The NGA Accelerator Powered by Capital Innovators recently completed its third cohort, successfully bringing the total number of graduated companies up to 24. The St. Louis-based accelerator was enabled through a Partnership Intermediary Agreement between the Missouri Technology Corporation (MTC) and the National Geospatial-Intelligence Agency (NGA).
JEFFERSON CITY, Mo., Nov. 3, 2022 /PRNewswire-PRWeb/ -- The NGA Accelerator Powered by Capital Innovators recently completed its third cohort, successfully bringing the total number of graduated companies up to 24. The St. Louis-based accelerator was enabled through a Partnership Intermediary Agreement between the Missouri Technology Corporation (MTC) and the National Geospatial-Intelligence Agency (NGA) and played an integral role in building the thriving geospatial ecosystem in St. Louis.
The first of its kind sponsored by a U.S. intelligence agency, the NGA Accelerator engaged the geospatial ecosystem in the greater St. Louis region and beyond to develop innovations in geospatial technology through collaboration and a transfer of technology and subject matter expertise. By leveraging its presence in the St. Louis area, NGA supported the development of a St. Louis-based innovation program to support small businesses, early-stage high growth potential companies, and entrepreneurs.
"The GeoFutures Strategic Roadmap highlighted the need for more early-stage accelerator dollars for startups as a key element in raising the metro's innovation capacity," said Andy Dearing, GeoFutures Lead. "The NGA Accelerator matched critical national security challenges to early-stage commercial startups and as a measure of its success, we have seen an overwhelming interest for those companies to stay and grow in the St. Louis geospatial ecosystem."
Before the NGA Accelerator, less than 20% of the participant companies had a connection to St. Louis and its emerging geospatial ecosystem. Following the program, almost 80% of the participant companies are still connected to the St. Louis geospatial ecosystem and four now have a substantial presence in St. Louis. Expanding connections between promising geospatial companies and the St. Louis ecosystem was one of MTC's objectives for working with the NGA to launch the accelerator program.
"Following the NGA Accelerator, I made the decision to move to St. Louis based on the city's drive to become a geospatial center," said Akash Vidyadharan, CTO and co-founder of InfraLytiks. "The decision has been very good for our company. I've made contacts and friends in the NGA, our office is in the T-Rex building in the Geospatial Innovation Center, and the NGA has offices one floor below in the Moonshot Labs," he added.
Before the NGA Accelerator, less than 30% of the participating companies had any contact with the NGA. Following completion of the accelerator program over 90% of the participant companies are still engaged in developing dual-use products that are of interest to the NGA, including three companies that have formal engagements with the NGA following their graduation. By having the participant companies work directly with NGA subject matter experts, the NGA was able to ensure strong alignment between the dual-use technologies being developed by the participant companies and the NGA's Technology Needs.
Kevin Prendergast, President of InfraLytiks added, "we have been selected for several other accelerators, but the NGA Accelerator Powered by Capital Innovators has been the best. We were able to develop and deliver a working machine learning model during the short tenure of the accelerator, with our final presentation capturing the interest of prime contractors that turned into subcontracts for InfraLytiks."
Three cohorts of eight companies each participated in the 13-week accelerator program operated by Capital Innovators who was responsible for recruiting participants developing technology aligned with the NGA's Technology Focus Areas, including data management and artificial intelligence. Companies selected to participate in the program had access to incentives including a $100,000 non-dilutive grant, office accommodations in St. Louis during the term of the program, mentoring and coaching from subject matter experts from the NGA and Capital Innovators, investor connections, and participation in a demonstration day.
About the NGA Accelerator:
The NGA Accelerator is a first-of-its-kind program that partners a leading government intelligence agency and a top-ranked accelerator to help advance cutting-edge innovations in the geospatial market. This unique 13-week program will provide startups the opportunity to engage directly with NGA and receive valuable feedback, connections, pilot opportunities, and unparalleled resources to help their businesses scale. The Accelerator is searching for best-in- breed businesses developing novel dual-use technologies (products that have both commercial and military uses), which will grow the number of geospatial solutions available to NGA. https://capitalinnovators.com/nga-accelerator-program
About the Missouri Technology Corporation:
The Missouri Technology Corporation is a public-private partnership created to promote entrepreneurship and foster the growth of new and emerging high-tech companies. MTC's vision is to transform Missouri through the power of entrepreneurship by serving as a catalyst for technology-based innovation to achieve sustainable economic growth and its mission is to provide leadership and make strategic investments that help entrepreneurs create and grow technology-based Missouri businesses. http://www.missouritechnology.com
About Capital Innovators:
Capital Innovators provides top-ranked accelerator programs, venture fund management, and corporate innovation. It manages private and corporate venture funds focused on technology, consumer products, and energy innovations. Capital Innovators has helped scale 136 companies and assisted them in raising over $400 MM in follow-on investment and creating over 2,000 jobs. https://capitalinnovators.com/
Media Contact
Jack Scatizzi, Missouri Technology Corporation, 1 3146265131, [email protected]
SOURCE NGA Accelerator
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