Efactory's business accelerator returns

The Efactory’s annual business accelerator program is slated to return after a year off due to the coronavirus pandemic.

The fifth cohort of businesses are scheduled to participate in the program starting July 19 through year's end, according to a news release. Startups can apply May 1-31.

“The Efactory accelerator is a critical piece of our region’s efforts to support entrepreneurs and early-stage startups," said Rachel Anderson, director of the Efactory, in the release.

The Efactory worked with the Small Business Development Center at Missouri State University to redesign the accelerator this year with a mix of virtual and in-person programming.

"The strategic changes and investments we’ve made over the last year will allow us to deploy resources and support to selected companies in ways we’ve never been able to before," Anderson said in the release. "On-demand content blended with in-person and virtual activity will truly be a game changer for the companies selected to participate."

Accelerator businesses receive $30,000 in seed money in exchange for 8% equity in their companies. The accelerator, which also offers mentorship, office spaces, networking and additional funding opportunities, culminates with a pitch-style event called Demo Day.

Past accelerator participant Compatio LLC, a Springfield-based e-commerce software developer, earlier this year earned $1.5 million in a seed round. The accelerator program has invested in 17 companies to date, according to the release.

The Efactory in May 2020 announced the pandemic forced the cancellation of the program last year.