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Middle Bit: Iowa Entrepreneurial Venture Competition to award $100,000 in prizes

March 22, 2019

Applications for the John Pappajohn Entrepreneurial Venture Competition are now being accepted.

The fourteenth annual statewide competition will be awarding $100,000 in cash prizes.

The $100,000 in seed funding consists of a $50,000 contribution from Pappajohn Center and a $50,000 match from the Iowa Economic Development Authority (IEDA).

Iowa businesses that have been in operation for four years or less, or are not yet cash flow positive are eligible to apply.

Participants will initially be judged on written submissions. Those who advance to the final round of the competition will present to a panel of judges.

First place will be awarded $40,000, second place $25,000, and third place $15,000. Awards for other categories will total $20,000.

Applications for the competition are due Monday, May 20.

What else is happening?

Illinois

BriteCo, an Evanston, Illinois-based startup that partners with jewelers to help consumers insure fine jewelry and watches within minutes of purchase, today announced a seed-round raise of $2 million. The round’s investors include Brian Spaly, the founder of Trunk Club, and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank. -Silicon Prairie News

Minnesota

Toymaker Lego and the toolmaker Stanley Black and Decker have invested $19 million in Minnetonka-based Evolve Additive Solutions in the hopes of commercializing a faster 3-D printing robot that can mass-produce goods. Evolve had been a small research department within Stratasys until its 3-D printing capability advanced and the unit was spun off into a separate company in April. -Minneapolis Star Tribune

Middle Bit: Iowa Entrepreneurial Venture Competition to award $100,000 in prizes | 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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