Tennessee Funding Gets Smart About Lifting Local Businesses
The Tennessee Department of Economic and Community Development has launched LiftTN: Microenterprise, a pilot program to expand microenterprise development across the state. The program, funded through the U.S. Department of Housing and Urban Development (HUD), aims to help businesses that have five or fewer employees expand. The program will award $400,000 in grants over a two-year contract to five organizations across the state that will use the money to fund specific initiatives designed to assist specific microbusiness programs in their communities.
Venture Capital Funding in Tennessee Companies
1Q 2013: $19.6M
2Q 2013: $65.7M
3Q 2013: $42.5M
4Q 2013: $42.0M
1Q 2014: $30.5M
2Q 2014: $49.1M
3Q 2014: $21.0M
4Q 2014: $52.8M
1Q 2014: $21.9M
2Q 2014: $61.4M
Total Deals: 229
Total Funding: $406.5M
Source: MoneyTree Report, PWC and NVCA
Regional Business Accelerators
Northeast Region
AccelNow
www.Accelnow.com
Location: Johnson City
Services: Entrepreneur assessments and other tools, training, coaching, mentoring, access to capital, office space, networking, entrepreneurial community
Target Verticals: Healthcare IT, Medical Devices, Chemical/Biological, Advanced Manufacturing
Eastern Region
East Tennessee Regional Accelerator Coalition
www.etrac.org
Location: Knoxville
Led by the University of Tennessee’s Anderson Center for Entrepreneurship & Innovation, a network of more than 40 organizations is coordinating efforts to encourage and support
early-stage companies in a 16-county region.
Southeast Region
Co.Lab
www.colab.is
Location: Chattanooga
Services: The CO.LAB Accelerator is a 100 day, mentor-driven start up accelerator for high-growth potential companies. Spring Board is an eight-week business planning course for small business owners. The 48 Hour Launch program brings together entrepreneurs and developers to create a business in just 48 hours. Will This Float? is a business pitch competition that includes a cash prize for the winner
Target Verticals: Consumer Products, Smart Grid, B2B Software, Public Safety, Cloud Computing, Big Data, Retail and Creative Enterprise
Upper Cumberland Region
UC Success Now
www.UCSuccessNow.com
Location: Crossville
Services: Mentoring, office and light manufacturing space, access to capital, resource coordination and access, business-building programs
Target Verticals: Light Manufacturing, Senior Care, Web Technologies, Advanced Manufacturing
Northern Middle Tennessee Region
Entrepreneur Center
www.entrepreneurcenter.com
Location: Nashville
Services: Screening of concepts, three cohorts each year for acceleration (about 40 companies), classes for entrepreneurs, mentoring, assistance with access to capital, entrepreneur networking, training on special topics such as IP, legal, hiring and building business models
Target Verticals: Health Care, Technology, Digital Media, Social Enterprise
Southern Middle Tennessee Region
Southern Middle Tennessee Entrepreneur Center
www.smtec.com
Location: Tullahoma
Services: Mentoring, Demo Day, access to capital, office space, networking, distance learning, TennesSeed Camp 3-day program, TennesSeed Camp summer program and the autoxlr8r program
Target Verticals: Automotive Technology, Aerospace and Defense, Advanced Manufacturing and Materials, Green Energy Technology, Digital Media, IT, Law Enforcement, Bio-Agriculture
Northwest Tennessee Region
Entrepreneur Center for Northwest Tennessee
www.ntecconnect.com
Location: Martin
Services Offered: Mentoring, training, access to capital, business grants for technology, equipment, and working capital
Southwest Tennessee Region
Startup Entrepreneur Development Center
www.startupedc.com
Location: Jackson
Services: Entrepreneur assessments and other tools, training, coaching, mentoring, access to capital, office space, networking, entrepreneurial community
Target Verticals: Healthcare IT, Medical Devices, Technology
West Tennessee Region
Greater Memphis Accelerator Consortium
www.memphisaccelerators.com
Location: Memphis
Services: Mentorship, access to capital, office space, networking, workshops, cohort-based acceleration, rolling acceleration. Consortium includes the Zero to 510 Medical Device Accelerator and the Seed Hatchery.
Target Verticals: Information Technology and Medical Devices
