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Middle Bit: Iowa Agritech Accelerator now accepting applications

January 11, 2019

The Iowa Agritech Accelerator is now taking applications for their 2019 cohort, the accelerator announced earlier this week.

Like in its first two years, startups selected to participate will receive $40,000 in seed funding, subsidized housing, office space throughout the incubator period, time with mentors and investors and opportunities to build strategic partnerships.

“In 2018, we hosted our second cohort, with startups from across the country and even the Atlantic. The applications we received, and the far stretches where they came from, are evidence that our program is growing, and our reach has moved beyond the Midwest,” said Executive Director Megan Vollstedt, in the announcement. “In 2019, we will continue working closely with the program’s investors, mentors and partners to build on last year’s success. Our primary goal is to ensure the agtech companies will have the resources and support they need to hit the ground running.”

The 2019 Iowa Agritech Accelerator program will run from May 28 to Aug. 29 and will accept up to five startups worldwide.

What else is happening?

Illinois

SonarMD raised $10 million in Series A venture financing on December 17, 2018 from BlueCross BlueShield Venture Partners and Arboretum Ventures. The company will use the funds to help accelerate growth and expansion of its team and offerings into other specialty areas beyond inflammatory bowel disease in GI practices. -Silicon Prairie News

Minnesota

CoreBiome, a University of Minnesota spinoff firm focused on rapid genetic analysis of communities of microorganisms, is being acquired for undisclosed terms by OraSure Technologies, the Pennsylvania-based maker of personal HIV tests and kits for securely transporting genetic samples. -Star Tribune

Wisconsin

This is Startup Milwaukee’s exclusive list of 25 promising young startups to watch in 2019. The list features a diverse group of companies that are building brands and breaking industry barriers in southeastern Wisconsin. -Milwaukee Business News

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Middle Bit: Iowa Agritech Accelerator now accepting applications | 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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