On behalf of the Sprosty Network, I am so pleased to announce the launch of RetailXelerator (RX).
On the road to success in the Internet of Things – where nine out of 10 sales still come through major retail – it’s not about being first to market, but first to scale. Sadly, 75 percent of startups don’t become scaleups – in many cases, because retail readiness is a very real skills gap.
RX is here to close that gap: This accelerator provides what others don’t: coaching and expertise f rom retail industry leaders, and face time with major retail decision makers. RX is the best place to get the tools, resources, mentorship, and direct retail connections that startups need to scale.
Comparison: RX vs. other startup growth channels
| Incubators | Angel Investors | Accelerators | Hybrid | RX | |
|---|---|---|---|---|---|
| Duration | 1 to 5 years | Ongoing | 3 to 6 months | 3 months to 2 years | 12 weeks |
| Cohorts | No | No | Yes | No | Yes |
| Category focus | No focus | Situational | Seldom | Seldom | Yes |
| Business model | Rent; nonprofit | Investment | Investment; can also be nonprofit | Investment; can also be nonprofit | Scaleup, warrant & cash |
| Selection | Non-competitive | Competitive, ongoing | Competitive, cyclical | Competitive, ongoing | Competitive by class |
| Venture stage | Early or late | Early | Early | Early | Late/scaleup |
| Education | Ad hoc, human resources, legal | None | Seminars | Various incubator and accelerator practices | 12-week retail graduate school |
| Mentorship | Minimal, tactical | As needed by investor | Intense, by self and others | Staff expert support, some mentoring | Coaches, industry mentors, retailers |
| Venture location | On-site | Off-site | On-site | On-site | Virtual, plus on-site Portfolio Day |
| Direct retail participation | Unknown | Unknown | Unknown | Unknown | Yes |
| Scaleup capabilities | No | No | Few | Few | Yes |
Source: “What Do Accelerators Do? Insights From Incubators and Angels” by Susan Cohen, 2013; adaptations by Sprosty Network, 2016
Through RX, carefully-curated startups spend 12 weeks in a virtual course, learning the ins and outs of retail from industry heavyweights. They spend time with coaching mentors who make sure their products are ready for store and online shelves. At the end of it all, the startups pitch their products in to decision makers from the world’s retail giants – Walmart, Staples, Sears, and Verizon. These are the retailers that want to meet startups that can scale.
Thanks in part to our partners at Startups.co, we launched the RX site Feb. 25, with a call for applications for the first class, focused on smart home products. We’re pleased to report that more than 200 startups applied within the first 24 hours. We are now curating the applications and inviting startups to join the first RX class – set to launch the week of April 4, 2016.
Check out the FAQs about RX, and follow us as we launch this fast pass for startups to move to scaleups with retail.
For more information:
www.retailxelerator.com
Twitter: @retailxelerator