The Mill launches new accelerator for Indiana Uplands region
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A not-for-profit center for entrepreneurship in Bloomington is piloting a new accelerator program designed to boost innovation and economic growth in the Indiana Uplands region.
The Mill will launch the Indiana Uplands Accelerator, an eight-week program for startups throughout the 11-county region to connect with mentors and subject matter experts and be able to showcase their innovations.
“There’s a lot of really innovative and great people that are doing a lot of really cool work here that nobody knows about,” said Andy Lehman, head of accelerator programming at The Mill.
Lehman told Inside INdiana Business they’re looking for a range of companies to participate, including early-stage tech startups.
“[We’re looking for] businesses that might have something scalable within them and really helping educate a little bit about what could be scalable within those businesses for them,” he said. “Or, [in] the Uplands region, we’ve got several large companies that might have some internal innovation projects or products that they’re working on that may not align fully to their core mission that maybe they thought about spinning out as other companies, but just haven’t taken that step.”
The accelerator is being made possible thanks to a $40,000 grant from the Indiana Economic Development Corp.’s Community Collaboration Fund, which is supporting various efforts to grow Indiana’s entrepreneurial activity.
“We’re grateful for our continued partnership with the IEDC,“ Pat East, executive director of The Mill, said in written remarks. “By addressing the specific needs of local entrepreneurs, fostering a collaborative ecosystem, and empowering individuals to pursue their entrepreneurial ventures, we believe that this program will not only invigorate the region’s economy but also strengthen its social fabric.”
Lehman said The Mill is teaming up with Regional Opportunity Initiatives Inc., a not-for-profit affiliate of the Community Foundation of Bloomington and Monroe County, to connect with county economic development officials throughout the region to identify startups who might want to participate.
Since beginning the planning stages of the accelerator last fall, Lehman said the response from the counties has been very positive.
“Many of the other counties don’t have programming like this,” he said. “So those economic development folks have been really excited to provide those resources. They’ve been super helpful in getting the word out about this program. They’ve connected us with a couple of companies so far, who’ve applied.”
Two tech startups, based in Jasper and Salem, respectively, have signed up for the program. Lehman said he’d ideally like to have up to 10 companies that operate within an hour or so of The Mill that could take advantage of the resources provided by the accelerator.
“A lot of times, we’re seeing companies that are kind of in this weird limbo phase of, ‘I don’t know if this is a full time job. I don’t know if this is a hobby. Is this a company?'” he said. “And so, really, the programming is designed to kind of help get them connected and unstuck.”
Throughout the eight weeks, the participating startups will receive education from a variety of experts on topics such as marketing, sales, financials, investment pitch decks, legal and accounting. They’ll also get weekly, one-on-one coaching with a startup expert.
At the end of the accelerator, the startups will have the chance to showcase their ideas at a networking event with other entrepreneurs and potential investors.
“Hopefully, as we’ve seen with some of our other programs, some of these folks will walk out of the room with maybe some commitments or the potential for some investment as well,” Lehman said.
Applications for the accelerator are open now and being accepted through April 5. The accelerator will begin April 29 and continue through June 28, with the showcase taking place in the final week.
The Indiana Uplands region includes Brown, Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Monroe, Orange, Owen and Washington counties. Those interested in participating in the Indiana Uplands Accelerator can learn more by clicking here.