By Ki Mae Heussner, GigaOMThe power of TechStars is being put to the test by the demands of education. On Tuesday, the Kaplan EdTech Accelerator, powered by the well-known Boulder, Colo.-based startup program, will announce its inaugural cohort of companies.
Back in February, the two companies announced the new New York-based program, which combines Kaplan’s expertise and cachet in for-profit education with TechStars’ experience mentoring and training up-and-coming startups. In addition to its debut class of 10 startups, which was selected from an applicant pool of 350, the companies announced that they have upped the amount of funding available to each startup. On top of the $20,000 given to each company in exchange for six percent equity, TechStars and Kaplan are offering each startup a $100,000 convertible note.