Through a partnership between the Tuscaloosa County Economic Development Authority, the University of Alabama, and the most active pre-seed investor in the world, Techstars — Tuscaloosa, Alabama will become home to a first-of-its-kind hydrologic innovation-focused accelerator.
The 10-week, pre accelerator non-equity-based program, Founder Catalyst WaterTech and Sustainability, will provide idea-stage to early-stage founders access to valuable startup education, mentorship, community building, and access to Techstars’ network of entrepreneurs, mentors, and corporate partners.
In 2022, the University of Alabama was awarded a $360 million grant to study and improve the nation’s prediction of water-related hazards, marking the largest external grant in the institution’s history and an avalanche of innovative partnerships such as this.
The 13-week, equity-based accelerator program for early-stage startups, Techstars WaterTech and Sustainability, will launch in September 2024. Founders who are selected will receive hands-on mentorship, curated entrepreneurial content and programming, up to $120,000 in funding, and access to Techstars’ global network of mentors, investors, alumni, and corporates.
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Innovate Alabama, the first Alabama wide public-private partnership focusing on entrepreneurship, technology and innovation, played a large role in making the new program a reality.
“TCEDA is proud and honored to work with The University of Alabama and Techstars to bring this program to our area. We are particularly grateful to Innovate Alabama for their support and for recognizing the potential impact of a water technology accelerator program,” said Justice Smyth, executive director of TCEDA. “This collaboration not only positions Tuscaloosa as a hub for hydrologic innovation but also underscores the tremendous business opportunities that exist within our vibrant community.”
“We are enthusiastic about the prospect of nurturing a new generation of entrepreneurs who will play a pivotal role in addressing the critical challenges related to water use and management.”
Innovate Alabama Chair, Bill Poole, discussed his organization’s choice to support the program.
“The decision to establish the Techstars program in Tuscaloosa underscores the richness of resources available in Alabama, making our state an ideal location for fostering groundbreaking innovation,” said Poole. “Innovate Alabama, we are building a future where entrepreneurs thrive, and the presence of Techstars further solidifies our commitment to this vision.”
Dan Blakley, associate vice president for economic and business engagement at UA, called the school the “epicenter for cutting-edge water research.”
“Our talented faculty, staff and students are helping address critical water-related challenges through the programs and facilities housed on UA’s campus,” said Blakley. “The accelerator will align the strengths of UA’s talent and state-of-the-art facilities with the most innovative start-up companies in the world to create sustainable solutions to society’s most urgent issues and continue to develop the Tuscaloosa community as a hub for the water economy.”
Techstar leadership empasized how important entrepreneurship was to solving major global water challenges.
“Water is the most essential resource – one that affects every single person’s livelihood – and yet, it’s also among the most challenged resources on Earth,” said Techstars Chief Accelerator Investment Officer Shirley Romig. “We believe that entrepreneurs play an instrumental role in addressing the critical challenges related to water use and management, and we’re thrilled to partner with TCEDA and UA to support and enable them as they create a better future for all.”
Applications for the Founder Catalyst pre-accelerator program are now being accepted through March 3, 2024. The application process for the Techstars WaterTech and Sustainability accelerator will begin in March.
Austen Shipley is a staff writer for Yellowhammer News.
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