In an effort to help Austin startups gain more international traction, the City of Austin and Capital Factory are teaming up for a new one-year pilot program.
The program, called the Austin Reciprocal Soft Landing Pads Program, is initially a $45,000 fund, which is expected to help support six to eight companies for a period of three to six months each. In exchange for meeting monthly progress metrics, recipients will get office space and mentorship services.
"International is definitely one of Austin's major next frontiers," said Joshua Baer, Capital Factory executive director. "The prospect of setting up an overseas office is a daunting and expensive experience for any young company. Navigating those waters with experienced mentors is invaluable and even a few thousand dollars of offsetting support can go a long way in those early months."
The program will leverage overseas relationships the city already has in place. It currently targets 20 international cities and seven market sectors. The goal is to expand in 2017, adding several more target cities, more Austin incubator accelerator programs and more slots for local entrepreneurs.
The program is an extension of Capital Factory's Touchdown Austin support services, which has been providing similar assistance to global companies for the past year.
For more information go to touchdownaustin.com.
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