Launchpad LA
Launchpad LA was a startup accelerator program located in Los Angeles, California. Founded in 2009 by venture capitalists Mark Suster and Adam Lilling.[1][2] It ceased operations in 2014.
| Industry | Startup accelerator |
|---|---|
| Founded | 2009 |
| Founders | Mark Suster, Adam Lilling |
| Defunct | 2014 |
| Headquarters | , United States |
Key people | Sam Teller Mark Suster Adam Lilling Jamie Kantrowitz |
| Products | Venture capital, investments |
| Website | launchpad |
History edit
Inception and Early Years (2009-2011) edit
The program aimed to select ten startup companies to participate, offering them a unique opportunity to receive mentorship, guidance, and resources. Applicants were required to physically relocate to Los Angeles for the six-month program, reflecting Launchpad LA's commitment to creating a thriving local startup ecosystem.[3]
The inspiration for Launchpad LA came from a story shared by Matt Coffin, the founder of LowerMyBills, who had faced adversity during the dot-com crash but found success with the help of an experienced entrepreneur's guidance.[4] Suster then approached Lilling about joining the initiative.[5]
During its early years, Launchpad LA operated as a networking group without an official office space or equity requirements. Instead, it focused on organizing regular events and dinners to support the participating companies. By 2011, Launchpad LA had accepted 23 companies into its mentorship program, with an impressive 19 of them receiving outside funding, and nine being acquired. These companies collectively raised approximately $80 million in funding, with exits exceeding $60 million.[6]
Evolution into an Accelerator (2011-2014) edit
The year 2011 marked a significant shift for Launchpad LA as it transformed into a full-fledged accelerator program. Each participating company in the third class received $50,000 in funding.[7] The investment was made possible through contributions from various venture capital firms and individual investors, including Rincon Ventures, Idealab, Baroda Ventures, and others. Launchpad LA also provided free office space in Santa Monica, conveniently located near the Third Street Promenade. This amount grew to $100,000 in 2013.[8]
Participating local venture capitalists committed to spending at least one day a week at the facility, actively engaging with the accepted companies. The program benefited from an impressive group of VC and individual advisors, including prominent names such as Jason Calacanis, Howard Lindzon, and Eric Ries.[9]
Sam Teller, a well-regarded figure in the Los Angeles startup community, took the reins to lead Launchpad LA during its third class.[10] His experience included co-founding Charlie, a Los Angeles-based media company, and working on high-profile projects for notable figures and organizations. Jamie Kantrowitz, a former MySpace executive, would later join as a partner.[11]
Launchpad LA's impact on the Southern California startup landscape continued to grow, and it consistently ranked as one of the top accelerator programs in the United States. The program received over 1,000 applicants per class.[12]
Closure (2014) edit
The program wound down in 2014 as Sam Teller became Elon Musk's Chief of Staff.[13]
Notable Companies and Alumni edit
Launchpad LA has provided support and mentorship to numerous promising startups over the years. Some notable companies that have participated in the program include:
- Connectifier: A recruiting software company acquired by LinkedIn for $150m.[14]
- Prevoty: An application security company acquired by Imperva for $140 million.[15]
- Pathmatics: An advertising intelligence company acquired by Sensor Tower.[14]
- Recycled Media (d.b.a Tradesy): A popular online marketplace for buying and selling fashion and luxury items, which raised over $200m and was acquired by Vestiaire Collective.[16][17][18]
- ChowNow: An online food ordering platform, which raised over $60m.[19]
- Tuition.io: A company offering employer contributions to student loans as an employee benefit.[14]
- Panna: A cooking app for iPads featuring recipes and videos from famous chefs.[20]
- Milk & Honey: An online shoe company started by two sisters, which gained recognition for its unique approach to fashion.[21]
- Atlas Powered: A company offering solutions for the restaurant industry, enhancing efficiency and customer experience.[22]
- Thrive Market - Nick Green was an EIR at Launchpad LA while working on the idea for Thrive Market.[23]
References edit
- ^ "L.A.-based GRP Partners closes new $200M fund, rebrands as Upfront". Reuters. June 28, 2013. Retrieved October 3, 2023.
- ^ Ward, Victoria. "Duke and Duchess of Sussex working with Hollywood investor who makes millions for celebrities". MSN. Retrieved October 24, 2023.
- ^ GigaOm, MATHEW INGRAM of. "Launchpad LA Picks 10 Startups for Mentorship - NYTimes.com". archive.nytimes.com. Retrieved October 3, 2023.
- ^ Suster, Mark (April 14, 2016). "Launchpad LA — More Details Revealed". Medium. Retrieved October 3, 2023.
- ^ Kozlowski, Lori. "The Power Of Social Capital". Forbes. Retrieved October 24, 2023.
- ^ "Launchpad LA | Do Good LA". www.dogoodla.org. Retrieved October 3, 2023.
- ^ Jarvey, Natalie (November 20, 2011). "Rushing In". Los Angeles Business Journal. Retrieved October 3, 2023.
- ^ . August 9, 2020. Archived from the original on August 9, 2020. Retrieved October 3, 2023.
- ^ Suster, Mark (November 8, 2011). "Launchpad LA Receives VC Funding: $50,000 Per Startup". TechCrunch. Retrieved October 3, 2023.
- ^ Kozlowski, Lori. "Launchpad: L.A. State Of Mind". Forbes. Retrieved October 3, 2023.
- ^ Zimmerman, Eilene (September 7, 2013). "From Myspace's Ashes, Silicon Start-Ups Rise". The New York Times. ISSN 0362-4331. Retrieved October 3, 2023.
- ^ "How a Top 5 Startup Accelerator Uses Asana to Review 1,000+ Applicants". zapier.com. Retrieved October 3, 2023.
- ^ Shamout, Omar (April 5, 2015). "SPECIAL REPORT: Seeding the Future". Los Angeles Business Journal. Retrieved October 24, 2023.
- ^ a b c "TechZulu • Meet Launchpad LA's Graduating Startups". TechZulu. February 9, 2013. Retrieved October 3, 2023.
- ^ "Prevoty: Winning the War Against Zero Day Attacks". Amazon Web Services. May 21, 2014. Retrieved October 24, 2023.
- ^ Suster, Mark. "How This Entrepreneur Raised $28,000 Using Airbnb to Fund Her Startup". Business Insider. Retrieved October 3, 2023.
- ^ Popescu, Adam (April 22, 2012). "Married To Retail Website". Los Angeles Business Journal. Retrieved October 3, 2023.
- ^ Stanger, Maya Kosoff, Melissa. "25 hot Los Angeles startups you need to watch". Business Insider. Retrieved October 3, 2023.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Rao, Leena (May 2, 2012). "ChowNow Launches As A Food Ordering Platform For Restaurants On Facebook And iOS". TechCrunch. Retrieved October 24, 2023.
- ^ Jarvey, Natalie (May 6, 2013). "Launchpad Portfolio Company Cooks Up Funding Round". Los Angeles Business Journal. Retrieved October 3, 2023.
- ^ LaPorte, Nicole (January 19, 2013). "A Sister Act, Leaping Into E-Commerce". The New York Times. ISSN 0362-4331. Retrieved October 3, 2023.
- ^ "Funding Daily: Social media bling". Reuters. January 23, 2013. Retrieved October 3, 2023.
- ^ "Office Hours with Spencer Rascoff: Thrive Market's Nick Green On Building Better Access to Low-Cost Health & Wellness Goods on Apple Podcasts". Apple Podcasts. Retrieved October 3, 2023.