GIGTANK Selects Startup Teams for 2014 Accelerator
Startup innovators and specialists from across the U.S. will soon convene in Chattanooga to launch 12 next-generation companies. As the newest members of GIGTANK, these emerging entrepreneurs will spend 10-12 weeks preparing startups for the 3D printing/additive manufacturing, smart grid and healthcare markets.
Hosted by The Company Lab (CO.LAB), GIGTANK is an annual startup accelerator that connects seed stage businesses with the tools, capital and connections needed to go to market. As the first and only startup accelerator wired to a metro gigabit network, GIGTANK attracts world-class talent to Chattanooga each summer, as well as ongoing recognition from tech circles across the globe.
This year, the accelerator will accommodate 12 startup teams and 10 specialists throughout the duration of the program, which begins May 12 and ends July 31. Key participation benefits include $15,000 in initial seed funding for startup teams, a $3,000 stipend for specialists, free workspace and free housing from the University of Tennessee at Chattanooga.
“The interest GIGTANK has received from startups across the country has been amazing,” said Mike Bradshaw, director of GIGTANK and executive director of CO.LAB. “The reputation the program earned in its first two years brought us dozens of very highly-qualified applicants.”
Participants for the 2014 program come from a diverse array of geographies, backgrounds and skill sets. Among them, some are based as far away as San Diego and Los Angeles, while others are located in nearby cities such as Atlanta, Huntsville and Asheville.
“We were very excited to see so many innovative, qualified teams from the Southeast apply to GIGTANK,” said Bradshaw. “Building a regional focus with neighboring startup communities is a priority we all share, and we already see that value at work in our 2014 cohort.”
To support GIGTANK 2014’s three startup tracks, EPB and ProjectLift are partnering with CO.LAB to facilitate the program. EPB is assisting with the Smart Grid vertical, and ProjectLift is leading the Healthcare track. CO.LAB will oversee the 3D Printing/Additive Manufacturing vertical and provide general programming.
“One of our goals this year is to connect our region’s legacy as a manufacturing hub with its future-forward position as the nation’s first Gig City,” explained Bradshaw. “Gigabit networks like ours will play a central role in connecting the manufacturing supply chains of the near future. Along with our healthcare and smart grid teams, GIGTANK 2014 combines our region’s traditional strengths with our culture of innovation.”
Visit www.thegigtank.com to learn more about GIGTANK 2014.
More Business News
Last Update on October 09, 2015 17:12 GMT
WASHINGTON (AP) -- Cheaper oil and less demand for autos and machinery weighed on wholesalers in August, as their inventories edged up just slightly while sales dropped.
The Commerce Department said today that wholesale stockpiles rose 0.1 percent, and sales fell 1 percent. Sales have slid 4.7 percent over the past 12 months. Inventories have increased 4.1 percent.
Falling oil prices account for much of the declining sales.
Oil inventories -- which are measured in dollars -- plummeted 4.6 percent in August and 36.6 percent over the past 12 months. Sales of autos and machinery also slipped. But rising inventories for equipment, pharmaceuticals and chemicals suggest that wholesalers still see ongoing demand heading into end of the year.
Wholesale inventories are at a seasonally adjusted $583.9 billion, 4.1 percent above a year ago.
Sales weakened as the broader economy began to cool in August, hampered in large part by the risks of a worldwide deceleration in economic activity.
NEW YORK (AP) -- A voting member of the Federal Reserve's policy committee says that he still thinks an interest-rate increase will be appropriate by year's end. But he acknowledges that the outlook for the economy appears cloudier than it did a few weeks ago.
Dennis Lockhart, president of the Fed's Atlanta regional bank, noted that the most recent economic figures have sent mixed signals, with higher risks than he had earlier forecast. Notably, the government said last week that employers cut back sharply on hiring in September and added fewer jobs in July and August than previously thought.
Lockhart said he will closely review consumer activity before deciding how to vote on whether to raise rates at one of the Fed's two final meetings of 2015.
For now, he said, he thinks the economy's progress remains "satisfactory."
Lockhart made his remarks to the annual meeting of the Society of American Business Editors and Writers in New York.
WASHINGTON (AP) -- The head of the Federal Reserve Bank of New York says that a Fed rate hike remains likely this year but that a final decision will depend on how the economy performs.
In an interview with CNBC, William Dudley says he expects solid U.S. economic growth to offset weakness overseas, which is hurting U.S. exports. But he says the economy will need to further improve for the Fed to raise rates from record lows.
The Fed's final two meetings of 2015 will be later this month and in December. Though Dudley says a rate hike could theoretically occur at any meeting, his comments seemed to favor December over October.
Some economists still think the Fed will delay a hike until 2016 because of pressures from overseas and excessively low inflation.
NEW YORK (AP) -- Wal-Mart has named Brett Biggs, an executive in its international division, as its next chief financial officer.
Biggs will take over on Dec. 31, though Charles Holley, who is retiring, will remain with Wal-Mart for a month to help with the transition.
Biggs has been CFO and executive vice president of Wal-Mart's international business since 2014. He has played a number of roles at Wal-Mart since joining the company in 2000.
Holley has been CFO for nearly five years and has been with the company for more than two decades.
Wal-Mart, the world's largest retailer, is trying to boost sales. It has increased spending on its online operations to compete with Amazon.com and other online retailers, and it is trying to improve its selection and customer service at stores.
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