Launchpad LA explained

Launchpad LA
Location City:Santa Monica, California
Location Country:United States
Industry:Startup accelerator
Key People:Sam Teller
Mark Suster
Adam Lilling
Jamie Kantrowitz
Products:Venture capital, investments
Founders:Mark Suster, Adam Lilling
Defunct:2014

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]

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, 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:

Notes and References

  1. News: 2013-06-28 . L.A.-based GRP Partners closes new $200M fund, rebrands as Upfront . en . Reuters . 2023-10-03.
  2. Web site: Ward . Victoria . Duke and Duchess of Sussex working with Hollywood investor who makes millions for celebrities . 2023-10-24 . MSN.
  3. Web site: GigaOm . MATHEW INGRAM of . Launchpad LA Picks 10 Startups for Mentorship - NYTimes.com . 2023-10-03 . archive.nytimes.com.
  4. Web site: Suster . Mark . 2016-04-14 . Launchpad LA — More Details Revealed . 2023-10-03 . Medium . en.
  5. Web site: Kozlowski . Lori . The Power Of Social Capital . 2023-10-24 . Forbes . en.
  6. Web site: Launchpad LA Do Good LA . 2023-10-03 . www.dogoodla.org.
  7. Web site: Jarvey . Natalie . 2011-11-20 . Rushing In . 2023-10-03 . Los Angeles Business Journal . en-US.
  8. Web site: 2020-08-09 . Pando: Launchpad LA doubles down on accelerator, now offering companies $100k . 2023-10-03 . https://web.archive.org/web/20200809174815/https://pando.com/2013/01/04/launchpad-la-doubles-down-on-accelerator-now-offering-companies-100k/ . August 9, 2020 .
  9. Web site: Suster . Mark . 2011-11-08 . Launchpad LA Receives VC Funding: $50,000 Per Startup . 2023-10-03 . TechCrunch . en-US.
  10. Web site: Kozlowski . Lori . Launchpad: L.A. State Of Mind . 2023-10-03 . Forbes . en.
  11. News: Zimmerman . Eilene . 2013-09-07 . From Myspace's Ashes, Silicon Start-Ups Rise . en-US . The New York Times . 2023-10-03 . 0362-4331.
  12. Web site: How a Top 5 Startup Accelerator Uses Asana to Review 1,000+ Applicants . 2023-10-03 . zapier.com . en.
  13. Web site: Shamout . Omar . 2015-04-05 . SPECIAL REPORT: Seeding the Future . 2023-10-24 . Los Angeles Business Journal . en-US.
  14. Web site: 2013-02-09 . TechZulu • Meet Launchpad LA's Graduating Startups . 2023-10-03 . TechZulu . en-US.
  15. Web site: 2014-05-21 . Prevoty: Winning the War Against Zero Day Attacks . 2023-10-24 . Amazon Web Services . en-US.
  16. Web site: Suster . Mark . How This Entrepreneur Raised $28,000 Using Airbnb to Fund Her Startup . 2023-10-03 . Business Insider . en-US.
  17. Web site: Popescu . Adam . 2012-04-22 . Married To Retail Website . 2023-10-03 . Los Angeles Business Journal . en-US.
  18. Web site: Stanger . Maya Kosoff, Melissa . 25 hot Los Angeles startups you need to watch . 2023-10-03 . Business Insider . en-US.
  19. Web site: Rao . Leena . 2012-05-02 . ChowNow Launches As A Food Ordering Platform For Restaurants On Facebook And iOS . 2023-10-24 . TechCrunch . en-US.
  20. Web site: Jarvey . Natalie . 2013-05-06 . Launchpad Portfolio Company Cooks Up Funding Round . 2023-10-03 . Los Angeles Business Journal . en-US.
  21. News: LaPorte . Nicole . 2013-01-19 . A Sister Act, Leaping Into E-Commerce . en-US . The New York Times . 2023-10-03 . 0362-4331.
  22. News: 2013-01-23 . Funding Daily: Social media bling . en . Reuters . 2023-10-03.
  23. Web site: Office Hours with Spencer Rascoff: Thrive Market's Nick Green On Building Better Access to Low-Cost Health & Wellness Goods on Apple Podcasts . 2023-10-03 . Apple Podcasts . en-US.

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