Betaspring

Betaspring--a venture accelerator based in Providence--has relocated its offices to 95 Chestnut, expanding into ~9,000 square feet of space on the building's third floor. The move is part of Betaspring's 2012 expansion and will provide the space needed to more than double the number of companies Betaspring launches each year. The move comes just as Betaspring prepares to welcome its next class of companies for its Spring Session on February 6.

The six story Russell Irons building was constructed in 1903 and retains much of its industrial-era qualities, including unique floor beams used to support heavy industrial equipment.  The historical red brick building, with it's sweeping 360 degree views of Providence, is a stellar example of the architectural transformation resulting from the relocation of interstate 195, where acres of property have become available and highway overpasses removed to usher in a new wave of the development in the City's Jewelry District. Betaspring is excited to locate alongside companies in the area, including a burgeoning startup community that includes several Betaspring alumni companies and ventures run by Betaspring mentors.

The Betaspring space will feature individual work areas for teams participating in the accelerator program and flexible open space for session programming. Twice yearly, Betaspring offers an intensive 12 week mentor based accelerator program that attracts companies and entrepreneurs from across the state and country.  At the end of the Betaspring program, companies have the experience, training and connections to attract investors and significantly accelerate their fundraising and business building efforts.

In our first three years, Betaspring has launched 28 ventures. We expect to launch 35-40 companies in 2012, as this becomes the first year that Betaspring will offer both a Spring and Fall session, a change that essentially doubles our program capacity. Betaspring accelerates ventures in the web/mobile, physical technology and gaming arenas.  In 2011, Betaspring developed a dedicated track for physical technology companies.  Accelerating physical technology companies is a natural fit for Betaspring, given that Providence provides us with a strong community of makers, DIY technologists, and direct access to organizations like the Rhode Island School of Design, the Steelyard, and the AS220 Labs.

Betaspring's efforts were enhanced in 2011 when we received a $2 million investment from the Small Business Credit Initiative stimulus program that was recently awarded to Rhode Island through the Rhode Island Economic Development Corporation. This Federal investment is part of a $4.25 million fund that will drive the launch and development of more than 100 companies through 2014.

As we pack our boxes and begin the transition, we want to thank the Rhode Island Center for Innovation and Entrepreneurship, which provided us with a perfect home for the last three years. Our expansion would not have been possible without RICIE's sponsorship. We look forward to debuting our new digs at a community open house in early March, once the dust has settled and the companies participating in the Spring session are up and running.