Cengage Learning has announced that it will be bringing the LearnLaunch accelerator, which is based in Boston, to Latin America.
About 600 million people will now have exposure to LearnLaunch, writes Eden Shulman of Beta Boston, a Boston Globe site. Cengage Learning, the international educational services company, made the announcement that the LearnLaunch Accelerator program to the University of Chihuahua, which houses the Cengage innovation lab, Laboratorio de Innovacion en Experiencias de Aprendizaje (LINNEA).
"The idea here is to begin this dialogue where the entrepreneurs who are doing some innovation in education from the Boston area are going to be able to tap into the Latin American market," said Fernando Valenzuela, president of Cengage Learning Latin America.
The reason for having a LearnLaunch presence in Latin America is to help mentor entrepreneurs of the region on how to adapt products and software to challenges that may be encountered in Latin America. These entrepreneurs will also be introduced to "some of the higher level innovation customers in Latin America," said Fernando Valenzuela, president of Cengage Learning Latin America.
"Formed in December 2012, LearnLaunch brings together investors, students, innovators, and educators to support innovation at the intersection of technology and education."
The purpose of the LearnLaunch Accelerator program is to help "early stage" entrepreneurs in their startups. Per LearnLaunch's website, it is one of the leading edtech startup accelerators and is geared towards adding value to the education sector, which makes up 9% of the United States economy and is growing.
"The goal of LearnLaunch Accelerator is to advance the product and market development process so that entrepreneurs will be able to secure the resources they need to grow"
LearnLaunch accelerator provides funding "($18k for 6% equity)" for companies and entrepreneurs that specially selected for development. During the process, companies meet weekly with mentors who help push the companies and take the best next steps forward.
There is a specific set of criteria for selection by LearnLaunch, including: Potential for growth and profitability, Uniqueness, products and services that bring innovation, Team Capability, and Impact Criterion, which is how the business will "impact society and [the] learning environment."
Participants in the LearnLaunch Accelerator program will receiver perks and discounts that are valued over $100k and other perks such as $18k in funding, free office space, classes and events, learning new skills, mentoring from EDtech leaders, Partnerships with Cengage, Partnerships with Pearson, and hosting of Amazon web services.
Cengage is a global education company which provides services is educational content, technology, library markets, and services for higher education and K-12. They have operations in over 20 countries.