Arizona State University has joined forces with two Silicon Valley-based venture firms – Draper Associates and Global Silicon Valley – to found ASU-Draper-GSV Accelerator (ADG), an edtech accelerator.
The accelerator was announced by ASU President Michael Crow at the recent ASU+GSV Summit, an annual conference focused on educational science and technology. This year’s conference was held April 18-20 in San Diego.
ADG will run two programs per year, with five to seven startups in each cohort. Each applicant will be focused on edtech or “a service company serving the higher education community”, have a fully-developed leadership team, have already raised some capital, typically in the form of seed or Series A, and have a product ready for testing within ASU.
According to the ADG site, preference will be given to those companies that provide academic or administrative solutions in the following categories:
- Adaptive learning
- Advanced assessments—cognitive and non-cognitive
- College access and success
- Data collection
- Enrollment management, marketing, and user experiences
- Funding mechanisms and financial aid
- Mobile applications
- Open resource education
- Organizational, business intelligence
- Student social engagement and connectivity
According to edtech news site edsurge.com:
Participating companies will give up two to five percent of equity in return for up to $50,000 in funding for transportation and product development costs. There is no geographic limitation for interested entrepreneurs, and no requirement for re-location.
Throughout the four-to-six month program, companies will have access to ASU’s on-campus network of faculty, staff and students to pilot and test the effectiveness of their tools and services. Products that pass muster will be awarded a certificate that is supposed to signal its readiness for adoption in the market. Each company will also get a white paper that details findings and results from the pilot.
The first cohort will comprise five companies. The first partner is CampusLogic, a Phoenix-based startup that develops software to help higher-education institutions and students manage the financial aid process. The program is expecting to accept four more companies by August 1, 2016.