The Venture Accelerator at UCLA Anderson

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t some point in our lives, we’ve all been convinced that we’ve had the idea for a product or service that will be the “next big thing.” For some, this inspiration may quickly materialize and flourish into a successful business. For others, more resources may be necessary to help make that lightbulb moment a reality. That’s where the Venture Accelerator at UCLA Anderson comes into play.

Since 2018, the Venture Accelerator, housed within UCLA Anderson’s Harold and Pauline Price Center for Entrepreneurship and Innovation, has served early-stage startup businesses by offering three programs per year.  The most intensive effort is the six-month Accelerate program in the winter which consists of mentor pairings, one-on-one mentoring sessions, weekly workshops, networking events and proof-of-concept awards. 

“The intent [of the program] was to provide a physical place where founders work together and help each other solve similar problems that occur at the early stage of building a company,” said Trish Halamandaris, MBA '92, Venture Accelerator Director. “Ultimately, we are a program that helps UCLA students and alumni commercialize their intellectual property (I.P.) and learn how to validate their concept, go to market and scale efficiently once launched.”

In an age of remote and hybrid work, one unique offering of the Venture Accelerator is a physical space open 24/7 for participants and entrepreneurs to meet, connect and work on their respective businesses. With real estate in Los Angeles at a premium, the dedicated space of 10,000 square feet for startups has proved to be a major draw to its program.

“It’s not uncommon when companies are using our facility and preparing to launch their products, that they would work through the night. I would see them using the facility when I leave work in the evening, and they’re still there when I come to the office in the morning,” said Halamandaris. “Besides the medical labs, this might be one of the only spaces that's truly open 24/7 on our campus. It just makes sense for startups.”

This dedicated co-working space includes conference rooms, a kitchen, and shared office equipment and supplies. And crucially, it allows UCLA alumni to return and invest in future generations of Bruins.

“We work with UCLA alumni to be speakers, subject area experts and mentors to our companies. We love any role that alumni play, including starting their startup or side hustle,” Halamandaris explained.

Additionally, participating founders utilizing the Venture Accelerator have hired students for internship opportunities – another important layer to the beneficial partnership between alumni and students.

“It’s fun to watch alumni that have been out more than 10 years engaging with both early-stage founders and students,” said Halamandaris. “Sometimes alumni don't realize how much they've learned, and what they really know. When they have the chance to teach an early-stage founder their craft, it creates a win-win situation for the alumni and founder. Our founders are all early-stage, so they know they need the help and have a good five- to 10-year journey ahead of them.”

As for results, the success of the program speaks for itself.

According to Halamandaris, over the last five years, the Venture Accelerator has supported 237 companies with about $228 million raised in venture funding and $83 million in revenues. Additionally, there have been eight “exits,” which was when a founder of a business within the Venture Accelerator was able to sell their company. The eight exits include 81 Cents, Tutorfly, Quantvex, KPOP Foods, Textpert, VHomes, MusicProdigy and Lanikai Labs. Other featured alumni companies of the Venture Accelerator can be found on their website.

The Venture Accelerator also prides itself on serving underrepresented demographics within the private sector.

“It's important to provide opportunities for those who are capable but might not have access,” said Halamandaris. “In venture capital, about 2% or less of venture funds go to women, [the same is true for people of color]. Helping people from marginalized groups get a quick start and launch their ideas is incredibly rewarding. We are part of an ecosystem addressing the equality of funding deployment. We always wish we can do more.”

Of its 237 companies, 61% qualify as underrepresented founders. Notably, 127 current founders in the Venture Accelerator are female. Considering these statistics, the Venture Accelerator is clearly having a positive impact on all Bruins. 

“Overall, the program is working and companies are doing well. We're running at an 85% success rate, meaning companies are still operational after exiting our program,” said Halamandaris.  “As for the future, we would love to support more founders, more companies and more alumni from all parts of campus. We want to provide the business skills necessary to be a successful founder and executive…that's UCLA Anderson’s forte.  Like many of the startups, we too are fundraising for our programs to support the growing demand of founders who would like to be part of the Accelerator.”  Supporters can donate on the Accelerator website.

And while starting up a business is indeed intimidating and will require years of hard work, joining the Venture Accelerator at UCLA Anderson is easier than one may think. Despite the name, one does not need to be a student or graduate of UCLA Anderson School of Management to join.

“We welcome all Bruins,” reports Halamandaris. “It could be graduate students, it could be UCLA alumni, UCLA faculty and staff…it could be anyone! Even if it’s UCLA alumni who want to get involved and see what they can do, we’ll welcome them.”

And the best part? The cost to join the Venture Accelerator is minimal to none. For current UCLA students that are paying tuition and employed UCLA faculty and staff, there is no cost to join the program. For UCLA alumni and community founders, there is a fee to join and get access to the many offerings of the Venture Accelerator at UCLA Anderson.

“Since we're a public university, part of our mission is to give back to the community,” said Halamandaris. “Because of our brand name, most people think we only support Anderson. We want to better integrate with the UCLA campus and community. Our goal is to help Bruins form their companies and commercialize their I.P. so that they can potentially exit.”

Looking ahead, the team at the Venture Accelerator is already in the process of approving applicants for future cohorts that will run throughout the course of the calendar year. However, for those that are interested in turning their million-dollar idea into a reality, check their website for the open application windows, typically in April and September.

“The extensive resources available to founders is part of Anderson's long history in teaching entrepreneurship and mission in giving back to the entire campus community,” said Halamandaris. “We are interested, supportive and help people with their businesses. We want to be a place where people can go to receive support and become transformative leaders. We want to give people the opportunity to explore and discover what their company can be. We want people to know that UCLA has a thriving entrepreneurship community that is making an impact in the startup world.”

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For more information on the Venture Accelerator at UCLA Anderson, and to apply for future cohorts, please visit their website.

If you are a Bruin entrepreneur, be sure to nominate yourself or other founders for the Bruin Business 100, an annual recognition by the UCLA Alumni Association of successful alumni-owned businesses. Nominations will be accepted starting this fall.  

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