October 30, 2024
RevRoad, a Utah-based venture services firm, is launching a new program to help early-stage startups validate or pivot their product. In November, applications will open for the Via accelerator, a 10-week program that helps businesses get to market.
This new program will be one of three pathways the venture services firm will offer. The other two — Ascent and Summit — are currently open to applications.
“By mid-November, our full website will have all the details of each program,” said RevRoad CEO Jenney Rees. “We’ll officially start taking applications for Via to start our first cohort, which will be in Q2 of next year.”
The Via program offers participating startups $20,000 in awards and valuable opportunities in exchange for 2% equity and a $10,000 participation fee. Members of the intimate, 20-person founder cohort can participate virtually and in person at RevRoad’s main office at Kiln’s shared Provo workspace.
“We’re very excited about what we’re building with these new programs,” Rees said. “What’s unique about RevRoad is we have a very experienced team, most of which have been entrepreneurs themselves. They understand the excitement, challenges, and working throughout the weekend and overnight to get your product up and going.”
After Via is completed, its top members will be invited to participate in Ascent, a program that scales startups with exponential growth momentum. Ascent is currently open to applications regardless of Via’s completion as long as a business can validate it’s at a suitable stage in the development process.
The RevRoad journey culminates at the Summit stage, where members receive additional funding and assistance with product development. The terms for participation are a Simple Agreement for Future Equity (SAFE) note with an $8 million cap and a 20% discount.
Follow RevRoad’s progress on its website or social media in anticipation of Via’s launch and other changes coming in November.
“One of the things that we’re really passionate about at RevRoad is doing what we can to support entrepreneurs,” said Reese. “We love Governor Cox’s initiative to make Utah known as the Startup State. We believe that’s where it should be as well.”
The information in this article is current as of the publishing date and is intended for informational purposes only. This article does not, and is not intended to, constitute legal, tax, or business advice. Any resources and organizations mentioned, unless an entity of or a partner of the state of Utah, are not formally endorsed by the Startup State Initiative or state of Utah.