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Middle Bit: Applications open for CYstarters summer accelerator

December 14, 2018

Applications are now open for CYstarters, a 10-week summer accelerator for Iowa State University students or recent graduates for assisting participants with their startup or business idea.

Students selected will receive $6,500 for an individual or $13,000 per student team to spend the 2019 summer pursuing their business model from May 20 to August 2.

Applications for 2019 are due on March 1 and decisions will be announced in April.

Todd Skokan of BirddogHR leader receives CEO of the Year award

Todd Skokan, president and CEO of BirdDogHR in Urbandale, was recently named 2018 CEO of the Year for the United States by CEO Monthly magazine.

Skokan was one of 50 winners chosen across different industries and countries. He has received several awards in his past five years leading the talent management software firm, including a 2018 Top 50 SaaS CEO award by the SaaS Report, the 2017 Inaugural Joe Rosenfield Leadership Award from Next Level Ventures, and the Ernst and Young Entrepreneur of the Year 2016 Upper Midwest semifinalist award.

What else is happening?

Minnesota

Waitr Holdings, a fast growing restaurant platform for online ordering and on-demand food delivery, today announced that it has signed definitive agreements to acquire Bite Squad, an online restaurant food delivery service, for an aggregate amount of approximately $321.3 million, subject to adjustments, based on the closing price of Waitr’s common stock on December 11, 2018. The purchase price consists of a combination of cash and shares of Waitr common stock.” -TECHdotMN

Missouri

Onward Financial Inc., a member of the first cohort in NBKC Bank’s Fountain City Fintechaccelerator program, won a $1 million award from the Communities ThriveChallenge, which is put on by The Rockefeller Foundation and the ChanZuckerberg Initiative. -Kansas City Business Journal

Wisconsin

University of Wisconsin-Madison spinout Fetch Rewards, Inc. has raised $8 million in venture funding from undisclosed investors on November 29, 2018. The company plans to use the money for general corporate purposes. The company previously raised $9.56 million in August 2017, and $8.5 million in May 2015. -Silicon Prairie News

Tags: BirdDogHR cystarters Middle Bit

Middle Bit: Applications open for CYstarters summer accelerator | 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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