UpTech Searches for Third Class of Start-Ups
UpTech, the Northern Kentucky business accelerator program based in Covington that specializes in support for informatics-based start-ups, announced Wednesday that it is now accepting applications for its third round of funding.
The UpTech III program will begin in September 2014. Those interested in applying should visit http://uptech2014.istart.org to apply through June 9.
In its third round, UpTech will offer an initial $20,000 of investment to each selected company. An additional $30,000 will be distributed to each as mutually agreed-upon milestones are hit, and more follow-on funding will be available after the program concludes.
UpTech, which has become known for helping connect entrepreneurs with regional resources and contacts, will also pair each startup with a business mentor and team of professionals, including accounting, banking, legal, and sales/marketing partners. UpTech will host the companies in its Covington offices on Pike Street where they will be provided with six months of free office space.
Northern Kentucky Tri-County Economic Development (Tri-ED), the Northern Kentucky ezone, Vision 2015, and Northern Kentucky University (NKU) will continue their support of UpTech throughout the third class.
“UpTech has come a long way in a relatively short time,” said Casey Barach, UpTech co-founder and senior vice president for entrepreneurship at Northern Kentucky Tri-ED, in a news release. “This third round of funding represents the continuation of the community completely backing the program.”
UpTech will leverage its relationship with NKU, specifically its College of Informatics and U.S. Bank/Haile College of Business, where students, faculty, and staff will provide direct applied research support to selected companies.
“We are glad to continue our strategic partnership with NKU,” said Amanda Greenwell, UpTech program manager, in a news release. “The next UpTech class will benefit from the improvements we continue to make to increase access to investment, connect with the existing business community, and take advantage of our one-of-kind relationship with NKU and its informatics and entrepreneurial capabilities.”
During the application period, UpTech will host information sessions at its Covington office, as well as webinars, to explain the program and application particulars in greater depth. These will be held on the following dates and times.
The application and selection timeline will be as follows:
Applications must be submitted online at http://uptech2014.istart.org, and all applicants can expect to receive individual communication from the UpTech program throughout the process with updates on their status.
· Application Period: May 7 – June 9
· Judging: June 9 – August 11
Within the judging and selection period, finalists will be expected to make themselves available for a short company pitch.
· Anticipated Announcement Date: August 14
· UpTech III Class Begins: September 8
UpTech is Northern Kentucky’s informatics accelerator program that was launched in January 2012 by several community investors, including Northern Kentucky Tri-ED, the Northern Kentucky ezone, Northern Kentucky University, and Vision 2015. The six-month residential program is based in Covington, makes an investment and valuation in its portfolio companies, guides its startups through business education programs, and provides a team of established business professionals to help each company grow and expand co-founder skill sets in specific areas of business development. For more information, visit www.uptechideas.org.
Photo: UpTech's offices on Pike Street/RCN file