TechStars is a three-month mentor-based accelerator program that gives tech startups and entrepreneurs access to a vast network of mentors and resources that will help them succeed. A total of 10 companies from the US, Netherlands and Canada were accepted as part of the 2018 Cohort, one of which is Townfolio, a current Co.Labs company. TechStars is considered one of the top 3 accelerators in North America.
After 90 intensive days, Townfolio gave their pitch in front of a crowd of 600 mentors and investors at the TechStars Kansas City Demo Day. Ryley Iverson, CEO of Townfolio, explained that the US government makes nearly $700B of decisions on funding allocation using consensus data. This emphasizes the importance of economic development of the community profile that Townfolio's software provides, which is used to do research for business decisions.
As part of their global scaling strategy, Townfolio revealed a market size which consists of 100,000 governments in the US and Canada. To kick off their US expansion, Townfolio announced a partnership with Kansas City Area Development Council to open up a Kansas City office. From here, Townfolio will focus on working with companies such as LocationOne (LOIS) to build out its real-time analytics platform for local economies, nationwide.
Now officially becoming a TechStar alumnus, Townfolio looks back at their experience and encourages entrepreneurs to enter an accelerator program.
“If you have an idea or business, go down there (US) as fast as you can and figure out what your company is made of.”
Once there, Townfolio recommends start-ups to not to play the Canadian Card as it doesn't work in our favour. “As Canadians, we are more conservative to act compared to our friends down south. Don’t be reluctant to be bold and a little aggressive when it comes to speed and growth.”
To learn more about TechStars KC, check out our previous post. :)