Entrepreneurs Roundtable, an organization that hosts monthly events to assist budding startups, is launching its first startup accelerator in New York City today. Simply dubbed ER Accelerator, the organization bills it as a program “by New Yorkers, for New Yorkers.”

The organization is currently accepting applications for ER Accelerator’s three-month summer season, which will begin in June. Ten lucky startups will be selected to receive a $25,000 seed investment and three months of free office space in NYC. They’ll also have access to over 140 New York-based mentors, including Fred Wilson, Esther Dyson, and Anil Dash, as well as other notable entrepreneurs, technologists and investors. The mentors will directly assist the startups through hands-on coaching and group discussions.

In addition to the wide variety of mentors, ER Accelerator startups will also be paired with one of ten operating partners who have experience in the startup world. Participants will also have access to free legal service from firms like Gunderson Dettmer, as well as other professional services from partners and sponsors like Microsoft and Silicon Valley Bank.

ER Accelerator joins other notable New York accelerators like Tech Stars NY, but Entrepreneurs Roundtable founder Murat Aktihanoglu tells VentureBeat that it hopes to offer a more active engagement model for startups than other programs. The four-year-old organization has been working with New York-based mentors for several years, which is how it managed to wrangle such big names.

A new accelerator is a good sign for New York’s burgeoning startup scene, and it may just be enough to compel innovative local startups from jumping to Silicon Valley.

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