MassChallenge, a nonprofit startup accelerator based in Boston, launches its Austin-based accelerator, MassChallenge Texas, today. The office, which is located at 515 Congress Ave., Austin, will serve the Texas region.

In 2018, MassChallenge Texas plans to accelerate up to 100 start-ups, which will compete for up to $500,000 in equity-free cash awards.

"Austin is basically a startup incubator, which is why I can imagine no better place for MassChallenge to call home in Texas than right here," Mayor Adler said in an Oct. 10 news release.

"The Austin Chamber of Commerce has seen firsthand the impact that MassChallenge had on economies competing with Texas," Austin Chamber of Commerce Vice President Dana Harris said in the release. "MassChallenge Texas will encourage and help more small, high-growth companies and startups succeed."

MassChallenge Texas is supported by a public-private partnership that includes corporate partners such as Southwest Airlines and USAA.

Companies supported by MassChallenge Texas will have access to its global network of programs in Boston, Israel, Mexico, Switzerland and the U.K. [email protected]