The first cohort for the Iowa AgriTech Accelerator completed the 100 day program Tuesday by pitching their companies Tuesday morning during “Demo Day.”
Over 100 people gathered inside the World Food Prize in downtown Des Moines to hear from the four AgTech startups as they pitched their companies; Each pitch lasted less than ten minutes.
The four companies that pitched were:
- WISRAN based in Sunnyvale, Calif.
- Rabbit Tractors based in Cedar Lake, Ind.
- Hintech based in Hiawatha, Kan.
- FarrPro based in Iowa City.
Pyur Solutions and Phenomics Labs left the program prior to Demo Day to work on their business model and product development.
Iowa AgriTech Accelerator Executive Director Megan Vollstedt said the last 100 days felt like a blur.
“It’s been fantastic to witness the change and growth in these companies over the last 100 days,” Vollstedt said. “I’ve enjoyed watching the comradery and collaboration between the teams. While focusing on their own goals, they have encouraged, challenged and learned from one another’s experiences.”
Vollstedt said each founder will return to their home to continue building their business.
“They had a really full schedule because they are working on their businesses, but then also working with us and the mentors to grow,” she explained. “It’s been a lot for all of us but that’s where growth comes from is when you’re pushed, all of us have experienced that.”
Starting with an idea
Each of the companies in the Iowa AgriTech Accelerator were paired with anywhere from six to eight mentors during the 100 day program. Founders would also receive feedback on their pitches from other mentors through the program.
Gregg Barcus—Small business consultant and adjunct lecturer at the University of Iowa Venture School—spent three days with the founders providing feedback on their pitches.
His feedback was about staying focused on the product or solution, and not worry about any distractions that don’t help the pitch.
He said he was impressed by the improvement each founder made.
“The progress they made is just great,” Barcus said. “Well now the real hard part comes. They know more about where their product and solution fits into the ecosystem and then just going out and finding partners and concentrating on what it’s going to take.
“Because a lot of times you reach the graduation day like today and the tendency is to feel like you made it, when really it’s just the beginning.”
Jeff Underwood—Kent Corp. Vice President for Supply Chain—said both the mentor and entrepreneur benefited from the Iowa AgriTech Accelerator.
“This group of entrepreneurs is deeply committed to delivering a value to their customers and shareholders through innovation,” Underwood said. “Which encourages the mentors to think outside the box when they return to their business teams and colleagues.”
Dad was proud
Steve Vollstedt attended demo day and said he was proud of the work his daughter did, but also that he was impressed by each of the four companies.
His father and grandfather were both farmers on a 160 acre farm and thought each company could save farmers money.
“It just makes sense,” Steve said. “We were really impressed. Ever since Megan started the job it’s just so unique and so cool that’s its Ag related. That’s what drives the economy. I could see these products working, I could see it helping a lot of the farmers in rural Iowa.”
Moving forward, Megan said she’s going to review how the first year of the Iowa AgriTech Accelerator went and begin recruiting for the class of 2018.
Applications will begin being accepted in January.