US-based industrial conglomerate The Heritage Group (THG) has set up an accelerator run by entrepreneurs network Techstars having launched a corporate venturing unit called HG Ventures earlier this month.
THG’s New Ventures Group has set up the new initiative, The Heritage Group Accelerator Powered by Techstars, to mentor and develop early-stage companies at its corporate research and innovation facility in Indianapolis, Indiana.
The scheme will begin in 2019, when the accelerator will choose 10 startups developing materials science, environmental services or specialty chemicals technologies to take part in a three-month initiative.
THG will invest $120,000 in each startup while Techstars, which operates more than 40 similarly-organised accelerators around the world, will offer access to a global network of financial, managerial and technical mentors.
Kip Frey, executive vice-president for new ventures at THG, said: “Together with the recent launch of our new corporate venture arm, HG Ventures, The Heritage Group is now well-positioned to support innovation and economic development throughout the region.”