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Middle Bit: ISU & UNI win grants for economic growth programs

Iowa State University

October 12, 2018

Two of Iowa’s universities, Iowa State University and University of Northern Iowa, have received grants from the U.S. Economic Development Administration for programs intended to promote innovation and strengthen regional economies. The two schools were among 20 colleges to receive funding through the University Center Economic Development Program Competition.

ISU received $138,000 to support the development of the Iowa Workforce Innovation Network, which will work with research universities, regional councils of government, economic developers, and education and business leaders to create solutions to Iowa’s systemic workforce challenges.

UNI received $131,000 to support business retention and expansion through a focus on intrapreneurship services. The University Center’s activities will help support local economic developers in cultivating business opportunities and coordinate university and community college programs to support businesses in their intrapreneurship activities.

What else is happening?

Illinois

G2 Crowd, a platform that lets businesses search for, compare reviews and pricing for, and then buy software and other IT services — it likes to refer to itself as the “Amazon of business software” — has raised $55 million in growth funding to continue expanding its business. –TechCrunch

Indiana

Skillful, a Colorado-based skills training program geared toward helping more people without a college degree secure in-demand jobs, announced today that it is expanding to Indiana. Skillful was the recipient of a three-year, $25.8 million grant from Microsoft Philanthropies last year, and also received financial support from Walmart to launch an Indiana program. –VentureBeat

Nebraska

In 2007, Gordon Whitten founded Sojern with the idea of placing ads on print-at-home boarding passes. Fast forward 11 years later to what Sojern is today, an Omaha original that has surpassed $100 million in annual revenue – expanding its company dramatically to 13 locations world wide. –Silicon Prairie News

Tags: Iowa State University University of Northern Iowa

Middle Bit: ISU & UNI win grants for economic growth programs | 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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