Princeton-based Accelerator Will Provide Space, Mentoring, Strategy, and Funding
Princeton, NJ – March 6, 2012- Two experienced business executives have teamed up to launch a platform focused on accelerating the growth of innovative new companies.
Tom Sullivan, the CEO of Princeton Partners, Inc., a brand marketing and digital advertising agency, described the formation of Innovation Garden Accelerator as the culmination of his desire to play a direct role in the implementation of new digital solutions and technologies. “The American economy is in a stage of dramatic transformation, and the accelerating pace of innovation creates enormous opportunities for new entrants in every sphere of commerce. Our unique business accelerator model, combined with our network of investors and advisors, will enable us to attract and support the most promising of these opportunities.”
Scott Sipprelle, the President of Westland Ventures, an active angel investor in early-stage companies, described Innovation Garden as both a source of capital as well as a provider of critical strategic advice for emerging companies. “Providing growth capital is not enough. The critical differentiator between success and failure for new companies is more typically the absence of critical strategic, operational, and marketing input rather than just a deficit of funds. We designed our model after researching accelerators around the nation. We also benefited from the experience of two start-ups at the offices of Princeton Partners which will house successful candidates and support them with innovative new companies accepted into the Innovation Garden Accelerator.”
Glenn Frantangelo will serve as the Chief Operating Officer of the Princeton Forrestal Village-based operation. “We intend to provide a turn-key operational solution that will simplify organizational procedure and eliminate administrative headaches. Our Innovation Garden-supported companies will be able to focus exclusively on the key drivers of value-creation: product solutions and customers. We are seeking entrepreneurs who have a proof of concept, and the desire and ability to scale quickly by working closely with our hands-on team.”
The Innovation Garden Fund LP closed on initial capital commitments at the end of February, though it will remain open to new investors though the end of 2012 as it fills out a targeted capital raise of $6 million. The Fund will provide seed capital to launch new start-up companies and provide additional funding to support the growth or re-positioning of early-stage companies that would benefit from the comprehensive package of supporting services.
The Innovation Garden has already reviewed dozens of business plans and proposals that have been presented during “Open Innovation Hours,” a weekly forum where entrepreneurs are invited to visit and present their business concept in an open-table discussion format. While the start-up accelerator is eager to review a broad diversity of proposals, it plans to focus primarily on companies that actively employ digital technology as a source of competitive advantage.
Innovation Garden (www.innovationgardennj.com)
Innovation Garden, LLC, located in the Princeton Forrestal Village, will accelerate the growth and development of the most promising young companies and technologies through the unique capabilities of the Innovation Garden Accelerator Program (IGAP) and financed by the Innovation Garden Accelerator Fund (IGAF). The Innovation Garden will uniquely fill the gap in financing and hands-on advisory and business support services for the two earliest phases of a company’s lifecycle: seed stage and early stage.
IGA enrolled companies will be housed onsite and advised on business strategies and development actions to hone product development, implement successful marketing plans, accelerate revenue and drive profits over a two to three year timeline. IGA’s corporate development program supports the achievement of accelerated growth rates for member companies through strategic resource allocation and disciplined business plan execution.
205 Rockingham Row
Princeton, NJ 08540