HONOLULU, Dec. 12, 2012 /PRNewswire/ — Blue Startups, a new technology accelerator with an Asia Pacific focus, is accepting applications for its first cohort of startup companies.
Blue Startups is recruiting capital-efficient and scalable-technology companies, including Internet, software, mobile, gaming and e-commerce.
Blue Startups, part of the Global Accelerator Network, aims to become a nexus of entrepreneurial activity in Hawaii, and between Asia and the Continental U.S.
Key relationships include: 500 Startups (a seed fund and venture accelerator with Silicon Valley roots and a global footprint), Nest GSV (international business accelerator in Silicon Valley), Movida Japan (Japan-based accelerator), East-West Center, and Japan America Institute of Management Science.
Blue Startups has developed a network of more than 50 mentors to assist in developing Hawaii as a node of entrepreneurship. Mentors reaching from Hawaii and Japan to Silicon Valley will bring expertise, capital and other resources to Hawaii from across the Pacific.
The Hawaii-based accelerator was founded by Henk Rogers of Blue Planet Software (sole agent of Tetris®).
“Blue Startups represents the development of Hawaii’s entrepreneurial ecosystem,” said Rogers. “By attracting talented entrepreneurs to our community, we enhance it. We believe the best will stay in Hawaii. Many will likely build several companies—a powerful dynamic when you’re talking about ten to 20 companies per year.”
Blue Startups has received preliminary notification of funding from the State of Hawaii through the Hawaii Strategic Development Corporation. Funding will provide supplemental capital for Blue Startups.
Companies entering the program receive an up-front investment of $20,000 and access to more than $100,000 in services. The program allows a company to access the resources to move to the next level. Workspace for each founding team (up to three people) will be provided at Blue Startups Honolulu offices. In exchange for the capital and in-kind services provided, Blue Startups takes an equity stake in each company.
“People make innovation happen; that growth follows effective execution. Sustained success will require access to global resources,” said Chenoa Farnsworth, Blue Startups managing director.
Blue Startups will follow the TechStars accelerator model.
For more information about Blue Startups, visit: http://www.bluestartups.com.