FOR IMMEDIATE RELEASE
ISU StartUp Factory’s $200,000 capital investment award validates a vision
AMES, Iowa (August 25, 2016) – The Iowa State University Research Park (ISURP) today announced the ISU StartUp Factory has moved a step closer towards becoming a top entrepreneurial center with the recent awarding of a $200,000 grant. The award is a part of the State of Iowa’s Entrepreneurial Investment Awards program (EIA) which provides financial support to entrepreneurial assistance providers who are working to help entrepreneurs and startup companies build their businesses in Iowa. Award applicants must first receive a recommendation for this program by the Technology Commercialization Committee (TCC) before receiving final approval by the Iowa Economic Development Authority (IEDA) board.
“These are very competitive grants,” said Bill Adamowski, managing director of ISU StartUp Factory, “We are one of six entrepreneurial assistance providers who received the EIA grant out of a very competitive field of applicants.”
He sees receiving the award as a show of confidence from the state in the ISU StartUp Factory program.
“With our march towards being the top entrepreneurial center in the Midwest, and among the top five universities nationally for startups, this award is validation of the vision we have for the program,” Adamowski said. “With the ISU StartUp Factory being a new startup program itself, every dollar received matters. An enabling investment goes a long way to help our program get up and running.”
Adamowski said the program’s first cohort of 13 is off to a great start. “They started in June and are in week nine of the 52-week intensive program. They recently completed the customer discovery portion of the curriculum and have now launched into branding and sales techniques. Since the cohort began, StartUp Factory cohort members as a whole have received an estimated $1.7 million in external funding, which is so vital to the success of these growing companies,” Adamowski said.
Adamowski also credits the state for their visionary support of startups that will have an even more far-reaching impact across the state.
“Providing awards for startups can be seen as an investment in the State of Iowa as these new companies move on from creation and development into the marketplace, creating more jobs and impacting the overall economic development of our state,” Adamowski said.
About ISU StartUp Factory:
The Iowa State University (ISU) StartUp Factory is a 52-week intensive program housed at the ISU Research Park (ISURP). Entrepreneurs in the StartUp Factory receive formal training, resources, and access to a network of business mentors, advisors, counselors, and investors in two 26-week blocks: the first a formal curriculum centered on business validation, and the second, customized to their individual business needs. For more information on the ISU StartUp Factory program, call 515-294-7444 or visit www.isustartupfactory.org/
About ISU Research Park:
The Iowa State University Research Park (ISURP) is a not for profit 25-year-old real estate development community closely affiliated with Iowa State University. ISURP assists both established and startup companies in connecting with Iowa State’s vast infrastructure to grow their enterprises; whether through students, research entities, equipment, or a multitude of other resources. ISURP is currently home to more than 70 companies employing 1700 people and occupies 600,000 square feet of commercial real estate on 220 acres. ISURP recently announced plans to expand into an additional 200 acres of developable space, which will include tenant amenities, a park, and multi-use trails. For more information on the ISURP, call 515-296-4204 or visit http://www.isupark.org/
Contact: Julie Lelonek
Office of Economic Development and Industry Relations