S., including cities in Indiana. Up to five companies from a range of verticals are selected from a competitive applicant pool to participate in the free, seven-week program. Participating companies receive individualized coaching and mentorship; weekly “Lunch & Learns” and “Mentor Swarms;” investor and accelerator pitches; more than $1 million in deals and perks from vendors like IBM Cloud, Rackspace, Amazon, Paypal, Zendesk, Hubspot and Microsoft; ongoing post-program support and gener8tor community involvement and offerings. gBETA’s goal is that graduates will go on to participate in an investment accelerator or raise a seed round. At the time of this article there are a number of gBETA pre-accelerators seeking applications focusing on 5G, AI, Web 3.0, AgBioScience, Industry 4.0, Smart and Circular economies, life sciences, future of mobility, edtech/workforce and even main street businesses. Founders can learn more and apply for these opportunities by going to www.gener8tor.com/gbeta/indiana.  

“The Indiana Economic Development Corporation took a chance on gener8tor during a pilot in 2018,” says Davide Dantonio, a gener8tor Program Manager in Indiana. “Since then, we’ve expanded our partnership to run 34 programs, supporting more than 170 startups to raise more than $140 million. We’re proud of these outcomes and the fact that we get to support Indiana in building a top-notch ecosystem for startups. Our mission of helping communities invest into their best and brightest is alive and well in Indiana!” 

gener8tor’s gBETA programs have graduated 174 companies in Indiana. Today, 80 percent (139) of those are Indiana-based. These 174 companies have raised a total of $140,757,212 (average of $809,000 per company.) They cumulatively employ 719 people. 

Sarah Aubrey is a senior managing director for gBETA based in Fort Wayne. 

“Since launching the inaugural gBETA Indy program in early 2018, gener8tor has continued to live out our mission and multiply our community impact on the Indiana ecosystem through program expansion and innovation. I’m thrilled that this year, through our partnership with Butler University and TechPoint, we were able to launch our first investment accelerator here. The Butler Accelerator for Education & Workforce Innovation not only shows gener8tor’s deep commitment to and through Indiana but also shines a light on the vital and innovative work being done here in the EdTech and Future of Work sectors to equip learners of all ages for the 21st century.” 

The Butler Accelerator for Education & Workforce Innovation has already made an impact on companies and founders.  

“Relocating to Bloomington, Indiana, and joining the Butler Accelerator program has significantly boosted our company’s growth,” says Kevin Celisca, co-founder and CEO of Integrate School. “The thriving Indiana tech scene provides a faster feedback loop, allowing us to quickly gauge market responses to our solutions. Collaborating with other companies and sharing resources is much easier here. We’ve rapidly established relationships with foundations, politicians, investors, and influencers. For anyone looking to grow a technology company, making Indiana your home is a strategic investment that yields substantial returns!” 

Techstars Sports Accelerator Powered by Indy 

Techstars Sports Accelerator Powered by Indy is designed for sports tech companies focused on the future of sport, ranging from new technologies to new business models. The programs founding partners include Pacers Sports & Entertainment, the NCAA, Indiana Sports Corp, the Next Level Indiana Fund and 50 South Capital. Supporting partners include the Indianapolis Motor Speedway, IndyCar and the Indianapolis Colts. The accelerator is able to tap into these partners and their teams in order to grow the sports tech ecosystem in Indiana. 

Andrew Hippert is an Investment Principal with Techstars. He and Jordan Fliegel, Managing Director for Techstars Sports in Indianapolis and New York City, played basketball together at Bowdoin College in Maine and reunited as a new team when the program was born in Indiana. They are getting ready to start their sixth year together. The Techstars team has brought 57 companies to participate in the accelerator since 2019 with another group starting in the fall of 2024. Combined, these companies have raised a little more than $100 million in capital. 

Hippert stresses the value and power of collaboration when it comes to the success of accelerators like Techstars Sports. Through their partnership with Indy Sports Corp, Andrew and Jordan have been able to call on Jeff Hintz, the Executive Director of Sports Tech HQ in Indianapolis. Sports Tech HQ is a non-profit organization dedicated to building a strong sports tech ecosystem in Indiana. Additionally, the organization invests in sports tech entrepreneurs, inspiring innovation and creating opportunities for their businesses.  

“Jeff Hintz is a great connector on the ground for us. He can help us keep these accelerator companies here in Indy by communicating all of the resources and incentives that are in place to help them put roots in the ground,” notes Hippert. 

In the past six years Hippert and Fliegel have watched the city of Indianapolis grow through their partnerships.  

“I think Indy as a sports ecosystem has really transformed, says Hippert. “In 2019, Jordan and I were trying to sell companies on why they should come to Indy. It was a big part of the pitch: getting them here physically and convincing them that they could build a company in the Midwest. We have talent to hire, we have all of these great universities here and we have professional teams like the Pacers, Colts, the NCAA, the Speedway, Indy Sports Corp. Now it’s become such an easier sell. I think people understand that Indy is a great place to be if you’re building a sports tech company and that’s a testament to the founders who have already participated in the accelerator and our great partners. This year we’ve brought in Addidas as a new partner and we’re really excited about that.” 

The team has had recent success in getting out-of-state and out-of-country companies to expand into or relocate to Indiana. Jason Burchard is the CEO and co-founder of RootNote, a company that helps managers, talent agencies, esports organizations, universities, NIL collectives, professional sports franchises, brands, and all kinds of creative teams track their talent, manage their data, and tell their stories. He moved his company from Nashville, Tenn., earlier this year after completing the Techstars Sports accelerator in 2023.  

“Our first real introduction to Indianapolis was through the Techstars Sports Accelerator Powered by Indy,” says Burchard. “The program was a game-changer for us and opened up an entire world of regional and global sports, media, and entertainment customers and investors. The culture and community here are top notch and a huge reason why we decided to move our HQ to Indy.”  

A typical accelerator will run from seven to 15 weeks or more. Some are fully remote, but most will require a founder to spend considerable time outside of their company’s office. Hippert understands what needs to happen in an accelerator to make it worth the founder’s time.  

“We have served as a really good conduit to help companies get from Pre-Seed to Seed and Seed to Series A,” he said. “A lot of that is just the support on fundraising, the storytelling, the pitch deck help, the financial model support, the intros to the Indiana VCs that we have great relationships with, and, of course, the VCs on the coasts here in the US and even the global investors.” 

The Revenue Accelerator (GrowthX) 

As a rule, I think an accelerator program should be “free” in that you should not have to pay for what you get. Of course, you’re “paying” by stepping away from your daily business activity (and maybe your family) to focus on the work required for the accelerator. Furthermore, if your accelerator includes an equity investment in your company, it also means that you’re giving up a part of your company. So, nothing is free, as the cliche goes.  

GrowthX’s Revenue Accelerator is NOT free, but I’ve been impressed with the feedback I’ve gotten from founders who have participated. So, I’m including it here. 

GrowthX is an investor at the Pre-Seed and Seed stage that likes to engage with companies before writing a check. One of the ways they engage is via The Revenue Accelerator. The $8,000  program helps B2B founders improve sales performance and get consistent results from the time and effort being invested into go-to-market activities. Founders are assigned a dedicated expert sales coach with proven sales playbooks for 16 weeks. Companies that have successfully completed The Revenue Accelerator typically see a 2-10X increase in revenue and more than 50 percent reduction in sales cycles. GrowthX claims that many of their most successful founders joined The Revenue Accelerator after completing programs like gBeta and Techstars. The program is also designed to make early-stage companies more attractive to potential investors through real revenue results. 

Collaboration and partnerships play a key role in GrowthX’s strategy, too. The team works closely in Indiana with Elevate Ventures and ground game Ventures. Jeanette Renshaw works from Indianapolis and serves as Partner and Head of Startup Growth for GrowthX and The Revenue Accelerator. She can easily be found at just about any event that includes early-stage companies. You can learn more about The Revenue Accelerator here. 

University Programs 

While most of the colleges and universities in Indiana have some sort of guidance for entrepreneurs and early-stage companies emerging from their campuses, several have created or are creating incubator and accelerator programs to help them along. Notre Dame’s Idea Center hosts a pre-accelerator for student entrepreneurs that convenes in the spring and fall. Purdue Innovates helps to find and encourage student entrepreneurs through its incubator programs and will likely offer an accelerator program in the near future. IU Innovates (no site yet, but visit Startup IU) is also growing and expanding their entrepreneurial reach by joining forces with the Shoemaker Innovation Center in the Luddy School of Informatics to expand the Sparklab program.  

The great news about all of these university-based programs is that the teams there work very hard to foster entrepreneurialism and fuel the growth of student, faculty and alumni led companies. In addition to helping the companies and founders grow, they can also tap into investment funds created by the universities like Notre Dame’s Pitroad Fund and new 1842 Fund, Purdue Ventures and IU Ventures. Participation is available only to each university’s students, faculty members and alumni. 

How Do You Get Plugged In? 

Founders interested in accelerator help should reach out to the organizations mentioned above. TechPoint’s Innovation Team can also be a resource for you. In addition to the fact that we know most of these people and organizations (and so many more), we can help you in a number of ways: 

  • Our Venture Support service is really easy; just a 30-minute Teams call where you outline your concept and we give you advice and make connections that make sense.  
  • Join the Indiana Founders Network to meet and talk with other founders—peers who understand what you’re going through.  

Ready? Let’s get started! 

Roger Shuman is the Director of Venture Engagement for TechPoint