A Boston company whose long-term goal is to be a resource for all international entrepreneurs looking to break into the U.S. market will kick off Feb. 1 with a three-month accelerator for 15 Spanish startups.
For Dat Venture, Spain was the logical country from which to draw its first class. Two of its five founders are Spanish, and its parent company, Efron Group, a multinational consulting company with a Boston office, is headquartered in Madrid.
"Spain also is not exactly welcoming to innovators, even though the unemployment rate for people under 25 is over 50 percent," said co-founder Matt Hurley, a former Techstars associate. "So these young millennials who can't find work there are bootstrapping companies of their own and looking for access here."
Since starting Dat Venture in August, Hurley and his co-founders held a pilot accelerator for two Spanish companies, one of which is returning to Boston next month to open an office here. But the real test, he said, will begin next month with their first full class.
Dat Venture had three main prerequisites for the startups: They had to have traction, be fluent in English and have a great team, Hurley said.
The 15 companies he and his co-founders selected run the gamut of industries, from robotics to machine-learning to clean tech, with a combined revenue of more than $10 million.
Although Dat Venture does not take any equity in the startups, it charges $10,000 per CEO or whoever else the companies choose to represent them in the program. That fee covers airfare; office space at WeWork South Station; housing at Krash, a Boston co-living space for entrepreneurs; and a business class of their choice at Harvard Extension School.
Dat Venture will host seminars taught by guest lecturers on topics including what American venture firms look for in a pitch and how to market and sell to the American consumer.
The company also has taken pains to arrange matches between the startups and mentors who have deep knowledge of the teams' fields, something many accelerators do poorly, Hurley said.
"We see ourselves as temporary co-founders for these companies," he said. "We are totally dedicated to making sure they leave better off than they came."
The accelerator will culminate in a demo day, giving the startups the chance to pitch to local venture firms.
"The whole goal is to help them gain enough traction that they'll be able to open permanent offices here," Hurley said. "It will be an economic boost both for Boston and for Spain."
Dat Venture plans to hold three accelerators each year and is currently deciding whether its summer program will accept another group of Spanish startups or a mix of international companies, he said.
"Having a group that all speaks the same language is kind of cool, but I also see the benefit of having companies from many different countries working alongside," Hurley said. "Ultimately, our goal is break out and be a resource for entrepreneurs from around the world."
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