Arizona Commerce Authority launches new startup resource programs
The Arizona Commerce Authority is revamping the Arizona Innovation Challenge and launching several new programs to boost resources for startups.
The ACA on Thursday said it will rebrand the Venture Ready Accelerator as Venture Scale, which will connect up to 10 Arizona Innovation Challenge awardees with serial entrepreneurs, high-level executives and subject matter experts, according to an agency announcement.
What’s more, the ACA is launching the Venture Raise and Venture Start programs. The Venture Raise is a 12-week accelerator to help AIC semifinalists and finalists with funding options, investor pitching and financial health, among other things. Venture Start will connect early-stage startups with mentors to improve their business plans and prepare for pitch competitions.
“The success of Arizona small businesses is fundamental to the success of Arizona’s economy, which is why the ACA continues to prioritize our startup ecosystem,” said Sandra Watson, president and CEO of the Arizona Commerce Authority, in a statement. “We’re incredibly excited to launch Venture Scale, Venture Raise, and Venture Start, three programs that will help more Arizona entrepreneurs access the support and one-on-one mentorship that’s crucial to success.”
The ACA’s new programs were developed after the agency spoke with more than 100 Arizona startups and mentors about addressing gaps in the tech ecosystem, Patrick Ptak, ACA’s senior vice president of executive initiatives, said in an email.
“After these conversations, the ACA developed Venture Scale, Venture Raise, and Venture Start ACA to support startups at every stage of their development and provide them more tools to be successful,” he said.
The ACA has also streamlined the application process for the Arizona Innovation Challenge through an integrated platform to make it easier for startups to apply. The ACA is accepting applications through Aug. 30 for its 2024 Arizona Innovation Challenge.
The ACA will host application webinars on Aug. 7 and Aug. 21 to provide guidance and tips for a successful application.
The ACA launched the Arizona Innovation Challenge in 2011 to identify and provide support for up-and-coming startups in the state. Since then, 140 startups have participated in the program, including AlgoFace, Botco.ai, CampusLogic, Paradox and more.
“Like any successful organization, the ACA continues to innovate and elevate its programs to serve the needs of Arizona’s evolving startup ecosystem,” Gregg Scoresby, founder of PHX Ventures and CampusLogic, said in a statement. “Expanding on the already successful suite of AIC programs will help even more early-stage companies find success by connecting with experts who can mentor them every step of the way.”