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IEDA awards funding to two startups

January 25, 2021

The Iowa Economic Development Authority (IEDA) Board has approved innovation funding for two startups located in Ankeny and Fairfield. In total, $50,000 was awarded to the two startups.

Here are the two startups that received funding:

Vine Chromatic

Vine Chromatic, based in Ankeny, is a talent booking agency working to connect artists and venues. The company plans to create a web application for performers, venues and owners to easily track schedules, streamline marketing and connect with each other. The application will provide a more organized system to the current outdated processes.

The company was awarded a $25,000 Proof of Commercial Relevance (POCR) loan for IP development and evaluation, market planning/entry activities and key personnel.

Spanton Dynamics

Spanton Dynamics, located in Fairfield, developed the Spanton Board, a power-driven spine board and innovative piece of medical technology. Prompted by a desire to effectively safeguard athletes following a head, spine or other serious injury, the Spanton Board has the potential for broad adoption in other areas of first responder and daily medical applications. The patent-pending technology enables the transfer of injured individuals to a backboard without substantial movement of the head and neck, which reduces the likelihood of the potential for a secondary injury.

The company was awarded a $25,000 POCR loan for product refinement, market planning/entry activities and construction costs.

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IEDA awards funding to two startups | 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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