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Iowa awards $1.4 million in Employer Innovation Fund awards

January 31, 2022

Future Ready Iowa last week awarded $1.4 million in grants to 38 Iowa employers and partner organizations who are launching projects to help Iowans achieve postsecondary training and education.

Combined, the Employer Innovation Fund awards will boost workforce talent by helping 3,542 Iowans earn non-credit and for-credit credentials that will enable them to obtain or maintain high-demand jobs.

“Solving Iowa’s workforce needs over the long term is going to require a wide range of approaches and a willingness to embrace new ideas,” said Beth Townsend, Director of Iowa Workforce Development. “These grants are rewarding Iowa businesses for developing new ways to solve their own workforce issues.”

38 Iowa Employers received a total of $1,408,882 from the 2022 Iowa Employer Innovation Fund awards grants. The award amounts ranged from $2,500 to $50,000.

The Future Ready Iowa Employer Innovation Fund awards grants that can be used to cover the cost of training and education supplies, as well as to provide services addressing other barriers that some Iowans face when trying to obtain skilled training.

“Iowa needs innovative ideas to grow our workforce and train the skilled workers who will help create a prosperous future for our industries and state,” Governor Kim Reynolds said in a news release. “These awards are quality investments in developing the deep talent pool necessary to keep our economy moving forward.”

Iowa’s future growth will be built on jobs that require more than a high school diploma. Future Ready Iowa, established in 2016, created a goal that 70 percent of Iowa’s workforce have education or training beyond high school by 2025.

For more information, see the full list of awards on the Future Ready Iowa website.

Iowa awards $1.4 million in Employer Innovation Fund awards | 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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