For The eFactory Accelerator, a conclusion means a new beginning
The first group of four participating companies in The eFactory’s Accelerator program—created by Missouri State University and funded in part by the Chamber and its development arm, the Springfield Business Development Corporation—made their pitches during Demo Day on October 24. The program’s organizers say they’re proud of what the companies have accomplished … and they’re looking for more startups that could use a boost.
The four companies in the Accelerator’s first Cohort—The Daily Scholar, which develops cloud-based education and business software; Eagle Speak, a business communication platform; MOFIN Labs, which develops business solutions for financial institutions; and ShopZeely, an interactive video-based shopping platform—offered a look at what they’ve been working on thus far.
The presentations highlighted the products each company has been developing along with their business models and discussing the progress each has been able to make over the course of 12 weeks. The program is designed to help companies connect with potential investors to take their ideas to the next level: marketing to a wide audience and expanding their reach.
“The eFactory Accelerator is a program to jumpstart startup and emerging companies, but this is just the beginning for their overall company growth,” says Brian Kincaid, director of The eFactory. “We’re excited to see what progress they make moving forward, and we’ll continue to advocate for them and act as a resource along the way.”
Kincaid says that in addition to the tangible financial benefits from participating in the program, including use of office space, business consulting services and a $30,000 investment in exchange for an equity stake, the aspiring entrepreneurs have taken away much more from their time in the Accelerator.
“The network and knowledge cultivated through interaction with program mentors, partners and funders has a tremendous impact on the development of the companies,” Kincaid says.
And there is potential to help more companies, as the Accelerator is currently taking applications for the next group of up to five startups. Companies that think they may be a good candidate for Cohort #2 of the program beginning February 6, 2017, should contact the Chamber or The eFactory or visit this website to learn more.