Debbie Irwin. (Courtesy Lighthouse Network)
Lighthouse Labs has a new name and a new focus.
The startup accelerator announced last week it will now be going by “Lighthouse Network,” and will be shifting its focus to more long-term development of and programming for startup founders.
Since its 2012 founding, Lighthouse Labs has supported 149 companies through its 11-week accelerator program, which offers “cohorts” of startups mentor support, office space and interaction with investors and other industry professionals.
The accelerator announced back in February that it will now run only one of the 11-week programs per year, as opposed to the two-per-year model of years past. This year’s cohort was the 18th for the program.
In place of a second yearly cohort, managing director Debbie Irwin said Lighthouse is now working on creating a program that would support startups that are a bit further along than its typical participants. That involves things like a course on sales operations, which would help startups over multiple sessions learn how to increase revenue and improve sales.
Most of the new programming would focus specifically on Lighthouse alumni.
“We need to be supportive of our founders and really transition from a two-cohort-a-year acceleration model to really more of a founder development organization,” Irwin said.
Startups that went through the accelerator previously received $20,000 in no-strings-attached capital upon joining a cohort. This year, Lighthouse has done away with that. Irwin said that the Lighthouse team believes they can do more with those funds if they’re kept in-house. Lighthouse raised the money from partners each year for the cohorts, Irwin said.
That money will now be funneled toward things like taking founders to investor road shows and summits and getting founders in front of more “capital connections” for financing, Irwin said.
The new Lighthouse Network logo. (Courtesy Lighthouse Network)
“In order to keep our organization sustainable, we looked at, ‘Do we keep going in trying to raise this $20,000 per company every single year, or do we take some of those funds, pay for founders to be in cohort with us so there’s no bottom-line costs, and reallocate those funds to some contractors we work with that are highly impactful,’” she said.
Irwin noted that Lighthouse still assisted every startup that went through this year’s 11-week program in finding funding.
Irwin has been with Lighthouse since February of last year. She said that around eight months into her tenure, the team realized they wanted a shift in programming, particularly after speaking with several program alumni.
Lighthouse put out surveys to alumni, and found that market expansion, raising capital and customer retention were some of their biggest wants, Irwin said.
After speaking with around 90 people, from program alumni to mentors to board members, to “get a better understanding of where Lighthouse has been and where we’re going to go,” the team decided to pivot away from its sole focus being on early-growth for startups, Irwin said.
“We see this big drop off in support after these traditional content-driven programs…we could be a part of the movement that really changes the way startups are supported, and so we said, ‘Let’s do it, let’s jump in,’’’ she said.
In line with the changes, Lighthouse Network is debuting its first “founder summit” sometime this fall. All alumni of the accelerator program will be able to attend the two-and-a-half day summit to make connections with fellow alumni and to reconnect with mentors and potential investors, Irwin said.
Irwin told BizSense that she’s excited for Lighthouse alumni to continue to grow with the accelerator beyond just 11 weeks.
“We’ve always been chasing the next cohort, and so it feels like we’ve never been able to come up for air and figure out what’s the right way to support these folks, and now we get that chance,” Irwin said.
Of the 149 companies that have gone through the accelerator program, 99 are still active, Irwin said.
Lighthouse Network currently has a staff of three.
Debbie Irwin. (Courtesy Lighthouse Network)
Lighthouse Labs has a new name and a new focus.
The startup accelerator announced last week it will now be going by “Lighthouse Network,” and will be shifting its focus to more long-term development of and programming for startup founders.
Since its 2012 founding, Lighthouse Labs has supported 149 companies through its 11-week accelerator program, which offers “cohorts” of startups mentor support, office space and interaction with investors and other industry professionals.
The accelerator announced back in February that it will now run only one of the 11-week programs per year, as opposed to the two-per-year model of years past. This year’s cohort was the 18th for the program.
In place of a second yearly cohort, managing director Debbie Irwin said Lighthouse is now working on creating a program that would support startups that are a bit further along than its typical participants. That involves things like a course on sales operations, which would help startups over multiple sessions learn how to increase revenue and improve sales.
Most of the new programming would focus specifically on Lighthouse alumni.
“We need to be supportive of our founders and really transition from a two-cohort-a-year acceleration model to really more of a founder development organization,” Irwin said.
Startups that went through the accelerator previously received $20,000 in no-strings-attached capital upon joining a cohort. This year, Lighthouse has done away with that. Irwin said that the Lighthouse team believes they can do more with those funds if they’re kept in-house. Lighthouse raised the money from partners each year for the cohorts, Irwin said.
That money will now be funneled toward things like taking founders to investor road shows and summits and getting founders in front of more “capital connections” for financing, Irwin said.
The new Lighthouse Network logo. (Courtesy Lighthouse Network)
“In order to keep our organization sustainable, we looked at, ‘Do we keep going in trying to raise this $20,000 per company every single year, or do we take some of those funds, pay for founders to be in cohort with us so there’s no bottom-line costs, and reallocate those funds to some contractors we work with that are highly impactful,’” she said.
Irwin noted that Lighthouse still assisted every startup that went through this year’s 11-week program in finding funding.
Irwin has been with Lighthouse since February of last year. She said that around eight months into her tenure, the team realized they wanted a shift in programming, particularly after speaking with several program alumni.
Lighthouse put out surveys to alumni, and found that market expansion, raising capital and customer retention were some of their biggest wants, Irwin said.
After speaking with around 90 people, from program alumni to mentors to board members, to “get a better understanding of where Lighthouse has been and where we’re going to go,” the team decided to pivot away from its sole focus being on early-growth for startups, Irwin said.
“We see this big drop off in support after these traditional content-driven programs…we could be a part of the movement that really changes the way startups are supported, and so we said, ‘Let’s do it, let’s jump in,’’’ she said.
In line with the changes, Lighthouse Network is debuting its first “founder summit” sometime this fall. All alumni of the accelerator program will be able to attend the two-and-a-half day summit to make connections with fellow alumni and to reconnect with mentors and potential investors, Irwin said.
Irwin told BizSense that she’s excited for Lighthouse alumni to continue to grow with the accelerator beyond just 11 weeks.
“We’ve always been chasing the next cohort, and so it feels like we’ve never been able to come up for air and figure out what’s the right way to support these folks, and now we get that chance,” Irwin said.
Of the 149 companies that have gone through the accelerator program, 99 are still active, Irwin said.
Lighthouse Network currently has a staff of three.
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