Founderville VC, the Flywheel Foundation and the Furman University Innovation Lab are joining forces to attract software entrepreneurs to Greenville.
The Startup Residence Program will use each organization’s respective strengths to foster the next generation of Upstate startups.
“It’s really cool because it’s three entrepreneurship-service organizations connecting the dots and partnering to bring this important new program to the ecosystem,” said Peter Marsh, co-founder of the Flywheel co-working space.
The Flywheel Foundation is a North Carolina-based 501(c)(3) nonprofit organization with a presence in Greenville through Flywheel, an anchor tenant of the recently opened Crescent One at 25 Goldsmith St. off Poinsett Highway. Flywheel will administer the program as a fiscal sponsor.
The Furman Innovation Lab, which also has space at Crescent One, will develop the structure for startups. Founderville VC co-founders Shaler Houser and Scott Millwood, who operate as a business-to-business and software-as-a-service venture capital fund, are launching the residency.
“Since Scott (Millwood) and I started investing in the fund, we’ve invested $2.8 million in seven Greenville-based startups. When we invest our capital, other capital comes alongside it.” — Founderville VC co-founder Shaler Houser
Marsh said acceptance to the program will be “highly competitive,” with five positions accepted. Companies that are accepted into the program will receive an initial investment exceeding $100,000.
Founderville VC is focused on investing in Greenville-based startups. Selected founders will be required to sign a one-year lease to participate in the program, which will be at least one year. The goal is for each founder’s residency to be underwritten during program participation, though the details are still being ironed out.
The goal is for the new companies to remain in the region.
“A lot of what we’re doing, we believe, is fundamental to economic development here and creating a whole new industry that is going to create wealth, and that wealth is going to be recycled right here,” Houser said. He noted that the greatest challenge to startups is a lack of access to capital.
The leaders of all three organizations met Oct. 24 for a Flywheel Cafe event to announce the program. Millwood said the goal was to draw in 20 new ventures over the next three years.
True incentive
As it stands, Greenville has existing programs for homegrown entrepreneurs like GVL Starts and the Next Venture Summit. Those programs focus on opportunities for Main Street entrepreneurs with some capacity for high-growth startups.
The new residency program will focus on attracting out-of-state startups to the area. The relocation subsidy is a perk, but the greatest incentive comes from the mentorship founders will receive, according to Houser and Millwood.
The program has been in the works for roughly a year after conversations between Marsh, Houser, Millwood, Furman Innovation Lab’s Garrett Stern and Bryan Davis, executive director for The Hill Institute for Innovation and Entrepreneurship at Furman University.
“I think everyone in the region, and certainly anyone who visits Greenville, recognizes that it’s a destination city,” Marsh said. “So the idea is to is to leverage that competitive advantage and get founders to move here, to grow companies that will quickly scale and have significant economic impact.”
Applicant screening is anticipated to begin in January 2025 and will include an in-person meeting with candidates. The program is expected to begin in fall 2025.
