NetSuite has expanded the NetSuite Accelerator program launched in February this year. The initial partnership was restricted to a single organisation, the Capital Factory in Austin. This would always be a pilot for a wider expansion, initially across the US and potentially beyond. In a blog by George Ploss, director of NetSuite Accelerator, the company has explained that it is now expanding the programme.
While the Capital Factory focuses on supporting Black entrepreneurs, following its success NetSuite has expanded the programme, as promised to other sectors. It has added three more organisations to the NetSuite Accelerator program: Veteran Fund, VetsinTech, and Silicon Hills. These organisations support entrepreneurs across veterans, women, LGBTQ, Asian, LatinX and also entrepreneurs with disabilities.
The aim is to foster diversity and inclusion within entrepreneurship, supporting start-ups with NetSuite software and Oracle credits.
The Veteran Fund
The Veteran Fund is an early-stage venture capital firm based in Silicon Valley that invests in high-growth start-ups, with an emphasis on dual-use technologies, led by exceptional founders from the military community. The firm focuses on the pre-seed gap in the start-up ecosystem with a focus on national security.
Mike Sherbakov, co-founder and general partner, The Veteran Fund, commented, “Veterans Day honors all those who have served our nation, but their service to protect our communities often doesn’t stop after their military career ends. For example, there are exceptional members of our military community that are founding innovative, high-growth businesses. The Veteran Fund is excited to partner with NetSuite Accelerator to further our mission to expand the frontier of innovation through our next-generation community of top military, business, and mindful leaders.”
VetsinTech
VetsinTech supports our current and returning veterans with re-integration services by connecting them to the national technology ecosystem. VIT is committed to bringing together a tech-specific network, resources, and programs for veterans interested in Education, Entrepreneurship, and Employment.
Katherine Webster, co-founder and CEO, VetsinTech, commented, “Part of celebrating Veterans Day is focusing on how our society – and the private sector – can give back to our military community and support Veterans with their post-military career. Through education, employment and entrepreneurship programs, along with strong corporate partnerships, VetsinTech aims to help Veterans translate their military skills to the private sector world. By partnering with the team at NetSuite Accelerator, we know we can make a big difference in helping Veterans develop their unique expertise and succeed in finding a rewarding career in technology.”
Silicon Hills Capital
Silicon Hills Capital invests in innovative founders building scalable, growth-aggressive companies that generate positive social impact and foster sustainable economic growth. Founded by Anita Roberts, managing director of Silicon Hills Capital, a retired army officer and combat veteran, it invests in underestimated founders at the Seed, Pre-Seed, and Series A rounds.
Roberts commented, “Our vision at Silicon Hills Capital is that early-stage investing in women and BIPOC founders will lead to economic equity and support a new wave of innovation in the U.S. NetSuite Accelerator has a similar mission to help innovative founders build scalable, sustainable businesses that also happen to generate positive social impact and economic growth. I look forward to working with the NetSuite team to make a difference for diverse founders.”
Enterprise Times: What does this mean
While this is the promised expansion of the program, it is perhaps disappointing that more cities were not involved. Some of the new partners operate across the US. It does, however, have a focus on Austin, where Oracle is located and the West Coast, where NetSuite began.
Ploss notes, “Since its inception eight months ago, NetSuite Accelerator has already helped several entrepreneurs from diverse communities.” NetSuite does not share who those start-ups are, and a comment from one of them would have been supportive.
He also notes that the programme will continue to expand, giving no timescales for this. Whilst there is no doubt that the start-up communities in Austin and San Francisco are vibrant, other cities in the US and abroad would benefit from a program such as this.
Does the slow expansion indicate that this is a business investment that is a slow burn rather than a philanthropic gesture? The return on investment could be significant if the start-ups that benefit from the NetSuite support become successful.
Finally, what isn’t made clear in the release is the nature of the support given to the new partners and start-ups. With Capital Factory, NetSuite funded a $100,000 challenge that included $100,000 in Oracle Cloud Credits, a special NetSuite offering, and $10,000 in Baker Botts legal fee credits.
