STATE COLLEGE — After serving nine years as a U.S. Navy SEAL, completing medical school and volunteering as a firefighter, Nicolas Welch, M.D., still had an itch for entrepreneurship.
According to a press release, he believed his idea for a device that provides one hour of breathable air in a fire if escape becomes impossible could save thousands of people, but he was not sure where to start.
The Bloomsburg-native went searching for some help and discovered Fast-Track Accelerator, a 15-week program that helps entrepreneurs build their companies. This signature program of Invent Penn State’s Happy Valley LaunchBox powered by PNC Bank helps startups test the market and acquire their first customers. The accelerator is open to the public and startups meet in the downtown State College location.
“Everything takes at least three times as long and three times as much work as you think it should to start a business. The FastTrack Accelerator gave me a road map,” he said. “It was a great way to plug into the entrepreneurial ecosystem.”
Applications are open now through Oct. 26 for the next FastTrack Accelerator program for six to eight teams to go through a 15-week boot camp beginning Nov. 13.
Selectees have access to up to $3,000 for customer discovery; access to AWS credits, SOLIDWORKS and other free tools; weekly one-on-one mentoring sessions with experienced entrepreneurs; 24/7 access to LaunchBox for one year with space in the team room; and access to an extensive network of advisors. Past teams have raised more than $1.8 million in funding and contest awards.
“For individuals who are serious about taking their ideas forward, the FastTrack Accelerator provides the accountability and structure that is often hard to accomplish on your own. It’s a great way to build your network, share experiences with others also trying to start their own businesses and receive one-on-one coaching,” said Lee Erickson, chief amplifier at Happy Valley LaunchBox.
Tamela Serensits agrees.
“The people I met in FastTrack are there for me even beyond the program. The connections you make are the invaluable piece for sure,” she said.
After nearly 10 years working in the manufacturing industry, Serensits saw a need for a product in the market that no one was offering.
“When I first went to LaunchBox and met Lee (Erickson), I just had this idea but had not done any customer discovery yet. She gave me a book and told me to work through some of the lessons, then come back when I was a bit further along.”
From that point on, Serensits forged ahead, completing the FastTrack Accelerator last spring and pursuing her master’s degree in applied statistics through Penn State World Campus.
“It’s good to have someone that you’re accountable to, so you keep moving forward,” she said.
Through her persistence and networking, Serensits’ company Argolytics LLC, is nearly ready to launch Trendable, its first product that helps facility operators monitor production at any time. Her software, user experience and website developers are all local and hired through connections she met at the LaunchBox.
“The program is great for working professionals — all of the meetings are at night and the energy you get from the students in the program is really motivating,” she said.
LaunchBox also has a program for startups not as advanced as those applying for FastTrack Accelerator.
The Idea TestLab is a four-week program beginning Oct. 2 that helps startups define the problem they are trying to solve and who has it. Applications for the Test-Lab are also open now through Sept. 15.
For more information visit www.launchbox.psu.edu/application. The FastTrack application deadline is Oct. 26.
