Mayor Jon Costas announced the launch of The Tech Foundry Startup Accelerator program, in partnership with Elevate Ventures and the state of Indiana. The goal of The Tech Foundry is to help technology companies meet the challenges facing a start-up, enhancing their success and speeding their entry to the marketplace.
The Valparaiso-based Tech Foundry will be the first business accelerator in Northern Indiana and the second in the state of Indiana. “Sometimes what keeps a new, innovative business from taking off is not a lack of creativity or vision, but a lack of business knowledge,” said Mayor Jon Costas. “We’re pleased to support The Tech Foundry as a way to help promising technology start-ups to flourish. By developing a strategy for helping people to get their bright ideas off the ground, we create new economic opportunity and jobs in our city.”
The Tech Foundry Accelerator program will provide $15,000 in seed funding to each company chosen for the program, along with free office space, access to a high-level advisory team, a 13-week hands-on instructional program, and connections to potential investors, partners, and resources. “Technology moves so fast these days that start-ups need to be nimble and move just as fast,” said Kelly Schwedland, heading the Tech Foundry Accelerator Program. “We adopted a program for the Tech Foundry that caters to early stage companies and offers the intense, hands-on help they need to get to market quickly and successfully.”
The Valparaiso Economic Development Corporation (VEDC), Porter County, NIPSCO 1st Source Bank and the Indiana Economic Development Corp (IEDC) are funding partners and Elevate Ventures will provide program support services. The Tech Foundry also has the support of Porter County Commissioners John Evans, Laura Blaney and Nancy Adams.
To be considered for the first round of Tech Foundry Assistance, qualifying tech start-ups may apply by July 21, 2014 for the program, which will begin on Aug. 15, 2014. Up to six companies will be accepted for round one. For more information about The Tech Foundry and the Accelerator Program, contact Kelly Schwedland at kellys@Elevateventures.com or visit www.TechFoundry.org.