Four Companies Welcomed into Tech Accelerator
The Missouri Innovation Center introduced its first cohort of companies in the Mid-MO Tech Accelerator, a seed-level investing fund managed by the MIC. Last night, the MIC held an event celebrating the first four companies to receive support from the fund: NVisionAg, a precision agriculture company that uses arial images to help farmers make decisions about their crops; Recordly, an app designed for journalists that can record an interview and transcribe it into a written document; EloScout, an eSports consulting company that helps colleges recruit eSports players; and Ad Swapper, software that allows consumers to get paid by choosing which advertisements they view online. The companies will receive between $25,000 and $50,000.
MU Interim Chancellor Hank Foley gave the speech welcoming the four companies and praising the MIC and their CEO, Bill Turpin, for their work in developing the accelerator. In his remarks, Foley reflected on how much the entrepreneurial community in Columbia has grown since he came to MU from Penn State in 2013. In his previous capacity as vice chancellor for research and graduate studies, Foley focused on developing more startups out of MU, working off of his “five-point plan” he developed upon taking office.
MU was the biggest contributor to the Mid-MO Tech Accelerator. Centennial Investors, the City of Columbia, and a handful of private investors also contributed to the $2.1 million fund.
“There’s probably no better vantage point to see the world-changing work that’s being done here [at MIC],” Foley said, adding, “The businesses and jobs that they bring to the community will be here for years to come.”
Turpin said that the fund has enough money to fund 30 companies total. The fund’s portfolio is directed by an investment committee consisting of Ewin Barnett, co-founder of CARFAX; Jack Miller, founder of True Media; Brant Bukowsky, co-founder of Veterans United; and Jim Spencer, founder of Newsy.
Turpin also noted the positive effect that Mid-Missouri’s Innovation Week, also known as Bringing up Business, which is ongoing this week, is having on the startup community. Because of all the entrepreneurial activity, Turpin said, the accelerator has 28 or so companies “already on the radar.”