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Iowa Startup Accelerator announces four startups for Spring 2018 cohort

Iowa Startup Accelerator
March 20, 2018

The Iowa Startup Accelerator announced four companies will join the 2018 Spring Cohort Monday afternoon.

According to a news release Monday, three of the companies were founded in Iowa and represent the health and education technology industries.

The companies joining the Iowa Startup Accelerator are:

The Iowa Startup Accelerator is part of NewBoCo, the Cedar Rapids-based nonprofit organization.

The 2018 Spring Cohort also includes the pilot team for NewBoCo’s Social Good Accelerator program. GSI Works, a Cedar Rapids-based nonprofit using green infrastructure to impact flash flooding will join the four startups, minus an investment from the Iowa Startup Accelerator.

The Iowa Startup Accelerator is a 12-month program. Companies receive a $20,000 investment and access to the NewBoCo network and its resources in Cedar Rapids.

Applications for the Iowa Startup Accelerator’s Fall cohort are open until July 28th. Apply here.

Previous coverage

Iowa Startup Accelerator announces Fall batch of companies – Aug. 29, 2017

Iowa Startup Accelerator announces its summer cohort – June 19, 2017

Iowa Startup Accelerator changes program from 90 day to full-year program – Jan. 13, 2017

Iowa Startup Accelerator announces four startups for Spring 2018 cohort | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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