Advertising industry veteran Alex Bogusky has helped form a new startup accelerator in Boulder, officials announced this week.

Bogusky, Toby Krout, Stephen Groth and Jose Vieitez launched Boomtown, a program aimed at helping fund and develop startups in the industries of internet, mobile and software — particularly firms in the media, design, marketing and ad tech sectors, officials said .

Boomtown plans to operate two, 12-week sessions per year in a downtown Boulder office. Startups selected for the program are expected to receive $20,000 in seed money in addition to services and perks valued at $40,000 and $700,000, respectively.

Farmore Capital Group, of Atlanta, is Boomtown's lead investor.

The program is accepting applications at boomtownboulder.com.

Boulder is home to prominent startup accelerator TechStars, which has expanded to include programs across the United States and connections to similarly focused accelerators across the globe.

“The old model of bloated, mega-agencies can no longer support itself — every day there are more layoffs in the advertising industry, but many of the people in this system are brilliant thinkers and technologists without a clear path to take their ideas forward,” Bogusky said in a statement. “Boomtown is designed to be the on-ramp and support system for a select group of people and ideas that will invent a new media landscape.”