SparkLabKC, a Kansas City startup accelerator, will take a year off from funding startups this spring in favor of securing money for its own operations over the next three years.
Kevin Fryer, founder and managing director of the accelerator, said it takes $425,000 to operate annually. SparkLabKC has raised more than $1.2 million in individual grants, but, “Your friends get tired of you calling,” Fryer said.
For the past three springs, SparkLabKC has picked 10 early-stage companies and provided them with workspace, mentorship and up to $18,000 in seed money during a three-month acceleration period.
Instead of relying on grants, the accelerator will seek more stable support from major Kansas City foundations and businesses.
Read more: Kansas City Star