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December 16th, 2014

December 16th, 2014

TENNESSEE INNOVATION IN THE NEWS

Chattanooga Accepting Applications for Small Business Grants
Nooga.com
The city of Chattanooga is accepting applications for its small business grant program. Businesses with less than 100 employees that create at least five jobs may be eligible to apply online. The city will pay a business approximately $500 for each new job created, depending on the salary. Nick Wilkinson, deputy administrator for economic development, told members of the Industrial Development Board Monday that formal guidelines for the program will be presented next month.

Clothing Startup Launches in Nashville
Nashville Post
In an effort to solve the problem of ill-fitting men’s dress shirts, Jared Marquette, director of business partnerships at the Nashville Entrepreneur Center, has an innovative solution — cloning. Cloning a shirt isn’t exactly as scientific as cloning an organism, but the concept is similar. At Savile Cloning, customers send in their favorite, best-fitting dress shirt and the company completes a digital scan to create a design file.

FedEx Pledges $750K for Logistics Accelerator in Memphis EPICenter
Venture Tennessee Connections
FEDEX Corporation and the leadership of Memphis’ new EPICenter innovation initiative are expected to provide further details soon regarding a new logistics startup accelerator for the region. News of the impending three-year, $750K commitment by FedEx to help underwrite creation of the accelerator became public during brief remarks Dec. 10 by Richard Smith, FedEx VP for global trade services, during a public meeting held by the Greater Memphis Chamber of Commerce and its Chairman’s Circle, which comprises prominent Memphis area executives.

The Lighthouse Fund Holding Celebration of First Anniversary and First Investment
Teknovation
Knoxville’s only locally-based angel fund is planning a celebration later today. The event, billed as an “informal open house,” will celebrate the first anniversary of The Lighthouse Fund and its inaugural investment in a Knoxville company. “We formed the legal entity a year ago and made our first investment in DataFlyte Inc. in September,” said Geoff Robson, President of the fund.

Why is Angel Investing so Popular? Phil Shmerling Calls It the Future
Southern Alpha
The other day, when I had the chance to sit at a table with investors and leaders across Nashville and Huntsville, Phil Shmerling, CEO of InCrowd Capital gave me a forecast of the future of angel investing and told me why he believes in InCrowd’s model. “We make anyone feel comfortable investing in startups,” he stated. The goal of InCrowd, an accredited angel group in Nashville (and now Huntsville), is to introduce new accredited angel investors to the landscape through education, group organization, and proper vetting.

XOEye Technologies Wearables Game Plan Could Include Series B in 2015
Venture Nashville Connections
XOEYE Technologies, the Nashville industrial wearable-technology entrant with growth in its crosshairs, is likely in 2015 to announce at least one new strategic partnership, as well as a Series B capital raise. Co-founder and CEO Aaron Salow confirmed that XOEye Technologies’ total capital-in now stands at $5.2MM, and could soon reach a cumulative $5.7MM, with the ultimate close of its Series A, which has thus far brought in $1.5MM toward its $2MM target.

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