Startups

Student-led accelerator Envision is shaking up which startups get funded

Comment

Image Credits: chuttersnap (opens in a new window) / Unsplash (opens in a new window)

Meet Envision, a new startup accelerator. The group, built and run by a collection of students and recent graduates, just closed the application process for its first cohort of startups.

Its goal isn’t merely to find some companies and give them a boost, however. According to Annabel Strauss and Eliana Berger, two co-founders of Envision, it’s to shake up the diversity stats that we’ve all come to know.

“We started Envision because we believe in a future where womxn, Black and Latinx founders receive more than 3% and 1% of venture funding, respectively,” they said in an email. “As a team of students, we wanted to take matters into our own hands to help founders succeed — it’s our mission to support entrepreneurs early in their journeys, and amplify voices that are often underestimated.”

According to its own data, Envision attracted 190 applications, far above its initial, stretch-goal of 100. From its nearly 200 submissions, the group intends to select 15 entrants. According to Strauss and Berger, their initial goal was to winnow it to just 10. But, the pair told TechCrunch in an interview, they doubled the starting cohort size based on the strength of applications.

Envision will provide an eight-week curriculum and around $10,000 in equity-free capital to companies taking part (the group is still closing on part of the capital it needs, but appears to be making quick progress based on numbers shared with TechCrunch).

Each of the eight weeks that Envision lasts will feature a theme, 1:1 mentorship, office hours with startup veterans and, at the end, a blitz of investor-focused mentorship and an invite-only demo day. The core of the Envision accelerator rotates around the mentors and other helpers it has accreted since coming into existence in early June.

Envision, run by 11 college students and recent graduates, quickly picked up enough startup veterans to run its program (names like Ryan Hoover, Arlan Hamilton, Alexia Tsotsis), and seemingly ample corporate support. In an email this morning, Envision told TechCrunch that Soma Capital, Underscore VC, Breyer Capital, Grasshopper Bank and Lerer Hippeau have joined as sponsors. Indeed, looking at Envision’s partner page reads a bit like a who’s who of Silicon Valley and startup names that you know.

Talking to Envision I was slightly surprised how many students are involved in venture capital today. The Envision team is a good example of the trend. Strauss is involved with Rough Draft Ventures, for example, which is “powered” by General Catalyst. Quinn Litherland from the Envision team is also part of the Rough Draft crew. Contrary Capital, which TechCrunch covered this morning and focuses on student founders, is represented by Timi Dayo-Kayode, James Rogers, Eliana Berger and Gefen Skolnick on the team. The list goes on, with Danielle Lomax, Angel Onuoha and Kim Patel all involved and active in the VC world.

For Strauss, Berger and the rest of the Envision team the pressure is now on to select intelligently from their 190 applications, and provide maximum boost to their first cohort. If the program goes well, and the demo day it has planned in two months proves useful to both startups and investors alike, I don’t see why Envision wouldn’t stage another class down the road. Though of course, it might want to follow in the footsteps of Y Combinator, TechStars and 500 Startups at that point and take an equity stake in the companies it works with.

Envision says in large letters at the top of its website that it is “helping diverse founders build their companies.” If the group succeeds in meeting that mark, it will be an implicit critique of the old-fashioned venture capital world that has historically not invested in diverse founders.

If a dozen college students and recent grads can spin up an accelerator in a few weeks, get nearly 200 applications, and select a diverse cohort to support, then what’s everyone else’s excuse?

More TechCrunch

Featured Article

I’m rooting for Melinda French Gates to fix tech’s broken ‘brilliant jerk’ culture

Women in tech still face a shocking level of mistreatment at work. Melinda French Gates is one of the few working to change that.

3 hours ago
I’m rooting for Melinda French Gates to fix tech’s  broken ‘brilliant jerk’ culture

Blue Origin has successfully completed its NS-25 mission, resuming crewed flights for the first time in nearly two years. The mission brought six tourist crew members to the edge of…

Blue Origin successfully launches its first crewed mission since 2022

Creative Artists Agency (CAA), one of the top entertainment and sports talent agencies, is hoping to be at the forefront of AI protection services for celebrities in Hollywood. With many…

Hollywood agency CAA aims to help stars manage their own AI likenesses

Expedia says Rathi Murthy and Sreenivas Rachamadugu, respectively its CTO and senior vice president of core services product & engineering, are no longer employed at the travel booking company. In…

Expedia says two execs dismissed after ‘violation of company policy’

Welcome back to TechCrunch’s Week in Review. This week had two major events from OpenAI and Google. OpenAI’s spring update event saw the reveal of its new model, GPT-4o, which…

OpenAI and Google lay out their competing AI visions

When Jeffrey Wang posted to X asking if anyone wanted to go in on an order of fancy-but-affordable office nap pods, he didn’t expect the post to go viral.

With AI startups booming, nap pods and Silicon Valley hustle culture are back

OpenAI’s Superalignment team, responsible for developing ways to govern and steer “superintelligent” AI systems, was promised 20% of the company’s compute resources, according to a person from that team. But…

OpenAI created a team to control ‘superintelligent’ AI — then let it wither, source says

A new crop of early-stage startups — along with some recent VC investments — illustrates a niche emerging in the autonomous vehicle technology sector. Unlike the companies bringing robotaxis to…

VCs and the military are fueling self-driving startups that don’t need roads

When the founders of Sagetap, Sahil Khanna and Kevin Hughes, started working at early-stage enterprise software startups, they were surprised to find that the companies they worked at were trying…

Deal Dive: Sagetap looks to bring enterprise software sales into the 21st century

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI moves away from safety

After Apple loosened its App Store guidelines to permit game emulators, the retro game emulator Delta — an app 10 years in the making — hit the top of the…

Adobe comes after indie game emulator Delta for copying its logo

Meta is once again taking on its competitors by developing a feature that borrows concepts from others — in this case, BeReal and Snapchat. The company is developing a feature…

Meta’s latest experiment borrows from BeReal’s and Snapchat’s core ideas

Welcome to Startups Weekly! We’ve been drowning in AI news this week, with Google’s I/O setting the pace. And Elon Musk rages against the machine.

Startups Weekly: It’s the dawning of the age of AI — plus,  Musk is raging against the machine

IndieBio’s Bay Area incubator is about to debut its 15th cohort of biotech startups. We took special note of a few, which were making some major, bordering on ludicrous, claims…

IndieBio’s SF incubator lineup is making some wild biotech promises

YouTube TV has announced that its multiview feature for watching four streams at once is now available on Android phones and tablets. The Android launch comes two months after YouTube…

YouTube TV’s ‘multiview’ feature is now available on Android phones and tablets

Featured Article

Two Santa Cruz students uncover security bug that could let millions do their laundry for free

CSC ServiceWorks provides laundry machines to thousands of residential homes and universities, but the company ignored requests to fix a security bug.

2 days ago
Two Santa Cruz students uncover security bug that could let millions do their laundry for free

TechCrunch Disrupt 2024 is just around the corner, and the buzz is palpable. But what if we told you there’s a chance for you to not just attend, but also…

Harness the TechCrunch Effect: Host a Side Event at Disrupt 2024

Decks are all about telling a compelling story and Goodcarbon does a good job on that front. But there’s important information missing too.

Pitch Deck Teardown: Goodcarbon’s $5.5M seed deck

Slack is making it difficult for its customers if they want the company to stop using its data for model training.

Slack under attack over sneaky AI training policy

A Texas-based company that provides health insurance and benefit plans disclosed a data breach affecting almost 2.5 million people, some of whom had their Social Security number stolen. WebTPA said…

Healthcare company WebTPA discloses breach affecting 2.5 million people

Featured Article

Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Microsoft won’t be facing antitrust scrutiny in the U.K. over its recent investment into French AI startup Mistral AI.

2 days ago
Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

Embedded finance is still trendy as accounting automation startup Ember partners with HSBC UK

Kudos uses AI to figure out consumer spending habits so it can then provide more personalized financial advice, like maximizing rewards and utilizing credit effectively.

Kudos lands $10M for an AI smart wallet that picks the best credit card for purchases

The EU’s warning comes after Microsoft failed to respond to a legally binding request for information that focused on its generative AI tools.

EU warns Microsoft it could be fined billions over missing GenAI risk info

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday.  The trustee is asking…

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’

U.K.-based Seraphim Space is spinning up its 13th accelerator program, with nine participating companies working on a range of tech from propulsion to in-space manufacturing and space situational awareness. The…

Seraphim’s latest space accelerator welcomes nine companies

OpenAI has reached a deal with Reddit to use the social news site’s data for training AI models. In a blog post on OpenAI’s press relations site, the company said…

OpenAI inks deal to train AI on Reddit data

X users will now be able to discover posts from new Communities that are trending directly from an Explore tab within the section.

X pushes more users to Communities

For Mark Zuckerberg’s 40th birthday, his wife got him a photoshoot. Zuckerberg gives the camera a sly smile as he sits amid a carefully crafted re-creation of his childhood bedroom.…

Mark Zuckerberg’s makeover: Midlife crisis or carefully crafted rebrand?

Strava announced a slew of features, including AI to weed out leaderboard cheats, a new ‘family’ subscription plan, dark mode and more.

Strava taps AI to weed out leaderboard cheats, unveils ‘family’ plan, dark mode and more