Gener8tor operates accelerators in about 50 communities worldwide and has supported more than 2,100 startups, which have collectively raised about $2.9 billion in financing and created more than 15,000 jobs, according to Gener8tor’s website. The organization works with local governments, chambers of commerce and economic development corporations.
The proposed partnership would implement a nondilutive program, known as gBETA, which is a free, seven-week workshop that assists small businesses in acquiring external funding, without requiring owners to give up capital, according to the presentation.
The program also focuses on mentorship, weekly coaching, investor introductions and community engagement, leading to a public showcase of companies, said Robert Pieroni, a representative for Gener8tor.
Under a potential local partnership, Gener8tor would hire a full-time employee who lives in the community to run the program and would operate out of a local office or coworking space with a flexible format that can be tailored to local needs, according to the presentation.
Why now?
Supporting the success of startups was identified as a key priority in the city’s long-term comprehensive plan, Envision New Braunfels.
While existing resources, such as the Small Business Development Center and local economic development programs, provide support for small businesses, the community lacks accelerator, incubator and coworking space infrastructure needed to help early-stage companies become scalable and investment-ready, Pieroni said.
Pieroni said the infrastructure would allow more newly formed companies to stay in the area.
“It's never about a lack of talent or ambition. We all know that. It's just an access issue. Usually, that's what it all comes down to. And it comes down to capacity,” Pieroni said.
He said Gener8tor aims to fill the gap in infrastructure by providing hands-on coaching, mentorship, investor access and structured programming for high-growth startups.
The impact
Gener8tor has also helped similar communities along the I-35 corridor secure funding for different startups, according to the presentation. Without “intentional” infrastructure, companies in the city would fail to progress to the scale required for external investment, Pieroni said.
Looking ahead
Pieroni also emphasized transparency, noting that if implemented, the program would be required to publicly report performance metrics, such as jobs created, capital raised and startup survival rates.
Further details were discussed in executive session by the EDC, with members noting that more specifics, including cost and implementation, would be discussed further in a public meeting in the future.
