TIME has ranked Tampa Bay Wave the No. 3 startup accelerator in the United States, behind Techstars and MassChallenge and No. 1 among accelerators in Florida.
The ranking gives Tampa Bay Wave national recognition for a model it has spent more than a decade building without taking ownership stakes in the companies that pass through its programs. Since launching its accelerator programs in 2013, Wave says it has supported more than 670 technology startups that have raised more than $1.8 billion, created more than 7,300 jobs and completed 32 exits.
TIME developed its inaugural ranking of U.S. startup incubators and accelerators with Statista, drawing on recommendations from people involved in building and supporting startups and feedback from founders who participated in the programs.
For Tampa Bay Wave, the ranking follows the growth of a program that began as a meetup group in 2008 before becoming a nonprofit and launching full accelerator programs five years later. Wave does not charge founders or take equity in exchange for participation, meaning it has no ownership stake in the companies that have collectively raised $1.8 billion through its programs.
Instead, the nonprofit funds its accelerators through government grants and support from local governments, universities, corporations and foundations while providing founders with mentors, investor introductions and industry connections. Wave estimates the companies it has supported now generate about $450 million in annual economic impact.
“Being named the #3 accelerator in the United States by TIME is an incredible honor, especially knowing that we have built Tampa Bay Wave into this world-class accelerator in my hometown,” founder and CEO Linda Olson said.
Wave’s programs receive support from the U.S. Economic Development Administration, National Oceanic and Atmospheric Administration, U.S. Small Business Administration, Hillsborough County, City of Tampa and University of South Florida, among other public, corporate and philanthropic partners.