Launch Tennessee’s TENN Master Accelerator cohort of eight companies recently wrapped the Tennessee leg of its annual Roadshow. The startup founders met with investors, mentors and business leaders around the state, providing a warmup for upcoming trips to New York and San Francisco in March that will provide critical exposure … read more
The INCITE Co-Investment Fund is a key element of Gov. Bill Haslam’s INCITE initiative to drive growth and create knowledge-based jobs in Tennessee. INCITE works by encouraging outside investment in startups, then matching a portion of those funds.
Since its founding in 2011, INCITE has used $28.8 million in federal funding under the State Small Business Credit Initiative to leverage $87.7 million in private capital. An additional $43 million followed, for a total of $160 million going into Tennessee companies.
- Create and retain high-quality jobs in Tennessee.
- Provide Tennessee companies access to additional seed, early and expansion-stage venture capital, in part by attracting and leveraging significant private capital investment.
- Accelerate technology commercialization from Tennessee research institutions to Tennessee companies.
- Minimize administrative costs and maximize funding to Tennessee companies.
The INCITE Co-Investment Fund is a key component of Gov. Bill Haslam’s INCITE initiative to drive growth and create knowledge-based jobs in Tennessee by encouraging investment in the state’s developing small businesses. Administered by Launch Tennessee, the Fund matches a portion of investments in Tennessee-based companies. The INCITE Co-Investment Fund was created in 2011, using $28.8 million of federal funding awarded under the State Small Business Credit Initiative. To date, all $28.8 million has been invested through the INCITE Co-Investment Fund, leveraging $87.7 million in private capital. An Additional $43 million in follow-on has since been invested, for a total of $160 million going into Tennessee companies. Investment takes place at the following levels:
- Tier I: Seed Stage Investment [50% match]
- Tier II: Early/Growth Stage Investments [33% match]
- Tier III: Expansion Stage Investment [25% match, capped at $3 million]