DC-based software firm launches its own accelerator
A Washington, DC-based software firm has evolved from being a provider of services to start-ups to running its own virtual accelerator.
“We don’t just advise start-ups, we help build them,” MassLight Inc. declares on its website. The 22-year-old software company started building apps for start-up founders in exchange for equity about five years ago. “Demand became so great that we fully standardized the terms (of the engagement) and launched a cohort-based program,” Chief Executive Officer Daniel Abrams told DC Inno for this article.
In exchange for three percent equity for a start-up in the idea stage, the firm will invest $15,000 and provide a range of services over a three-month period. Those in the discovery stage can secure $35,000 for a six percent equity stake, and those in the build stage will receive $100,000 for a 20 percent stake in the venture.