Launchpad LA

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Launchpad LA
Industry Startup accelerator
Founded2009;16 years ago (2009)
Founders Mark Suster, Adam Lilling
Defunct2014
Headquarters,
United States
Key people
Sam Teller
Mark Suster
Adam Lilling
Jamie Kantrowitz
Products Venture capital, investments
Website 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]

Contents

History

Inception and Early Years (2009-2011)

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)

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, Upfront 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)

The program wound down in 2014 as Sam Teller became Elon Musk's Chief of Staff. [13]

Notable Companies and Alumni

Launchpad LA has provided support and mentorship to numerous promising startups over the years. Some notable companies that have participated in the program include:

References

  1. "L.A.-based GRP Partners closes new $200M fund, rebrands as Upfront". Reuters. June 28, 2013. Retrieved October 3, 2023.
  2. Ward, Victoria. "Duke and Duchess of Sussex working with Hollywood investor who makes millions for celebrities". MSN. Retrieved October 24, 2023.
  3. GigaOm, MATHEW INGRAM of. "Launchpad LA Picks 10 Startups for Mentorship - NYTimes.com". archive.nytimes.com. Retrieved October 3, 2023.
  4. Suster, Mark (April 14, 2016). "Launchpad LA — More Details Revealed". Medium. Retrieved October 3, 2023.
  5. Kozlowski, Lori. "The Power Of Social Capital". Forbes. Retrieved October 24, 2023.
  6. "Launchpad LA | Do Good LA". www.dogoodla.org. Retrieved October 3, 2023.
  7. Jarvey, Natalie (November 20, 2011). "Rushing In". Los Angeles Business Journal. Retrieved October 3, 2023.
  8. "Pando: Launchpad LA doubles down on accelerator, now offering companies $100k". August 9, 2020. Archived from the original on August 9, 2020. Retrieved October 3, 2023.
  9. Suster, Mark (November 8, 2011). "Launchpad LA Receives VC Funding: $50,000 Per Startup". TechCrunch. Retrieved October 3, 2023.
  10. Kozlowski, Lori. "Launchpad: L.A. State Of Mind". Forbes. Retrieved October 3, 2023.
  11. Zimmerman, Eilene (September 7, 2013). "From Myspace's Ashes, Silicon Start-Ups Rise". The New York Times. ISSN   0362-4331 . Retrieved October 3, 2023.
  12. "How a Top 5 Startup Accelerator Uses Asana to Review 1,000+ Applicants". zapier.com. Retrieved October 3, 2023.
  13. Shamout, Omar (April 5, 2015). "SPECIAL REPORT: Seeding the Future". Los Angeles Business Journal. Retrieved October 24, 2023.
  14. 1 2 3 "TechZulu • Meet Launchpad LA's Graduating Startups". TechZulu. February 9, 2013. Retrieved October 3, 2023.
  15. "Prevoty: Winning the War Against Zero Day Attacks". Amazon Web Services. May 21, 2014. Retrieved October 24, 2023.
  16. Suster, Mark. "How This Entrepreneur Raised $28,000 Using Airbnb to Fund Her Startup". Business Insider. Retrieved October 3, 2023.
  17. Popescu, Adam (April 22, 2012). "Married To Retail Website". Los Angeles Business Journal. Retrieved October 3, 2023.
  18. 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)
  19. Rao, Leena (May 2, 2012). "ChowNow Launches As A Food Ordering Platform For Restaurants On Facebook And iOS". TechCrunch. Retrieved October 24, 2023.
  20. Jarvey, Natalie (May 6, 2013). "Launchpad Portfolio Company Cooks Up Funding Round". Los Angeles Business Journal. Retrieved October 3, 2023.
  21. LaPorte, Nicole (January 19, 2013). "A Sister Act, Leaping Into E-Commerce". The New York Times. ISSN   0362-4331 . Retrieved October 3, 2023.
  22. "Funding Daily: Social media bling". Reuters. January 23, 2013. Retrieved October 3, 2023.
  23. "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.