Partnership launches ag accelerator with help from four firms
BUSINESS RECORD STAFF Aug 30, 2016 | 8:36 pm
2 min read time
553 wordsAll Latest News, Economic Development, EnergyAfter months of informally listing an ag accelerator as a possible priority, the Greater Des Moines Partnership and Cultivation Corridor have drawn support from four firms to make the idea happen.
The ag startup accelerator, to be modeled after the Global Insurance Accelerator, has drawn separate $100,000 investments from DuPont Pioneer, Farmers Mutual Hail Insurance Co., John Deere and Peoples Co. The ag accelerator is meant to help build entrepreneurial efforts in ag technology, especially in hardware and software. The effort will be named later by a board that will include representatives of each investor.
The Global Insurance Accelerator launched in 2014 and has graduated two classes of six startups in that industry.
Partnership CEO Jay Byers has been making the rounds for months, telling audiences that Iowa should be proud of its role in agriculture and related technology, and build on it rather than shrinking from it.
“We are here to celebrate Iowa’s roots, and we’re here to celebrate Iowa as a global leader in ag technology and innovation,” Byers told reporters at the Farm Progress Show in Boone.
The ag accelerator will be designed to build on the Cultivator Corridor’s work to promote Central Iowa as a hub for agbioscience, agritechnology, biorenewables, plant sciences and advanced manufacturing. It will steer clear of the biotech world, which Partnership officials said, is in good hands with Iowa State University and many private companies already focusing on that.
The direction will largely come from the needs of the investors and others in the field.
“DuPont Pioneer strives to be on the cutting edge of farmer needs, anticipating challenges with innovative, sustainable solutions,” said Jeff Rowe, vice president of strategic services and planning at DuPont Pioneer. “We are excited to work with talented individuals of varying backgrounds and approaches to foster new ideas and technologies that will benefit growers.”
“As a company that began in Iowa over 123 years ago and is committed to remaining headquartered here, we feel that investing in startups and promoting agricultural innovation puts Iowa in the national spotlight and benefits a broad range of ag-related businesses throughout the state and region,” said Ron Rutledge, president and CEO at Farmers Mutual Hail Insurance Co.”
“John Deere has long been dedicated to those who are linked to the land, and is always ready to embrace change that leads to new opportunities,” said Cory Reed, senior vice president of John Deere’s Intelligent Solutions Group. “Being able to support the continuing progress in the field of precision ag is important both here in Iowa, as well as around the world.”
“Peoples Co. believes strongly in the benefits of investing in new startups that will improve yields, sustain our environment and feed the world,” said Steve Bruere, president of Peoples Company.
The accelerator plans to form a board, hire a managing director in the coming months and house its first class of six companies in 2017. Four or more companies could invest. If you are interested, contact Mike Colwell, the Partnership’s executive director of entrepreneurial initiatives at the Greater Des Moines Partnership, at 515-259-0308.
Colwell said the accelerator differs from efforts at ISU, which is more research oriented. The Partnership’s accelerator will be looking for promising companies from all over the world that are established but would benefit from 100 days of mentorship in Des Moines.
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